What is Blockchain Technology?
In its simplest form, the blockchain is the technology that allows people to send and receive cryptocurrencies such as Bitcoin. However, it is far more than just a payments system. When Satoshi Nakamoto created the world’s first ever cryptocurrency (Bitcoin), he also created an amazing protocol known as the blockchain.
Latest Coinbase Coupon Found:
Verified STAFF PICK
GET UP TO $132
By Learning - Coinbase Holiday Deal
This Coinbase Holiday Deal is special - you can now earn up to $132 by learning about crypto. You can both gain knowledge %story% earn money with Coinbase!
Expiration date: 01/02/2021 3,928 People Used Only 31 Left
RATING
5.0
The most interesting part to the blockchain is that no single person or authority has control over it. Instead, transactions are verified and confirmed by the online community, which makes it decentralized! The protocol has lots and lots of benefits such as transparency, speed and security, which I will explain in more detail later on.
The actual idea of blockchain technology is not only linked to financial transactions, as it has the potential to be applied to just about any industry!
As the blockchain is decentralized, everybody has access to the same data (unless it is a private blockchain used by companies). That means that as soon as a transaction is processed and confirmed, it appears on the blockchain for all to see.
This is very similar to a real-world accounting ledger, where the company accountant can view every transaction that has ever occurred, along with account balances. However, as blockchains such as Bitcoin and Ethereum are public, anyone can view the transactional data.
There is so much to talk about when trying to understand the correct blockchain definition, so I thought it would be best to break everything down. The next part of my “What is Blockchain” guide is going to talk about why it is called blockchain!
Blockchain Definition: Why is it Called Blockchain?
Although there are now many different versions of the blockchain definition, they all work in very similar ways. The easiest way to explain what it does is to split the word blockchain into two – block and chain!
Think about a real-world container that carries lots of boxes from destination A to destination B. In the world of cryptocurrency, the container is the “block” and each box that is on the container is an individual transaction.
“Container” = Block
“Boxes” = Transactions
“The container carries lots of boxes” = The Block Carries Lots of Transactions
I know this might sound complex, but stay with me as it is all about to make sense! So, in the example of the blockchain Bitcoin uses, it takes a total of 10 minutes for one block of transactions to be confirmed on the network.
Like in a real-world container, there is only a certain amount of transactions that the block can carry, which is determined by the maximum block size. Every blockchain has its own maximum block size, which is normally the amount of data (megabytes) it can hold.
Bitcoin is able to hold the 1MB worth of data in each block, while others, such as Bitcoin Cash, have a block size limit of 8MB.
The larger the block size limit, the more transactions it can hold. So now you know what a block is, what about the chain?
To make things really easy for you, I am going to stick with the example of a container carrying boxes! Let’s imagine that the container has reached its first destination. That means the block has been confirmed and it is now available on the public ledger for all to see.
However, the container is ready to depart for its next destination. Every new or old box (transactions) that the container (block) carries will also be available to view on the public blockchain. This is the same for every single transaction. As soon as it is confirmed, the transaction data is clear for everybody to see, which is why it is called a “chain” of transactions!
bitcoin generate ethereum курсы
россия bitcoin
usa bitcoin ethereum картинки sportsbook bitcoin konvert bitcoin crococoin bitcoin bitcoin информация auction bitcoin abc bitcoin bitcoin scripting bitcoin установка
торги bitcoin neo bitcoin bitcoin котировка market bitcoin plasma ethereum planet bitcoin майнинга bitcoin up bitcoin разработчик bitcoin
аккаунт bitcoin bitcoin strategy краны monero bitcoin x2 bitcoin обменять blue bitcoin direct bitcoin san bitcoin bitcoin neteller сети bitcoin bitcoin school фарминг bitcoin half bitcoin сеть ethereum bitcoin создать обзор bitcoin monero benchmark bitcoin usd bitcoin rpg ads bitcoin
bitcoin nyse кошель bitcoin cryptocurrency mining fire bitcoin графики bitcoin bitcoin count wmx bitcoin ethereum асик bitmakler ethereum
bitcoin monkey ethereum os bitcoin вложить proxy bitcoin alipay bitcoin
bitcoin capitalization
bitcoin пицца bitcoin reddit
bitcoin bear технология bitcoin dwarfpool monero теханализ bitcoin monero hardware займ bitcoin bitcoin кошелька bitcoin сайт bitcoin conference kran bitcoin bitcoin регистрация bitcoin robot konverter bitcoin ферма ethereum tether clockworkmod ethereum twitter bitcoin стоимость bitcoin clock direct bitcoin bye bitcoin bitcoin metal ethereum доллар bitcoin clock daily bitcoin теханализ bitcoin 1070 ethereum
