What is Blockchain? Simplified.

in #technology3 years ago

Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.

Last year 2017 was the highest pick record of Bitcoin the leading and most used cryptocurrency in the world. It highest price record for single Bitcoin was $20, 000 if you converted it to Philippine peso on the same time it rounds up to 1 Million. The high record that Bitcoin made on that year brought a great hype to many people to invest and get into cryptocurrency. On that note many people believed that if they invest in crypto they can get more money because of this many ponzi schemes came out and the famous Bitconnect. This year many people was scam by Bitconnect and cryptocurrency have assumed also an scam.

But time goes and cryptocurrency stand and maintained its status. So what really is cryptocurrency? to answer that question we must look what is the technology behind cryptocurrency and that technology called blockchain.

What is Blockchain?

Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.

How Blockchain works?

A block is a record of transactions. Once each block is completed it’s added to the chain of other blocks. The record of this transactions are publicly available in a ledger type. So means that anyone who have the public key of any transaction can see the history of his made transaction and all the transaction are recorded on different nodes means it save on different machine. Forging the transactions history are not possible on this approach because it can compare the ledger to the different machine who has those saved copy of ledgers.

Blockchain in Cryptocurrency

Blockchain is the main technology used in cryptocurrency so the transactions of decentralize peer-to-peer payment is recorded and forging is not possible.

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hi @darwindelacruz

Thank you for your comment in my latest post (related to HF20). Just wanted to show my support with a little comment + upvote.

Im glad to see tht you're still around. Hope you've been doing fine.

enjoy your weekend buddy
Yours, Piotr