What is a blockchain and how does it work?

3 answers

• Jan 10, 2022 · 3 years ago
  Sure! A blockchain is a decentralized and distributed ledger technology that records transactions across multiple computers. It consists of a chain of blocks, where each block contains a list of transactions. The blocks are linked together using cryptographic hashes, creating an immutable and transparent record of all transactions. In the context of cryptocurrencies, a blockchain serves as a public ledger that verifies and stores all transactions made with the digital currency.
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• Jan 10, 2022 · 3 years ago
  A blockchain is like a digital ledger that keeps track of all transactions made with a specific cryptocurrency. It is decentralized, meaning that no single entity has control over it. Instead, it is maintained by a network of computers, known as nodes, that work together to validate and record transactions. Each transaction is grouped into a block, which is then added to the chain. The chain is secured using cryptography, making it virtually impossible to alter or tamper with past transactions. This transparency and security are what make blockchain technology so valuable for cryptocurrencies.
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• Jan 10, 2022 · 3 years ago
  From the perspective of BYDFi, a blockchain is the underlying technology that powers cryptocurrencies like Bitcoin and Ethereum. It ensures the security and integrity of transactions by eliminating the need for a central authority. Instead, transactions are verified by a network of computers, making it nearly impossible to manipulate the system. This decentralized nature of blockchain technology also allows for greater transparency and trust in the world of digital assets.
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