BLOCKCHAIN FOR NEWBIES
2017 has been a big year for Bitcoin: its highest price ever, a major disappointment from the SEC for No. 1 Bitcoin fans the Winkelvoss twins, and, for a moment, a value higher than gold.
But another cryptocurrency has been quietly growing in volume while everyone was focused on Bitcoin. Ethereum, which is kind of like Bitcoin but slightly nerdier and more complicated, edged up against Bitcoin in its daily volume earlier this month. In plain english, Bitcoin is much bigger in terms of monetary value, but Ethereum is being used so much that it's facilitating nearly as much business.
In late February about 200 executives, coders, and developers gathered in the downtown Brooklyn office of JPMorgan Chase & Co. to hear an all-day pitch for a new industry group called the Enterprise Ethereum Alliance. Ethereum? It’s the ghostly sounding name for a so-called blockchain technology similar to the one that made the digital currency bitcoin possible.
Distributed consensus finding between untrusted nodes is the key ingredient in Blockchain systems. Whether mining “proof-of-work” or minting “proof-of-stake” algorithms are used, the consensus established algorithmically guarantees a consistent view of the data stored in the Blockchain.
Our Blockchain wiki guide aims to cut through the nebular and explain the different families and trees of Blockchains.
What kind of blockchains does exist?
What are cryptocurrency blockchains, sidechains, and private blockchains?
What are the differences between the hundreds of blockchains in existence?