What is blockchain? Why do we need it and continue building it?

After receiving suggestions that we should do something to connect new beginners with the Web3 world, the WarriorGame team decided to start this series.

You might have come across the word 'Blockchain' and might be wondering what it stands for. Well, in this article WarriorGame is going to take you into the world of blockchain, its meaning, concepts, and why we need it in our world today.

A blockchain is a digital ledger that duplicates and shares transactions across networks of computer systems involved in the blockchain. The act of blockchain records information in such a way that it will be difficult to hack or tamper with.

A blockchain is typically a digital database that stores information electronically in a digital layout. A blockchain collects information jointly in groups called 'blocks'. Each of the blocks contains a number of transactions, the blocks are linked to previous blocks and a record of a new transaction is added to every participant's ledger in the blockchain. This happens each time a new transaction is carried out, I.e new blocks are also added to form a chain of data which is the blockchain.

The main aim of a blockchain is to disallow digital information to be hacked, edited, or manipulated, it allows the digital data to be recorded and shared. It is the bedrock of immutable records of transactions that cannot be destroyed or altered. Blockchain is also referred to as Distributed Ledger Technology (DLT).

Blockchain plays a vital role in cryptocurrency systems. Cryptocurrencies like Bitcoin and Ethereum were built on blockchain technology. Blockchains are known for maintaining and securing decentralized records of transactions.

Why do we need it?

In the past, several attempts to create digital money have been impossible. This is because everyone wants a system where there will be trust and security. Blockchain was the best solution for this problem. Blockchain was the type of database used in creating the first digital currency called 'Bitcoin'.

Blockchain is needed in the world today for many reasons,

1. Security: The encrypted feature of blockchain, makes it secure. This is why it can not be edited or manipulated. Blockchain can be trusted because it gives decentralized security. As earlier said, new blocks are usually added to the end of a blockchain each time a new transaction is recorded. This acts makes it extremely difficult for the content of the block to be edited, unless all the network comes to an agreement to do so.
2. Transparency: The transactions that occur in the blockchain are transparent, anyone can see the trades happening live. This is because of the decentralized nature of the blockchain. Bitcoin was built on this term, using blockchain technology. All transaction records in bitcoin can be viewed and can also be traceable by using a personal node. Each node has its own copy of the chain that gets updated automatically as new blocks are added.
3. Cost: Blockchain is a decentralized system and as the such intermediary fee is not needed. The transactions are carried out instantly and the authenticity is verified by the participants.

Blockchain will continue to evolve as technology progresses every day, we should continue to build it because blockchain will help reshape the growth of the economy.

Warrior aims to achieve a breakthrough from Gamefi1.0 to Gamefi2.0 to solve the performance.

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