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What is a Blockchain you might ask, and why should I be interested in proof of work, like Ethereum Classic?

Well.....A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

Why does it matter? Because no one can change the ledger without consensus. That means that all of the nodes have to agree that Bob sent Tom 10 ETC, and if there's a disagreement that doesn't match the majority of nodes, that block isn't valid.

What is a block?

Blocks are the basic constructs of blockchain. Each block contains a set of transactions, metadata, and mining information.

Well how does mining a block work?

To create a new block, miners must go through a process to solve a math problem. When finding a valid solution for the network, a new block can be taken for granted that will be added to the blockchain by consensus. And for which, the miner who found the solution, will receive a reward for the new block.

So where is this ledger stored?

In a node! Blockchain nodes are the moderators that build the infrastructure of a decentralized network. Their primary function is to maintain the public ledger's consensus, which varies according to the type of node. The architecture and design requirements of a particular blockchain protocol determine the types of nodes.

So why Ethereum Classic instead of Bitcoin or other proof of work chains?

Because Ethereum Classic has Smart Contracts! Not only that, but it is the most secure smart contract Blockchain in the world!

So what do smart contracts do?

In essence, smart contracts are created to automatically execute and complete processes, such as a payment process, in digitised form. Both reception of the payment and the releasing of the item are automated in the purchase process.

What are some examples?

Let's start with an analogy. Vending machines provide a good analogy. If someone inserts $2 and presses B4, then the machine dispenses the cookies in the B4 slot. In other words, if the vending machine receives the required item of value, then it performs the requested action. A similar thing happens with smart contracts. Someone uses their ETC to initiate a transaction, and in return receives something or calls a function to do something. This can range from receiving a newly minted token, to staking coins in a contract for a period of time, all the way to purchasing things like real estate. The applications are nearly limitless to what we can come up with!

So a Blockchain is like a public ledger, where the nodes store the information and miners create a new block by solving a math problem for transactions to be completed, while blockchains like Ethereum Classic have smart contracts to allow transactions to happen in a decentralized and automated fashion. The entire Blockchain works as one to create an ecosystem of decentralized trust, that doesn't rely on a single person or entity to verify, but rather an entire network that can have millions of people doing that verification! It's the reason Bitcoin has extraordinary amounts of value, and with smart contracts, Ethereum Classic provides even more potential for value!

#Ethereum #ETC #Bitcoin #BTC #Crypto #Blockchain