Imagine, X is your best friend, his mother is not well and has been admitted to the hospital. He wants some money immediately for the operation, he calls you and says, “Y, I need some money. I have run out of it.”
You reply, “Sending some money right away,” You then call your account manager at your bank and tell him, “Please transfer $1000 from my account to X’s account.”
Your account manager replies, “OK, sir.”
He opens the register, checks your account balance to see if you have enough balance to transfer $1000 to X. Because you have plenty, he makes an entry in your account like the following:
Y –> $1000 to X
You call X and tell him, “I’ve transferred the money. “
What just happened? You and X both trusted the bank to manage your money. There was no real movement of physical things to transfer the money. All that was needed was an entry in the register. The entry in that register that neither you nor X controls or owns.
This is the problem of the fiat current systems.
To establish trust between ourselves, we have had to depend on third parties for so many years.
* What if that register in which the transaction was logged gets burnt in a fire?
* What if, by mistake, your account manager had written $1200 instead of $1000?
* What if he did that intentionally?
* Could there be a system where we can still transfer money without needing the bank?
Think about it for a second, what does to transfer money mean? Just an entry in the register. Is there a way to maintain the register among ourselves instead of someone else doing it for us?
Blockchain is the answer to a profound question. It is a method to maintain that register among ourselves instead of depending on someone else to do it for us.
The requirement for this method is that there must be enough people who would like not to depend on a third-party. However only this group can maintain the register on their own.
We will assume four individuals who upon mutual agreement, have details of each other’s accounts all the time without knowing the other’s identity.
First, they all have an empty folder having pages with themselves to start with. These pages will keep the record of all the transactions. Whenever a transaction happens, everyone in the network writes about the details of the transaction. Suppose the third member is sending $10 to the first one then to make the transaction, third shouts and tells everyone so that everyone makes a note of it on their pages.
Everyone checks whether the third member has enough balance to transfer $10 first. If she has enough balance, everyone then makes a note of the transaction on their blank pages Now, transactions among them continue in the same way. This exercise continues until everyone runs out of space on the current page. When a page gets filled it is time to put the page away in the folder and bring out a new page and repeat the process from the step above.
Before we put away the page in our folders, we need to seal it with a unique key that everyone in the network agrees upon. It is called mining by mining it; we will make sure that no one can make any changes to it once its copies have been put away in everyone’s folder. That is why it is called the decentralized system.
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