Crypto 101: What Is The Blockchain?

brandneweyes (56)in #dlive • 6 years ago

So, What is the blockchain?:

Bitcoin and most other cryptocurrencies are based on blockchains, otherwise referred to as distributed ledgers. These digital files anonymously record every transaction made on a particular cryptocurrency network, while simultaneously made available to all users for review. In that review process, a code that is specifically associated with each transaction and coin can be traced through the distributed ledger. Meaning that no one can spend a coin twice, in the same moment.

Cryptocurrencies, like bitcoin, are currencies that only exist in a digital sense. There are no physical golden coins with a big “B” on them. Moreover, owning these digital coins creates a new idea of “ownership.” You don’t literally have it in your hands, or even in your bank account, everything is stored on the public blockchain via transaction records on the distributed ledger. You do however have the ability to transfer “ownership” to someone else simply by creating a new transaction record on the blockchain.

Sources:
https://www.investopedia.com/terms/b/block-bitcoin-block.asp
https://www.coindesk.com/information/blockchains-issues-limitations/
http://dataconomy.com/2015/10/wtf-is-the-blockchain-a-guide-for-total-beginners/
https://www.coindesk.com/information/how-does-blockchain-technology-work/

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