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Have you ever wondered how you could build your own blockchain? Ido Fishman makes the building process easier for you as we explain the process step by step. Blockchain in itself is a very simple concept and is a very simple data structure at its core. While cryptocurrencies are complicated, blockchain is not the reason they are complicated. The reason why they are complicated is the consensus algorithm, its mining and transaction.
Blockchain in itself is very easy to understand but before actually understanding what blockchain is and how it works, you must know about hashes? Hash is basically a digital signature of some kind of data, for example you can take an email hash it and get a digital signature.
Blockchain is the technology that enables moving digital coins or assets from one individual to another individual. A smart contract is stored inside a blockchain extending the blockchain from data to code. It usually represents an agreement between two parties which is coded. This means that when an action happens the code runs and provides a response so all the terms and conditions of the contract are programmatically defined.
Now that it has been established what a blockchain is, what comes up next is creating your own blockchain. In order to get your own network off the ground Ido Fishman lists down four core steps that you need. These core steps vary from identifying a use case to coding custom solution to creating a custom network to designing the admin.
According to Ido Fishman the first step that you need to undertake is to identify a use case. There really is a vast amount of use cases, but generally you need to consider who the participants are going to be. What also needs to be given consideration is the performance of the network, how it is going to work, the logic and code behind it. You are going to start this process of creating your own network when you have some idea in mind about what use case it is. Additionally you will also have an idea about how you want to build an application or indoor business around that.
The solution then needs to be coded using distributed ledger technology or DLT. This is Typically going to happen through the use of smart contracts. The idea here is that you are using logic to define rules of how your system works and who participates in the network. You also need to decide how people will be able to join your network and whether it is public or private. If it is public then essentially anyone can join it and with private it is going to be a little more permissioned. Your custom solution will then have its own ledge to capture history of all action, transactions and events on the network from the beginning of time.
Around the same time of this you are also going to want to think about what platform you are targeting. It is going to be really common to build off the Ethereum platform because that is the world’s programmable blockchain. That is where most of the businesses and applications are being built off because of the options that Ethereum has provided for developers. You can use technology to test your solution on a local network. Once you get past local there is going to be test nets and other kind of networks.
Finally once you are happy with how things are kind of working you are going to want to think about how the UI is going to look. At this point you would want to create a dapp and think about how the admin side of your app is going work and look.
Creating your own blockchain will give you control over the code and the smart contracts. It will also give you a chance to add unique features to your network thereby setting you apart from the crypto crowd.
For a more in depth knowledge on what smart contracts are, how a ledge works or what a development network is visit Ido Fishman’s Blockchain Guide Website. We have a host of latest blogs, articles and information material for you that will help you create your own blockchain.
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