Genesis block with the hash block carrying a similar replica of the genesis block.
Hash functions:
Properties:
Blockchain is protected by the properties of hash functions.
Decentralisation of the blockchain
#Blockchains are based on an active peer 2 peer network which interchanges every single block. Everyone has his own copy of the whole blockchain.
Brute forcing takes a lot of time and resources... changing one thing will result in a different result and you will be able to pick up the change.
Orphan blocks & mem pools. where transactions on the blockchain are verified. High fees is what the miners carry out first.
Hash's and infeasability... having to crack a number of hash's to change a transaction.
Essential Components of Blockchain
Blockchain uses:
Smart contracts, data immutability, currency, naming systems, NFT's
Smart contract compared to AWS... they act as a computer
Consensus; each computer agrees on the order and contents of date being processed, determine when the agreement has been reached. *Not always instant.
#Consensus Algorithms...
Blockchains have a finite capacity... memory CPU disk & bandwidth