by 
The Bitcoin And Blockchain Technology Explained
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
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Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block’s hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make double-spending of bitcoins very difficult. The block chain is the main innovation of Bitcoin.
Honest generators only build onto a block (by referencing it in blocks they create) if it is the latest block in the longest valid chain. “Length” is calculated as total combined difficulty of that chain, not number of blocks, though this distinction is only important in the context of a few potential attacks. A chain is valid if all of the blocks and transactions within it are valid, and only if it starts with the genesis block.
For any block on the chain, there is only one path to the genesis block. Coming from the genesis block, however, there can be forks. One-block forks are created from time to time when two blocks are created just a few seconds apart. When that happens, generating nodes build onto whichever one of the blocks they received first. Whichever block ends up being included in the next block becomes part of the main chain because that chain is longer. More serious forks have occurred after fixing bugs that required backward-incompatible changes.
Blocks in shorter chains (or invalid chains) are not used for anything. When the bitcoin client switches to another, longer chain, all valid transactions of the blocks inside the shorter chain are re-added to the pool of queued transactions and will be included in another block. The reward for the blocks on the shorter chain will not be present in the longest chain, so they will be practically lost, which is why a network-enforced 100-block maturation time for generations exists.
These blocks on the shorter chains are often called “orphan” blocks. This is because the generation transactions do not have a parent block in the longest chain, so these generation transactions show up as orphan in the listtransactions RPC call. Several pools have misinterpreted these messages and started calling their blocks “orphans”. In reality, these blocks have a parent block, and might even have children.
Because a block can only reference one previous block, it is impossible for two forked chains to merge.
• How do Bitcoin Transactions Work?
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Very well produced video. Thank you.
this video will help me easily explain blockchain to my friend . Thank you
Nice video!
ok anon, let’s get on this and spread awareness
well done! I will share this video.
great video.
Świetne
After doing some research, I found other sources either too deep or too cursory. This was perfect.
I watched several videos to understand smart contracts and blockchain. Although I kinda understood it, it’s this video that made me feel like I could explain it to my friends. Thank you!
Thanks for the video
Sounds like a great way to force people to use funny money. They’re talking about making poor people use it, so the government can tell them what to buy, for their own good of course. Then it’ll be everyone else (although given how incompetent they are, they’ll probably have been run out of town on a rail before then).
Very interesting, how to learn this new technology and what background one should have to learn Bitcoin
A great video explaining block chain in a clear and concise way.
This was enormously helpful and awesome
Thanks a lot
amazing, amazing and amazing video… great job all the creators
If you shut down the loud music I might be able to hear the explanation!! Thanks
Very well done. Thanks.
Very nice and captures all the must-knows…! Thank you!
wow!! just wow!!
GREAT voice!
Condensed introduction to blockchain, a decentralized consensus based business ledger.
I’m sure the global banks and corrupt governments will not take control over this technology. I’m curious to how all this will work should an EMP or terrorist attack on the power grid will impact our ability to purchase food or water. Wake up.
great concise explanation
So bitcoins can automatice dozens of jobs and make many careers virtually useless, I know bitcoins are the currency of the future and that they are much better than any other currency option we currently have, but just think of the unemployment it would cause…
At 2:26 it is mentioned that all the nodes should unanimously agree on the validity of a transaction. However, I wonder how this is actually done? Say, I join the blockchain, but I am not always online. In that case, I cannot check whether a transaction is valid or not. Does that mean that a consensus can take days or even weeks?
What is required or how do u become a bitcoin minor
This makes things much clearer. Thank you
perfect!! 🙂
Too ideal to be true!
excellent primer. I’ve been excited about this technology for awhile and it’s use in enterprise software. Good to across a vid I can share with those not aware of its implications.
Great Video! Which comes to my mind speaking about open book keeping is what is with transactions of companies? Do they want that everybody knows their investments? Competitive advantage?