A Quick Introduction of Cryptocurrency and Blockchain

Blockchain

Blockchain is a distributed, decentralized and digital ledger that records transactions. Transactions are grouped into blocks like a data packet and are then sequentially chained with each block connected to the previous one. Furthermore, the blockchain is a file distribution system that requires more than one node to be fully functional, but at the same time, no single node can fully control the entire network. So, no central authority is required and provides greater security and better efficiency. Transparency is ensured in blockchain as the complete transaction history is there on the net. Blockchain technology is one of the fastest-growing technologies for keeping goods records and financial transactions safe.

Each block stores the details and timestamp of the transaction & it also saves the hash values ​​of the previous block with a nonce. Blockchain technology uses the nonce to verify the hash to ensure the integrity of the entire blockchain. A hash value comes from a cryptographic hash function that maps a dataset to a fixed-sized string of numbers letters. These block transactions get processed via the Merkle root, which is the hash of all transaction hashes in the block. As a result, hashing the block transaction with a hundred transactions requires the same amount of effort to hash as a single block transaction. Furthermore, fraudulent transactions could be effective as avoided as any modification to a block would also change its hash value.

A new block gets added to the chain only when most nodes agree through a consensus mechanism. This consent mechanism is a process of ensuring that the information in a newly added block is valid and records the latest transaction. It also makes sure that most network validators agree with the state of the ledger. Proof of work is the first and the most popular blockchain consensus mechanism. HashCash is a PoW-based algorithm used by many cryptocurrencies, including Bitcoin, for block generation. The new blocks get validated and added only through the mining process. The protocol then rewards the first node (miner) that solves a complex mathematical problem with the newly created monetary unit.

Blockchain training is appropriate for anyone with technical experience. The online blockchain course is ideal for professionals like developers, project managers, support professionals, product managers and business analysts. These courses duly meet industry benchmarks and are completed by top industry experts. A Certified Blockchain Expert is a white-collar who has a deep understanding of Blockchain technology and can create Blockchain-based applications for different businesses.

Cryptocurrency

Cryptocurrency is simply the first application of blockchain technology, and it got introduced as a financial instrument. With blockchain technology, cryptocurrencies get used in creating a distributed system with certification and integrity once a payment transaction gets generated on the Internet. In contrast to the traditional fiat currency that always required a central part of the trust to guarantee the value of national currencies or transaction, the cryptocurrency based on blockchain technology creates a digital online distributed certification system for payment transactions without any central authority. Numerous digital payment solutions have got introduced, like Apple Pay, Google Wallet and PayPal. However, digital currencies are still based on fiat currency and used for e-commerce.

Cryptocurrency offers a new type of currency based on blockchain technology and backed by cryptographic evidence rather than trust. It solves the problem of a third party by being an alternative payment solution instead of cash. There are currently more than 1000 types of cryptocurrencies. Among all, Bitcoin is the most popular and also the first cryptocurrency based on blockchain technology.

To learn blockchain technology, you need to start by learning the basics of Blockchain technology and cryptocurrencies. Certified Cryptocurrency Expert (CCE) is a higher-level certification and knowledge in providing guidance in cryptocurrencies and digital possessions. It is a course designed to familiarize people with the ins and outs of cryptocurrency trading from scratch.