crypto
Blockchain
A blockchain is a shared ledger of transactions grouped into cryptographically-linked blocks, maintained by a network of computers instead of a central authority. Altering past records would require redoing the work of every subsequent block.
Each block contains a batch of transactions plus the hash of the previous block, chaining them so history can't be quietly edited. Combined with a consensus mechanism (proof-of-work for bitcoin), this lets strangers agree on who owns what without trusting a bank or company to keep the books.
Related terms
- Hash Rate
- Hash rate measures the total computing power securing a proof-of-work blockchain, expressed in hashes per second. A higher hash rate makes attacking the network more expensive and is read as a security indicator.
- Bitcoin Halving
- The bitcoin halving is a pre-programmed event roughly every four years (210,000 blocks) that cuts the new bitcoin issued to miners per block in half, slowing supply growth until the 21 million cap is reached.
Frequently asked questions
What is Blockchain?
A blockchain is a shared ledger of transactions grouped into cryptographically-linked blocks, maintained by a network of computers instead of a central authority. Altering past records would require redoing the work of every subsequent block.