Blockchain is a technology invented by Satoshi Nakamoto in 2008. Initially, it was invented to keep a record book of public transactions of bitcoin because it was a very secure option without any third-party interference.
Basically, it is a decentralised peer-to-peer database where all the participants are equal and have access to a copy of the whole transaction record.
Main terms used in Blockchain technology:
- Blocks: Blocks are the places where all the data or information are collected and securely stored. All the blocks are connected to each other and form a chain-like structure which is why the technology is called Blockchain. The size of the blocks and the types of information it carries solely depend on the domains it is used.
- Nodes: All the participants of the blockchain setup are called Nodes. So basically, all the nodes of the blockchain know about all the blocks and their performance within the network. Anyone can be a node. They perform as a validator of the blockchain software and keep them updated with current blockchain data.
- Miner: Miners are the distinctive group of nodes that work for the Bitcoin blockchain network. They are the kind of nodes that not preserve all the facts and details about all the transactions within the network but also validate each and every transaction to keep a record.
- Distributed Ledger Technology (DLT): Distributed ledger technology is a decentralized network setup where anyone can see the recorded data from everyone’s records. There is no third party or intermediator’s interference in the process within the network. All the participants can keep the track of the operations, and information within the network, and about all the blocks.
Types of Blockchain: There are basically four types of Blockchain in the market sphere. We can see them below:
- Private Blockchain: Private blockchains are for business purposes. Organisations manage these private networks for their business. Nowadays, there are many unrestricted source codes like Corda, EFW, the private framework of Ethereum, multichain etc., to download and run in your own system by developers.
- Federated Blockchain: There is only one private, and federated blockchain is the number of controller organisations. The private blockchain network is managed by one, whereas the federated blockchain network is managed by more than one.
- Public Blockchain: As the name says public, it is open to anyone. Anyone can be a participant within the network and become a node. These blockchains are open and transparent for all, and everyone can see all the transactions within the network.
- Blockchain as a Service (BaaS): BaaS is like a service provided by other companies to someone who needs it. This setup is perceived as safer, manageable with their assistance and friendly conditions.
Era Swap Eco-friendly Green Blockchain
As for Era Swap Blockchain, it is a Layer 2 Blockchain solution that isan Eco-friendly and self-sustainablenetwork that runs Era Swap Decentralized Ecosystem. Era Swap Ecosystem consists of more than 14 platforms that utilize the connectivity, security, transparency, accuracy, autonomy, and many more other benefits that Era Swap green blockchain offers to the platforms and marketplaces that runs on it. To understand and experience the benefits and value Era Swap can add to your daily life and your day-to-day activities, create your Era Swap Wallet on https://www.eraswap.life/you can also download Era Swap available App called 1DAAP which is currently available on the Google Play store.
Era Swap BlockchainNetwork – https://eraswap.network/
Era Swap Life – https://www.eraswap.life/
1DAAP Mobile App – https://play.google.com/store/apps/details?id=com.eraswaponeapp&hl=en
To know more Read Era Swap White Paper: https://eraswaptoken.io/pdf/eraswap_whitepaper.pdf
