Properties of a Blockchain – Blockchain 101

The name blockchain largely refers to the structure of the technology. Blocks contain data that represents transactions, and when a block is created or “mined,” all the data contained in the block is added to the chain. Permanently. All ledgers are updated to recognize this new consensus. Blocks are then linked together to form a chain and can be referred back to at any time, hence the name blockchain. The Bitcoin blockchain was created to allow a network to coordinate and reach “consensus” on shared data. Blockchains were created to solve the problem of coordinating data with people around the world, who don’t know or trust each other.

What Exactly Is Blockchain?

While bitcoin and blockchain are often part of the same discussion, the two technologies are not synonymous and blockchain actually has potential issues far beyond bitcoin and other cryptocurrencies. Blockchain, a recording software that makes it near impossible to change, hack, or cheat the system, can be a way to get multiple parties that might not trust each other to share and agree on data. It’s this peer-to-peer system that’s made blockchain appealing for financial applications like Bitcoin and other cryptocurrencies. But ironically, it is those same features that make it secure, that also make it impractical for many applications.

How does a DAO work?

Decentralized autonomous organizations (DAOs) are like traditional organizations, except they run autonomously, or almost. Much like traditional companies, DAOs have stakeholders that vote on changes. So while they run autonomously, so-called stakeholders can vote to influence decisions and direction. DAOs, just like pretty much everything else connected to cryptocurrencies, are an extremely new and, to some extent, revolutionary technology. In this episode of Ask Luno, we go in-depth on how they work. Can you picture companies that could one day run without human intervention? Let us know your thoughts in the comments below.

An introduction to blockchain marketing

2020 may turn out to be a make-or-break year for many blockchain projects ready to go to market and grow their networks. As we hear in this interview with marketing expert John Hargrave, much is riding on their ability to use best marketing practices tailored to their need to drive network effects. He calls it “blockchain building.”