Featured Image
Welcome to your first step in becoming a blockchain expert! This guide will help you understand the basics of blockchain technology in a simple and engaging way. Let's dive in!
#blockchain

Pre-requisites to Learning Blockchain

Welcome to your first step in becoming a blockchain expert! This guide will help you understand the basics of blockchain technology in a simple and engaging way. Let’s dive in!

1. Understanding Blockchain

What is a Blockchain?

Imagine a digital notebook that everyone can see and no one can change. That’s what a blockchain is! It’s a way to keep records safe and honest without needing a bank or any other middleman.

Why is Blockchain Important?

Blockchain helps us:

  • Stay Safe: No single person or group controls the information, so it’s hard for anyone to cheat.
  • Move Money Fast: You can send money to anyone, anywhere, in seconds.
  • Be Fair: Everyone gets the same chance to be part of the system.

How Does Blockchain Work?

Think of a blockchain as a chain of blocks, where each block has important information and links to the previous one. This makes it almost impossible to change any information without everyone knowing.

Real-Life Example

Imagine a big notebook where each page is a block. When you finish a page, you sign it and everyone sees it. The next page (block) starts with the summary of the previous one, so the chain continues securely.

Web 3.0

Web 3.0 proposes decentralization, where data is encrypted and stored in many computers (nodes). Only the data owner can read it unless they give access. This system rewards participants with tokens/cryptocurrency.

2. Consensus Algorithms

What is a Consensus Algorithm?

This is how the blockchain makes sure everyone agrees on the information in the blocks.

  • Proof of Work (PoW): Like a puzzle race. The first to solve the puzzle gets to add the next block.
  • Proof of Stake (PoS): Think of it like voting. The more coins you have, the more voting power you get.

Real-Life Example

Imagine you and your friends decide who gets the next turn in a game by either solving a puzzle (PoW) or by voting (PoS).

Different Consensus Algorithms

  • Proof of Work (PoW): Used by Bitcoin, Litecoin, Bitcoin Cash, Dogecoin.
  • Proof of Stake (PoS): Used by Digibyte, OmiseGO, ARDR, Rhoc, Stratis, Req, Dash.
  • Delegated Proof of Stake (dPoS): Used by EOS, NEO, Ripple, Stellar.
  • Web of Trust: Used by Skycoin.
  • Tangle: Used by IOTA.
  • Block Lattice: Used by Nano.
  • PoS/PoW Hybrid: Used by Ethereum, Decred, Aeternity.

Additional Consensus Algorithms

  • Proof of Importance (NEM)
  • Proof of Devotion (Nebulas)
  • Proof of Authority (VeChain)
  • Loopchain Fault Tolerance (Icon)
  • Byzantine Fault Tolerance (Stellar, Zilliqa)
  • Proof of Stake & Trust (WTC)

3. What Makes a Good Cryptocurrency?

A good cryptocurrency should be:

  • Fast: Transactions should happen in a blink.
  • Fair: Everyone should have a chance to participate.
  • Secure: No single person should control the system.
  • Green: It shouldn’t use too much electricity.

4. Get Proficient with Required Tech Skills

Before diving into Blockchain Development, hone several prerequisite technical skills, including:

  • Programming Languages: Java, C++, Python, etc.
  • Data Structures: Linked lists, binary trees, hashing, and more.
  • Databases & Networking: Fundamental concepts for distributed systems.
  • Cryptography: Understanding digital signatures, hash functions, and RSA algorithm.

5. Responsibilities of a Blockchain Developer

A software developer that specializes in blockchain technology is known as a blockchain developer. There are two main categories of blockchain developers:

  • Core Blockchain Developer:

    • Builds and secures the blockchain system.
    • Designs the rules and ensures everything runs smoothly.

  • Blockchain Software Developer:

    • Creates apps that run on the blockchain.
    • Takes care of how everything looks and works.

I will keep updating this if I find a better alternative to anything, so bookmark this page!

Written by: @eclipse_eth - I ghostwrite educational email courses for crypto creators to 2-3x their newsletter opt-in rates. I have been a content marketer for top Web3 brands for 3+ years now. Currently, I am content writer and strategist for @Ledger.

Let’s Set the Tone

You need 50 hours of homework to start learning about crypto and NFTs if you’re an absolute beginner. Take it from GaryVee:

“Now, trust me at the end of it, IT’S worth it. WHY? Because the tech is nothing like anything you’ve seen before. Because you’re not going to be selling when your coins dump. Because you actually understand why there is demand. There is so much demand that entire countries and central banks are getting afraid and trying to shut down. THAT’s where we’re at with the crypto and Web3 revolution.”

What is Web3?

I’ve written an article about this for OKEx: What is Web 3.0, but here’s a simplified version.

Essentially, Web 3.0 is the new internet revolution. It integrates blockchain and other technologies into the ecosystem, decentralizing data storage and access.

Beginner Resources

Crypto

My friend Tirtha has rounded up a series of articles for non-tech people if you want to do some additional reading: Noobs Guide to Blockchain

@anishnandalike’s crypto investing for dummies: Crypto Investing for Dummies

NFTs

Advanced Resources

How to Get a Crypto Job

GraphQL

My Articles

My Favorite Crypto Channels

Tools I Use

Trading

Centralized:

  • Binance P2P
  • KuCoin

Indian Exchanges:

  • CoinDCX
  • CoinSwitch

Decentralized:

  • MetaMask
  • Trust Wallet
  • Uniswap (for ETH)
  • AnySwap (bridge to different blockchains)
  • QuickSwap

Staking/Storage

  • Binance Staking
  • Native platforms for each blockchain

Portfolio Tracking

This is subject to change if I find a better alternative, and I’ll update this doc as and when I do so.

Comments

Load Comments