First things first.

Crypts, blocks and chains

Blockchain – what is it?

Imagine blockchain as an electronic ledger. Instead of a physical ledger which exists only on your table, blockchain is present across in a network of computers. Any change to the ledger will be updated in all the computers in the network. This makes it virtually impossible to corrupt as hackers have to hack atleast half of the computers in the network at the same time to make changes to the blockchain.

Each computer connected to the blockchain is called a node. Each node (computer) in the network has a copy of the blockchain. When someone sends Bitcoin to you, the transaction is broadcasted across the network. The nodes verify the transaction by solving complex mathematical problems and once the transaction is verified, the transaction is added to the ledger (Blockchain) and the information is stored publicly.

The blockchain checks itself every ten minutes and…

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One thought on “First things first.”

  1. I never understood what mining was. For some reason I expected it to be some kind of minigame where you actually mine for bitcoin. Silly, I know but I don’t keep up with Bitcoin or cryptocurrencies.

    Liked by 1 person

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