Did you know? (Blockchain – part 3 of 3)
In this conclusion of the 3-part mini-series on Blockchain, I endeavor to leave you with two important aspects – Accounts and Smart Contracts.
Accounts (also referred to as External Owned Accounts) are similar to any accounts we know in our daily lives – it is a placeholder to track an entity’s balance and can be transacted upon. The implementation of these accounts can vary from one blockchain platform to the other, but the concept is essentially the same. Accounts are usually protected by a passcode and the owner of the account can accumulate currency (in the case of Ethereum, ether) – either through transfers from other stakeholders or as a fee for mining one or more transactions (as explained in part 2).
Note: In the public Ethereum Blockchain, 1 ether is trading at $213.
Hope this brief peek into Blockchain was a useful primer – for those of you keen to learn more, I plan to run a 2-day workshop shortly at the UBQT Design School.