▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
Interested in learning more about System Design? Then join us for a Sunday session at 2:30 pm IST for a lively discussion on System Design / HLD or LLD Concepts!
The topic of the Day
– Introduction to Blockchain
Agenda
– What is blockchain?
– The Big Picture
– Pillars of Blockchain
— Distributed Computing
— Cryptography
— Game Theory
– Types of Blockchain
– Cryptocurrency
– Consensus
– What is Bitcoin (Bitcoin uses SHA-256)
– How to use Blockchain.com?
– Merkle Tree? (
– Searching for the genesis block
– Deep dive into the Header of the block
– Proof of Work
– What is a nonce?
– Difficulty of a block
– What is Mining?
– Solving the Proof of work puzzle?
– mempool
– Checking for Miner reward
– UTXO (Unspent Transaction Output)
– Transaction fee
– Script & Solidity(The language of Bitcoin?)
– Application of Blockchains ( Finance, Supply Chain, Health care, Bidding)
– Ethereum blockchain (etherscan.io)
– Gas price / Gwei
– Uncles Reward ( more in the next session)
– Using Gas limit – Preventing infinite loops in smart contracts
– Ethereum mainnet
– How to create a smart contract using Remix IDE
What are smart contracts?
Smart contracts are digital contracts that self-execute and self-enforce. This means that when the conditions of a smart contract are met, the contract automatically executes the agreed-upon terms. Smart contracts are tamper-proof, transparent, and incredibly efficient– eliminating the need for middlemen, paperwork, and costly delays.
How can smart contracts prevent fraud?
Because smart contracts are digital and self-executing, they can help to prevent fraud. For example, let’s say you’re buying a car from someone you met online. You might worry that the person could take your money and never send you the car. But if you use a smart contract, the transaction would be recorded on the blockchain. This would create a permanent record of the transaction, making it impossible for the person to take your money without also sending you the car.
▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
Youtube version
