TL;DR 👀

A super brief summary of the chapter

Why is Blockchain So Popular?

Benefits of blockchain technology: Highly secure, Decentralized system, Automation capability

Blockchain disruption in five key industries: Banking, Cyber security, Supply chain management, Healthcare, Government

Introduction to Blockchain

Brief history of blockchain

The key components of blockchain technology: Distributed ledger technology, Smart contracts, Public key cryptography

How blockchain works

Blockchain vs Bitcoin, Database, Cloud

The differences between Bitcoin and blockchain

The difference between a database and a blockchain

The difference between blockchain and the cloud

Consensus Mechanism

Consensus mechanisms maintain trust and security in a blockchain

Proof of Work relies on code, Proof of Stake relies on validators

Public and Private Keys

Private keys are only visible to the owner

Public keys are visible to everyone

Private keys give control over assets, public keys prove ownership and are used in transactions

Hash functions and Cryptography

Ensure integrity

Secure against unauthorized modifications

Enable you to verify and securely store passwords

Operate at different speeds, suiting different purposes

Sharding

Helps to scale blockchains

Achieves scaling through blockchain nodes, hortizontal partitioning, and shard sharing

Types of Blockchains: PoW, PoS and Private

Public blockchain networks are free to anyone

Private blockchain networks grant interaction to certain entities

Permissioned blockchain networks requires an invitation to join

Understanding Cryptocurrency

A cryptocurrency is a digital or virtual currency that is secured by cryptography

Cryptocurrencies have many advantages as well as disadvantages

Coins vs Tokens

Coins are base layer blockchain currencies

Tokens are built on blockchains with smart contract functionality

Blockchain Trilemma

Blockchains face a tradeoff between being decentralized, scalable and secure

Legality

Crypto legality varies based on national jurisdiction

Some cryptocurrencies are considered securities while other are not

References

https://www.simplilearn.com/tutorials/blockchain-tutorial/why-is-blockchain-important

https://www.investopedia.com/terms/b/blockchain.asp

https://www.ibm.com/sg-en/topics/benefits-of-blockchain

https://www.getsmarter.com/blog/career-advice/the-truth-about-blockchain-myths/

https://www.investopedia.com/terms/c/consensus-mechanism-cryptocurrency.asp

https://www.tutorialspoint.com/difference-between-private-key-and-public-key

https://www.thesslstore.com/blog/what-is-a-hash-function-in-cryptography-a-beginners-guide/

https://www.investopedia.com/terms/s/sharding.asp

https://near.org/blog/near-launches-nightshade-sharding-paving-the-way-for-mass-adoption/

https://www.ibm.com/my-en/topics/what-is-blockchain

https://www.investopedia.com/terms/c/cryptocurrency.asp

https://blog.liquid.com/coin-vs-token

https://medium.com/certik/the-blockchain-trilemma-decentralized-scalable-and-secure-e9d8c41a87b3

https://www.investopedia.com/terms/c/cryptocurrency.asp