The Beginners Guide to Cryptocurrency
Blockchain
What is a Blockchain
In the simplest terms, Blockchain can be described as a data structure that holds transactional records and while ensuring security, transparency, and decentralization. You can also think of it as a chain or records stored in the forms of blocks which are controlled by no single authority.
What is a blockchain and how does it work?
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
How is a blockchain different from a normal database?
A blockchain database stores data in blocks, and when a block is filled with data, it is connected or “chained” to the preceding block. The chain continues indefinitely, with successive blocks of information added to previous blocks, as long as the computers managing the database continue to operate it. And because blockchain amasses data over time, it is a history of that data in the order in which it was irreversibly recorded in the blockchain.
In contrast, a typical database may simply be a table, albeit possibly a very large one, that organizes data according to specific attributes. A typical database needn’t have a chronology and previously recorded data may be altered in the database. But like a blockchain, a typical database may limit who can access, store and retrieve information from it.
Who can access blockchain?
If one desires to create a completely open blockchain, similar to Bitcoin, which enables anyone and everyone to join and contribute to the network, they can go for a public blockchain. In a public blockchain, anyone is free to join and participate in the core activities of the blockchain network.
Watch short video and learn about Blockchain technogy
What is The Blockchain
Watch short video and learn about Blockchain technogy
Continue learning more about cryptocurrency
Next lesson: NFT Non-Fungible tokens