BUILDING ON BLOCKCHAIN I JOSIAH YAHAYA

What is Blockchain? Open ledger that offers decentralization to the parties. In addition, it also offers transparency, immutability, and security. It has many features including being open, distributed, ledger, P2P, and permanent. 1. Open 2. Distributed 3. Ledger 4. P2P 5. Permanent

How Blockchain Works

Benefits of Blockchain 1. Immutability 2. Decentralized 3. Enhanced Security 4. Distributed 5. Consensus 6. Faster Settlement

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Top Blockchain Terms Airdrop: This is a process of distributing free cryptocurrencies to the general public Altcoin: Any cryptocurrency other than Bitcoin Bitcoin: Bitcoin also referred to as BTC, is a decentralized blockchain tailored particularly for transaction of tokens between accounts. The most important highlight of Bitcoin is that it is the first blockchain-based cryptocurrency. DAO: Stands for Decentralized Autonomous Organization dApps: It stands for Decentralized applications that runs without the control of a central authority ERC-20: It is a technical standard for issuing tokens on the Ethereum network Ether: This is the fuel that powers the distributed Ethereum network Fiat: Is the government-controlled currency and is declared legal tender ICO: It stands for Initial Coin Offering used by startups to raise funds by selling tokens Mainnet: It is the production blockchain environment that facilitates network activities like transactions.

Most-know Blockchain Terms 51% Attack: 51% Attack refers to a situation where a majority of blockchain miners make an attack on the rest of nodes, by changing/ stopping transactions, taking over mining operations, or double spending coins. Utility Token: A token that has utility attached to it. They’re used for accessing a product or service DYOR: Stands for Do You Own Research FOMO: Stands for Fear Of Missing Out FUD: Stands for Fear, Uncertainty and Doubt

Smart Contracts Smart contracts are similar to a legal document and create terms between two parties. The two parties that are dealing with using smart contracts. Also, the contracts use public ledger for storage purposes. Smart contracts are triggered when a condition is met, and are completely autonomous.

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How do Smart Contract Work?

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Advantages of Smart Contracts ➔ Total Transparency ➔ No Miscommunication ➔ Efficient Performance ➔ No Paperwork ➔ Backup ➔ Trustworthy ➔ Guaranteed Outcomes

Disadvantages of Smart Contracts ➔ Error ➔ Confidentiality ➔ Rouge contracts (Fraudulent). ➔ Unreliable Information

Smart Contracts Use Cases

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Verticals of Blockchain Transformations ➔ Technology ➔ Law and Crime ➔ Government Service ➔ Finance ➔ Human Rights ➔ Entertainment ➔ Media ➔ Transportation ➔ Contracts

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