A Layman's Explanation of the Blockchain

BlockchainThe blockchain is an amazing and complex network that is literally a marvel of our generation.  If you go to www.tradeblock.com/bitcoin; you will see the actual blockchain in action.  As you can see from this chart, the lower right is every transaction as it happens.  Click one to see the details.  Think of these as a ledger of each transaction.  Each transaction is placed in the block (upper right) as it were a page in an immense library containing volumes of books.

On this site, you can actually watch the transactions filling up the block.  This takes about 10 minutes and the block is full and the next block in formation moves up.  Once a block is complete, it is a permanent record that cannot be changed and is a public record for anyone to examine.  If the blockchain were illustrated, it would be an immense library, filled with book that have hundreds of pages holding the historic record of each and every transactions.  You can look, but cannot change these records.

This is the repository of blockchain transactions.  Now, let's take a look at the network.

Have you heard of mining for Bitcoin or other cryptocurrencies?  Initially, the mining process was about building the network by allowing ordinary people or shops to earn Bitcoin by connecting to the network.  "Proof of Connection" coins could be earned by validating your connection.  Once this ad hoc network was sufficient, "Proof ot Work" coins could be earned for each time a transaction passed over the blockchain and used your connected computer.

The amazing security found on the blockchain comes from the process that breaks up the pieces of the transaction information and reassembles the information at the end.  So, the information passes through hundreds of computer paths and has only a piece of the puzzle.  This is so secure that banks, financial institutions, and high-tech companies use the blockchain for secure information.

Troptions use the blockchain network as the backbone for all Troptions exchanges.  The process is very fast and relatively cheap.  

Your personal digital wallet acts like your bank account.  Your digital wallet has an encrypted address so no one can access it without your QR or passcode.  Any Troptions owner can immediately transfer Troptions from their wallet to another person's wallet to finalize a trade.

Troptions are "Proof of Use" coins that get their value when they are used or traded.  Troptions are a high-tech version of a barter system which opens the door to building a non-cash way to pay for goods and services locally or anwhere in the world.