Block Chain Technology – What I’ve Learnt So Far ?
Exciting stuff ! After 3 years of self taught #programming, #webdevelopment and exploring #blockchain technology this is what I’ve learned.
1. Blockchain as a technology is here to stay. It is complex to grasp in its nascent stages. But bound to revolutionise many use cases of the internet, while creating a parallel internet like revolution that occurred in 1990s and onwards.
2. Crypto currency and blockchains are mutually inclusive. It is impossible to have one without the other. The crypto currency is the incentive that drives the underlying blockchain. Simplistically, it is the pre-set reward structure to compensate for the power & rig costs involved in mining new blocks within a block chain.
3. Blocks are transactions bundled together within a system, interlinked in a sequence i.e. immutable. Implying, an unwarranted mutation (hack) would require the entire chain to be manipulated. Make it impossible to execute practically, as each blockchain technology runs on multiple distributed global nodes simultaneously.
4. More Security is built-in using the state of the art cryptography algorithms available to humanity today. Coupled with interlinking & immutability that are ingrained as explained in point 3. Making it probably the most secure decentralised system ever.
5. It is possible to dabble into this technology quite easily, contrary to current prevalent beliefs. Take to it like downloading your first messenger application back in the day. Once you dive into, new comprehensible structures appear, and eventually the parts make the whole.
6. Creating NFTs, Mining Crypto and Creating Decentralised Apps is the way forward for many use cases, especially those that could benefit from micro-allocation, fractional ownership and smart event driven logical contracts.
To learn more about this, stay tuned here or follow my YouTube in the days ahead for live tutorials to expand your blockchain understanding, with hands on experiments and interactions. (https://www.youtube.com/c/ZorawarPurohit)
p.s. Yes basic code literacy will help in starting early, but my gut says this technology will become more accessible with no-code tools faster than AR/VR technology.
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