Blockchain 101
If you're new to web3, start here. We'll start with the basics and build up your knowledge.
What is a blockchain?
A blockchain is a shared digital state that is maintained by a group of independent participants called Validators. Transactions that update this state are grouped into blocks and chained together sequentially.
To determine the next block, Validators participate in Consensus, where they validate and finalize transactions together without trust. This process repeats every block time, ensuring the blockchain continues to grow in a secure and fraud-proof way.
Why build a blockchain?
Since no single party controls the network, a blockchain is decentralized; its rules and operation are enforced by the stakeholders rather than a central authority.
Key properties of decentralization include:
It cannot be censored or controlled by non-stakeholders
It self-governs and operates autonomously
It has no single point of failure
These properties are ideal for applications that need to be trusted by the public and tamper-proof, like payment systems, media platforms, and governance applications.
The distinction between a Web2 app and a blockchain app is decentralization, along with its inherent benefits. Without decentralization, a blockchain app offers no significant advantages over a centralized web app.
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