A cryptocurrency blockchain is a decentralized, immutable, and distributed ledger technology that underpins most cryptocurrencies. It’s a foundational element enabling secure and transparent transactions without the need for a central authority like a bank.
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Key Concepts
- Blockchain: A chain of blocks, where each block contains a set of transactions.
- Decentralized: No single entity controls the blockchain; it’s distributed across many computers.
- Immutable: Once a block is added to the chain, it cannot be altered or deleted.
- Transactions: Records of value transfer between cryptocurrency users.
How it Works
Transactions are grouped into blocks. Each block contains a cryptographic hash of the previous block, linking them together in a chain. This chaining ensures data integrity and security. Cryptography secures the entire blockchain, making it resistant to tampering. The decentralized nature of the blockchain means that a single point of failure cannot compromise the entire system.
