This is a working doc.

I'll capture my favourite insights and articles here.

Table of Contents

⛓ Blockchain

Explanation

1. Basic - open list of data shared by a network of people. New entries need to be validated by the network and cannot be changed.
2. Geeky - virtual computer that runs on top of a network of physical computers that provides auditable guarantees that the code will continue doing what it does.

Decentralisation is the most criticial component as it offers ultimate censorship resistance.

"Never in the history of the world had it been possible to transfer value between distant peoples without relying on a trusted intermediary, such as a bank or government." - The Bullish Case for Bitcoin

read the original 9-page paper by Satoshi Nakamoto outlining the fundamentals of Bitcoin.

🤔 How?

The above definitions rely on "validated" and "guarantees" by the network.

That is achieved by "consensus" - when most validators agree on the right transactions to add to the blockchain ledger.

💼 Proof of Work

Currencies: BTC and ETH (which is trying to move over the Proof of Stake)

• To add blocks miners compete to solve increasingly difficult math puzzles.
• The first miner to solve it gets the block (ie bitcoin) as a reward - you've "done the work".
• Con: High energy consumption.