What is Blockchain (Cryptocurrency)
Definition
- Blockchain is a digital public ledgers that is decentralized and digitally distributed across a network of computers.
- This ledger contains a list of record (block) such as transactions activity and the security around this ledger is maintain by computer hash.
- I will use a metaphorical example here. Just think it like this, the computer or network is a dozen of library, a blockchain is a book in the library and the ledger is the pages in the book itself. Each of the book pages contain a lot of transactions activity. (I hope this make sense😂)
- Some examples of a blockchain is the Cardano Blockchain and XRP Ledger.
Main Aspects/Key Components
Here are the list of key components that I will write about blockchain.
Note: This is not the real order
- Decentralized Network
- Consensus Mechanism
- Cryptograph
- Block
- Transaction
- Consensus Rules
- Decentralized Ledger
- Smart Contract
- Mining
- Wallet
- Public and Private Key
- Nodes
- Immutable Record
- Peer to Peer Network
- Hash
- Incentive Mechanism
Feel free to read my other articles:-
Referral and Affiliates Link
-NordVPN
Offer great way for us to use the internet in a safer and better ways. Click here if you guys are interested in using NordVPN.
-Surfshark
Provide 3 different services involving protecting your privacy and data. They also provide services to protect your device from malware. Click Surfshark VPN, Incogni, or Surfshark Antivirus if your guys are interested in using their service.
-CoinLedger
The Number 1 Crypto Tax Platform for trader and investor. Click here if you guys are interested in CoinLedger service and use my Promocode CRYPTOTAX10.
(DISCLOSURE: This article contain affiliates and referral link for a certain product. This article also is not a financial advice and only for educational purpose.)
