Understanding The Blockchain Through History
Bitcoin is one of the most talked-about topics in the world today. Everyone wants to know what it is, but few people understand it. This isn’t surprising, since Bitcoin was invented as a way to replace government-backed currencies with a completely virtual alternative that was not backed by any country or central bank. Still, even though most people have never used Bitcoin themselves or even interacted with anyone who has used it, they have heard about it—and many people are skeptical about whether digital currencies will ever catch on.
What Is A Blockchain?
A blockchain is a digital record of transactions. It’s also a decentralized ledger technology and distributed database, but let’s start with the basics.
A blockchain is an electronic spreadsheet that stores data in chronological order. Each entry on the spreadsheet contains two things: information about either an individual transaction (like when someone sent some bitcoin) or metadata about all previous entries (like how many bitcoins they own).
The first thing you might notice about this description is that it sounds very similar to what happens in your bank account when you make purchases or deposits–except with one key difference: instead of being stored by one person or organization in one location (your bank), it’s stored across many computers around the world at once!
How Does The Blockchain Work?
The blockchain is a distributed ledger. A distributed ledger is a database that is shared and maintained by multiple parties, who all have access to the same information. This …
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