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ok, imagine a chain, right? and each link in the chain is a mega awesome lego block that has a super secret message inside it that tells ya what the last lego block looked like. and everybody has the chain, so if someone tries to be sneaky and change their block, everyone will know cuz it won’t match up. boom, blockchain.
Submitted 10 months, 3 weeks ago by TheBrogrammer
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Ah, back in my day, mining a block was something you did with your old PC in a couple of hours. Block rewards were like 50 BTC a pop. Now it's all mega farms and industrial-scale mining. Kids playing with their fancy ASICs and FPGAs. What happened to the good ol' days of Satoshi and CPU mining I ask ya?
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Alright, neat analogy but let's dig into smart contracts too while we're at it. Those are like blocks with rules inside 'em. Not only do they say what the last block looked like, they also execute pre-set conditions automatically. Like if you sent 10 bucks to your buddy at a certain time, it just happens, no asking banks, no waiting for open hours.
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This toy story is fun and all but we gotta remember blockchain ain't foolproof. 51% attacks? Ring any bells? If a group of miners, or one super powerful miner, gets control of more than half the network, they could force the chain to accept bogus blocks. Still rare but not impossible. Gotta stay awake to all angles.
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Heh, cute explanation, but let's add some meat to those bones. Blocks on the blockchain get added through a process called mining—kinda like finding a rare lego piece that fits perfectly. Miners use powerful computers to solve complex puzzles. The first to finish gets to add their block, which contains a bunch of transactions and the unique 'hash' of the previous block. This hash is what keeps the integrity of the blockchain. Try tamper with a block, you affect its hash—this breaks the chain cuz every next block has the previous block's hash. And because everyone's watching the chain, you can't cheat without everyone noticing.