Blockchain & Cryptocurrency Glossary

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Blockchain

1 min read
Pronunciation
[blok-cheyn]
Analogy
Imagine a shared digital notebook that's duplicated across many computers in a network. When a new entry (transaction) is made, it's verified by the group and added as a new page (block) to everyone's notebook. Once a page is added, it cannot be altered or erased, and everyone has the same version of the notebook, ensuring transparency and trust without needing a central authority.
Definition
A blockchain is a decentralized, distributed, and immutable digital ledger used to record transactions or any digital interaction in a secure and transparent manner. These records are grouped into 'blocks' that are linked together in a 'chain' using cryptography.
Key Points

Decentralized: Not controlled by a single entity.

Immutable: Data once recorded cannot be easily changed or deleted.

Transparent: All participants with access can see the recorded transactions (though user identities can be pseudonymous).

Secure: Uses cryptographic hashing to link blocks and secure data.

Example
Bitcoin uses a public blockchain to record all its transactions. Anyone can view the history of Bitcoin transactions, but no single person or entity controls the Bitcoin network.
Technical Deep Dive
Each block in a blockchain typically contains a cryptographic hash of the previous block, a timestamp, and transaction data. This hashing ensures that if any data in a previous block is tampered with, the hash would change, invalidating all subsequent blocks and making tampering evident to the network.
Security Warning
While blockchains themselves are secure, always be cautious about the platforms and wallets you use to interact with them. Verify website URLs and be wary of phishing attempts.
Caveat
The level of decentralization, transparency, and specific consensus mechanism can vary significantly between different blockchain implementations (e.g., public vs. private blockchains).
Related Terms
Block
Cryptography
Decentralization
Mining

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