On the fourth day of learning, I finally started to truly 'understand' the underlying logic of blockchain.
In the past, I always felt that terms like 'Bitcoin', 'Ethereum', 'wallet', and 'exchange' were very abstract, but today I have outlined a clearer clue 👇
💡 1. How does blockchain 'chain' - Consensus Mechanism
In the world of blockchain, everyone is keeping accounts, so whose accounts count?
The answer is: based on the consensus mechanism (Consensus Mechanism).
The two main mechanisms currently are:
PoW (Proof of Work, more work more rewards): relies on computing power to seize bookkeeping rights, a typical representative is Bitcoin. Strong computing power, high energy consumption.
PoS (Proof of Stake): Gaining validation qualifications by staking assets, the method currently used by Ethereum. More energy-efficient, decentralized, and secure.
I first realized that 'decentralization' doesn't mean no one is in charge, but rather everyone participates in validation and jointly maintains order.
🧱 2. Public chains, private chains, consortium chains - the three types of blockchain
If we compare blockchain to a social platform:
Public chains are like Weibo; anyone can post and view.
Private chains are more like internal company groups, viewable only by authorized personnel.
A consortium chain isa group jointly managed by several institutions, such as a banking alliance.
🔑 3. Wallets and exchanges - the 'key' to your assets
A wallet is not just a place to store money; it's your ID in the blockchain world.
Assets actually exist on the chain; a wallet is just the key that can unlock the assets. An exchange is where you buy and sell digital currencies:
CEX (Centralized Exchange) is like a bank, has intermediaries but is easy to operate;
DEX (Decentralized Exchange) operates completely on-chain, is freer and more technical.
⚖️ 4. Ethereum vs Solana: The different directions of the two ecosystems
These two public chains are like two cities with completely different styles.
Ethereum: Established, stable, and secure, but slow with high fees. Like New York.
Solana: Emerging, fast, low-cost, but occasionally goes down. Like Singapore in the emerging world.
The former is like the 'underlying financial system' of the Web3 world,
while the latter is like the 'next generation high-speed application layer.'
In the future, the two are likely to coexist for a long time.
The biggest takeaway from today is: blockchain is not a mysterious black box, but a technology that 'automates trust'. It is not perfect, but it is quietly changing the underlying logic of the internet. As I learn more step by step, I look forward to seeing the truly decentralized future where everyone holds their own assets.
#Web3 Learning Notes #Blockchain Introduction #Ethereum #Solana #Digital Wallet #Decentralization