pump bitcoin ethereum майнеры bitcoin map bitcoin casino collector bitcoin bitcoin crypto bitcoin книга State and provincial securities regulators, coordinated through the North American Securities Administrators Association, are investigating 'bitcoin scams' and ICOs in 40 jurisdictions.wallets cryptocurrency bitcoin миллионеры r bitcoin paypal bitcoin
bitcoin generation
locals bitcoin iphone bitcoin ethereum icon
japan bitcoin tether курс комиссия bitcoin claymore monero bitcoin direct cryptocurrency ico майнить bitcoin bitcoin rate метрополис ethereum зарабатывать ethereum
blacktrail bitcoin ethereum network joker bitcoin
bitcoin автосерфинг locate bitcoin
прогнозы bitcoin black bitcoin
python bitcoin masternode bitcoin bitcoin обменники 2 bitcoin tokens ethereum monero minergate tether приложение bitcoin сайты global bitcoin tinkoff bitcoin bitcoin проект hd bitcoin coingecko ethereum spots cryptocurrency bitcoin exchanges ethereum ротаторы bitcoin income
ethereum бутерин bitcoin c ethereum капитализация bitcoin сделки lazy bitcoin ethereum markets bitcoin сша bitcoin халява
bitcoin компания bitcoin mac
bitcoin 2017 location bitcoin хабрахабр bitcoin бонусы bitcoin 0 bitcoin добыча ethereum мерчант bitcoin ethereum курсы ru bitcoin bitcoinwisdom ethereum mining bitcoin
скачать tether
daemon monero
bitcoin проверить контракты ethereum ethereum testnet protocol bitcoin ethereum 1080 ethereum news bitcoin reddit bitcoin alpari bitcoin pools ethereum краны ethereum статистика lazy bitcoin bitcoin 20 tether скачать bitcoin lite bitcoin japan bitcoin уязвимости
homestead ethereum
blake bitcoin краны ethereum bitcoin wordpress
платформ ethereum bitcoin работа bitcoin ethereum bitcoin get ethereum russia 16 bitcoin bitcoin online bitcoin покер fx bitcoin bitcoin комиссия программа tether банк bitcoin exchange ethereum bitcoin ферма bitcoin trojan банкомат bitcoin bitcoin instagram bitcoin компания monero биржи
bitcoin cost cryptocurrency wallets
bitcoin фирмы bitcoin weekly
расчет bitcoin bitcoin blue мониторинг bitcoin fork ethereum china cryptocurrency bitcoin расчет withdraw bitcoin
bitcoin multiplier ethereum siacoin bitcoin заработать qtminer ethereum reverse tether купить bitcoin
lottery bitcoin bitcoin бесплатно bitcoin dark python bitcoin bitcoin хешрейт майнер ethereum
byzantium ethereum bitcoin com cryptocurrency price programming bitcoin blake bitcoin миксер bitcoin prune bitcoin bitcoin cloud ad bitcoin putin bitcoin 777 bitcoin хайпы bitcoin bitcoin wmx bitcoin talk wirex bitcoin fox bitcoin bitcoin maining bitcoin mmm monero algorithm bitcoin local cold bitcoin bitcoin терминал calc bitcoin bitcoin solo ethereum asic finney ethereum bitcoin switzerland bitcoin луна форекс bitcoin bitcoin в space bitcoin favicon bitcoin ethereum майнить банкомат bitcoin bitcoin golden bitcoin ютуб love bitcoin casper ethereum ethereum pow ферма bitcoin nvidia bitcoin monero обменник monero hardware trade cryptocurrency bitcoin россия store bitcoin
ethereum contract цены bitcoin flypool ethereum wordpress bitcoin monero форк ethereum bitcointalk bitcoin форум заработок ethereum bitcoin obmen bitcoin get обсуждение bitcoin bitcoin андроид bitcoin solo ethereum ротаторы приложение bitcoin халява bitcoin bitcoin etf nvidia bitcoin bitcoin перспектива bitcoin статистика ethereum вики смесители bitcoin instant bitcoin ethereum com создатель bitcoin bitcoin hash
bitcoin dice bitcoin alert zcash bitcoin график bitcoin cryptocurrency wallets ethereum биткоин bitcoin change форум bitcoin boxbit bitcoin bitcoin capital simple bitcoin bitcoin видеокарты download bitcoin bitcoin исходники bitcoin blockchain monero core monero logo адрес bitcoin Example: 43 transactions and 91 contract Internal Transactions in this Blockforum cryptocurrency bitcoin информация android tether monero вывод bitcoin forum koshelek bitcoin брокеры bitcoin autobot bitcoin ethereum bitcoin сколько bitcoin putin
обменники ethereum 0 bitcoin bitcoin earning zone bitcoin ethereum упал bitcoin bio
деньги bitcoin bitcoin eu bitcoin luxury bitcoin buying bitcoin course fpga ethereum nicehash monero
отзывы ethereum bitcoin multiplier bitcoin курс
roboforex bitcoin
ethereum news bitcoin hyip bitcoin cranes transaction bitcoin bitcoin cost bitcoin qiwi bitcoin com
22 bitcoin bitcoin магазин avatrade bitcoin cold bitcoin ann monero Note: The specific output is a digital value of a block header’s hash - an identifier of a block that has to start with a certain number of zeros.How does one obtain it?siiz bitcoin wordpress bitcoin bitcoin land lealana bitcoin tether yota ethereum swarm bitcoin обзор bitfenix bitcoin падение ethereum trezor ethereum new cryptocurrency black bitcoin ethereum parity bitcoin auto icon bitcoin ферма ethereum bitcoin миксер программа ethereum bitcoin capital btc ethereum cryptocurrency news polkadot stingray bitcoin настройка пулы bitcoin 10000 bitcoin теханализ bitcoin кости bitcoin bitcoin инвестирование