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Blockchain Notes

Cryptocurrency is a decentralized digital currency that uses cryptography for secure transactions, with Bitcoin being the first and most dominant example. It operates on blockchain technology, which records transactions in a tamper-proof manner, and there are over 19,000 different cryptocurrencies available today. Popular types include Ethereum, XRP Ripple, Cardano, and Dogecoin, each with unique features and market values.

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Blockchain Notes

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What are cryptocurrencies?

Cryptocurrency is digital money used to buy, sell, and trade, but it is usually
decentralized, meaning there is no authority to regulate it, such as a bank.
Instead, it uses cryptography—or secure, encrypted messages—to record
transactions.

Bitcoin was the first successful cryptocurrency and is viewed by many as the
most dominant. Since cryptocurrency has become popular, many more coins
have made their way onto the market with mixed success.

How do cryptocurrencies work?

Instead of having the authority to manage and regulate the value of

cryptocurrency, this is done by blockchain technology. Blockchain is a system
of recording transactions, like a digital public account book, that is highly
difficult to change, tamper with or hack. Every transaction (grouped as a
block) is stored in the chain (blockchain).

People create cryptocurrencies in different ways. Some create it through

mining, which is a system of solving complex mathematical puzzles to
validate transactions, and some use methods of creating and distributing
tokens.

Types of cryptocurrencies

Many different types of cryptocurrencies are available to research and

understand. CNBC estimates over 19,000 different cryptocurrencies exist,
with developers able to use an original source code from blockchain
technology and create a new one [1]. Bitcoin has the biggest market value at
$383 billion as of January 2023 [2]. However, you can learn about plenty of
other popular cryptocurrencies:

Ethereum (ETH)

Ethereum (ETH) has the second-highest market value at $197 billion [2]. New
blocks are validated on the Ethereum blockchain every 12 seconds, making
transactions very fast. It’s also capable of processing other financial
transactions, running applications, and creating smart contracts on its chain.

XRP Ripple

XRP Ripple is an altcoin (alternative to Bitcoin). While other cryptos seek to

work against banks, Ripple wants to be able to become a coin bank to serve
banks.
Cardano (ADA)

Cardano is a relatively recent introduction to the crypto market and comes

with the added value of being more environmentally friendly than some of
the earlier big players. It can also use its chain for smart contracts and
decentralized apps.

Polkadot (DOT)

Polkadot launched in 2020 and has seen steady growth. It brings with it new
technology that wasn’t used for earlier cryptocurrencies. It has faster
transactions and making it cheaper to run, as well as being able to interact
with other blockchains.

Bitcoin Cash (BCH)

Bitcoin cash (BCH) is from the developers of Bitcoin, on the same blockchain,
in an effort to make something faster and cheaper than the original Bitcoin.
It is more scalable than Bitcoin and is used for payment methods rather than
investment purposes.

Dogecoin (DOGE)

Dogecoin started as a joke, named after a popular meme at the time, making
fun of Bitcoin. It quickly gained popularity to cult status in early 2021 and
rose to its greatest heights so far. Since then, its value has declined.

Binance Coin (BNB)

Binance is a crypto exchange site where you can trade crypto. Binance Coin
is the crypto issued by the Binance network, offering lower fees to trade it on
the platform. You can also use it to raise funds, process payments, pay for
entertainment, invest, and extend loans.

Tether (USDT)

Tether is a digital token rather than a blockchain and has been around since
2014. Since then, it has worked up to become popular and is considered a
relatively stable investment as it is tied to the US dollar; therefore, known as
a stable coin.

Cardano (Ouroboros blockchain)

- Environmentally friendl

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  Software Development

5.  What Is a Blockchain Developer (and How Do I Become One)?

What Is a Blockchain Developer (and How Do I Become One)?

Written by Coursera Staff • Updated on Nov 13, 2024

Learn about the fundamentals of blockchain development, relevant skills,

and technical FAQs.
Becoming a blockchain developer is an exciting role as more organizations
develop uses for the frontier technology known as blockchain. Blockchain
developers create and maintain decentralized distributed ledgers that can
process things like cryptocurrency transactions. Market research firm Grand
View Research estimates that the blockchain market expects a CAGR of 87.7
percent over the period of 2023 to 2030, estimating the final value of that
period at $1,431.54 billion [1].

Explore blockchain technology and development for all levels of expertise.

Read on to learn more about career paths, job requirements, and blockchain
FAQs.

specialization

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What is a blockchain?

A blockchain is a type of database used to store and organize information.

Traditional databases arrange information into rows and columns that make
up tables, making it easy for computers to recognize. With blockchains,
however, information is digitally formatted and collected into clusters or
blocks. Each block has a limited storage capacity.

Once it reaches that capacity, the block closes and links to the preceding
block via cryptography, creating a chain. Cryptography creates an
unchangeable timestamp when one block links to another. This permanent
record verifies the accuracy of sensitive information like transactions.
Traditional databases, on the other hand, are typically controlled by a central
authority, with sensitive data managed and maintained by an organization or
administrator.

What is blockchain development?

Blockchain development refers to building, maintaining, and designing

blockchain applications and systems. Overall, it seeks to use blockchain
technology's unique features to solve problems and create opportunities.

An example of innovative blockchain development is the smart contract.

Smart contracts are agreements between two parties, just like regular
contracts. Unlike ordinary contracts, however, smart contracts are also
programs stored on a blockchain. These programs trigger only when both
parties meet the agreed-upon terms and conditions. This automated
compliance ensures the correct execution of a contract in real-time.

Comparing smart contracts to parking meters is a great way to conceptualize

their utility. You insert the correct payment and receive the parking validation
corresponding to that payment with no need for third-party involvement like
a cashier because of the fixed agreement.