Hey,
Do you know how many types of Lego are there?
From Star Wars to Minecraft and even Duplo, take a guess how many different themes of Lego there are?
30? Nope.
50? Nope.
There are more than 120 different Lego produced so far.
And only around 30 that are in production currently.
But what does Lego have to do with the future or even crypto?
You might have heard of cryptocurrencies, NFTs and even blockchain, but would you want to know the basics of the operation behind
them?
If so, read on….
So, what is a blockchain?
Blockchain is a chain of blocks that stores data, interchained with secure passcode (hash) to form blockchain.
For every 1MB of data in a
block, there needs to be a hash to connect the blocks together forming a chain of blocks aka blockchain
It’s like connecting 3 lego bricks together, the ‘stud’ is the hash and the ‘anti-stud’ is the previous hash.
The process of block chain continues until a set limit by the creator.
You may ask what makes blockchain secure?
Imagine you are connecting 5 lego bricks together but what would happen when you want to change the 3rd block without removing the rest of the block?
Nothing!
The bricks are fixed and permanent, is there any way about it?
Nope.
Just like blockchain, the moment the chain is formed….
The transaction is fixed.
This makes it difficult for anyone to change, hack, or even cheat the system as changing one block would alert
the whole system when there is a change in hash.
That is why many call blockchain secure and encrypted.
Think Time: Why would we need our information to be secure and encrypted?
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What's their benefits to us in terms of our long term wealth and multiple sources of income creations?
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Much love,
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