The growth of the internet has encouraged a dramatic increase in an interest of online programming. With this has come a particular interest in blockchain development. As exciting as this prospect is, it can be quite complex. Before considering a blockchain development company, it is first important to understand what this actually means and how it works. So, if you have an interest but no knowledge, this is for you. Keep reading for a basic, beginners guide to blockchain development.
It’s important to learn to walk before you can run, and the same goes for understanding new technology. So before you delve into the depths of blockchain development, you first need to have a solid grasp of the fundamentals. The main thing you need to understand about this system is that is is a digital database used to store information; this information is stored in groups which are known as blocks. The best way to visualize this system is by thinking of a spreadsheet, however, this system has other attributes that make it unique. There are four properties that set this system apart from any other:
Decentralized: One of the main features about this technology is that is is not stored in one place, or on just one computer; instead it is stored over many different computers. The computers involved in storing this information are known as nodes. It is vital to understand that when it comes to this structure, no third parties are involved, ensuring that no single entity or company has control over the collected data. As a result of this, users interact directly with each other, making it a peer-to-peer network.
Public: Most stored data is collected for a specific purpose and is therefore kept private, however blockchain development is different. Any information collected through the software is public, ensuring that everyone is able to see it.
Majority Based: The primary aim of this technology is to prevent and protect users from fraud; due to this there are specific safety measures in place. Therefore, before any new information is added to the system, more than half of the nodes have to agree that it is valid.
Unchallengeable: The information stored within blockchain development is protected by encryptions to ensure that it is virtually impossible to hack into. One major point of this system is that once the information is added, it cannot be changed or removed, this ensures that all information is accurate and uncorrupted.
There are two main blockchain developers who can be thanked for creating and refining the technology. As a result of this, there are two different types of system; Ethereum and NEO. Both of these platforms allow users to build dApps, however they have different ways in which they allow users to do this. Each blockchain developer uses a programming language, however the languages used differ. Essentially Ethereum and NEO are two programs that allow users to do the same thing, however they differ in how this is done.
Neo: This program was launched by Da Hongfei and Erik Zhang in 2014 as Antshares, but was changed to NEO in 2017. Unlike Ethereum, however, Neo dApps can be built by using a range of programming languages. The most commonly used languages are C# and Java; as these are widely used languages, it makes it easy for experienced users to build on this platform. The primary focus for Neo is to offer platforms for the digital business world, and because of this works closely with the Chinese Government and follows Chinese business regulations. Neo is also considered as being the fastest network available and therefore able to process lots of transactions per second.
dApps: The software that is built through blockchain development is often referred to as dApps, otherwise known as decentralized applications. The first of this kind was bitcoin through its peer-to-peer system. However, Neo and Ethereum are designed to do more and allow for other dApps to be built upon them. The aim of these applications is to allow users to build decentralized versions of currently centralized apps (alternatives for twitter, google and uber for example).
Fergus Murray is the lead editor for Business News Ledger. Fergus has been working as a freelance journalist for nearly a decade having published stories in the New York Times, The Plain Dealer, The Daily Mail and many others. Fergus is based in Detroit and covers issues affecting his city and New York State. When he is not busy writing, Fergus enjoys jogging.