What is blockchain or Decentralisation
Blockchain (Decentralised solution) is the database storing transactions, it is not just hosted on one server, it is hosted in all the participants’ computers and each is called a node. If one node is gone, no worries, there will be other nodes.
Blockchain is the technology of implementing decentralisation model. It means trust can be done without central authority. E.g. Bank is a trust authority, with a decentralisation solution, we can trust it as much as we trust bank.
What is the fuss about decentralisation and blockchain?
1. Currency aka Money can be issued by business model, as long as there are good use cases.
- Government uses authority, army, political power, central financial system to issue money.
- Blockchain uses trust, undestroyable nature, and technology to issue momey.
- Regardless who issues currency, the real money is something people agreed to carry certain value.
2. Ideal carrier for transferring value.
3. Create trust and transparency and remove middle man.
- Give the best incentives to the value generator. E.g. Teacher should get paid 99% out of tuition fee.
4. Give data ownership back to users. E.g. Linkedin sells your Data. In decentralised world, people should pay you for your data instead of the middle man.
5. Create the foundation of crypto economy and future economy model and relationship.
What is bitcoin
Bitcoin is one of the blockchains, it is called bitcoin blockchain. All the bitcoin ownership is saved on the the blockchain, and all the participants have it. So it is always there, more trustworthy than banks.
What is ethereum (Popular Dapp blockchain)
ethereum is another blockchain, it’s not only transact cryptocurrency (called ether), but it also runs code, it is called smart contract, and the code is called solidity (looks like Javascript)
Read this: https://blockgeeks.com/guides/ethereum/
Web3.js
- The javascript library that connects to ethereum (the node) on the webapp. https://github.com/ethereum/wiki/wiki/JavaScript-API
- Google some tutorial or example of using Web3.js, say to transfer ether to wallet. A real world application https://www.cryptokitties.co
- How cryptokitties smart contract works? https://medium.com/loom-network/how-to-code-your-own-cryptokitties-style-game-on-ethereum-7c8ac86a4eb3
To get started to develop a decentralised application aka DApp
- Understand ethereum, Understand the ethereum wallet.
- You can download a node, and be part of the ethereum blockchain.
- Understand Smart Contract and Solidity.
- Focus on understanding how crypto kitties works.
To get involved more in Crypto and blockchain,
Buy some ethers (e.g. $10) on a crypto exchange and use ethers to buy some tokens.
For more, check out the free Blockchain Job-Ready Programme
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