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What S A Blockchain?: A Distributed Consisting of (Blocks) Which Are

A blockchain is a distributed data storage consisting of connected blocks. Each block contains a hash linking it to the previous block, as well as transaction data. If the data stored in blocks is a list of transactions transferring coins, it forms a cryptocurrency. Coins are transferred between addresses with transactions and have value determined by what the blockchain network assigns and what people are willing to pay in real currencies. Coins are created as rewards for mining, which bundles transactions into new blocks.

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51 views6 pages

What S A Blockchain?: A Distributed Consisting of (Blocks) Which Are

A blockchain is a distributed data storage consisting of connected blocks. Each block contains a hash linking it to the previous block, as well as transaction data. If the data stored in blocks is a list of transactions transferring coins, it forms a cryptocurrency. Coins are transferred between addresses with transactions and have value determined by what the blockchain network assigns and what people are willing to pay in real currencies. Coins are created as rewards for mining, which bundles transactions into new blocks.

Uploaded by

Saa Nia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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What‘s a Blockchain?

A distributed data storage


consisting of containers
(blocks) which are
connected.
What is a Blockchain?

“A Data Storage”
A Block A Block A Block
fsad42089fasjlkbkdsf1 034fsad64g8fevqgvad

Previous Block Previous Block Previous Block


Hash Hash Hash

Data Data Data


“Hi, I‘m in a block” “Awesome!” “Blocks, blocks”

Same Input = Same Output


No other input leads to same hash
“Genesis Block”
What‘s a Cryptocurrency?

If the data you store in a


block is a list of
transactions, the coins
transferred in the
transactions form your
cryptocurrency.
Storing Transactions
A Block A Block A Block
fsad42089fasjlkbkdsf1 034fsad64g8fevqgvad

Previous Block Previous Block Previous Block


Hash Hash Hash

Data Data Data

A Transaction

- from
- to
- amount
Where are the Coins?

Coins are transferred with Transactions


The value of a coin is
determined by the
value the participants
Changing them into other currencies is not of the blockchain
possible inside the Blockchain network assign to it
(i.e. what you‘re
willing to pay in “real”
currencies).
Coins are created via Mining (as a reward
for the effort)
Blockchain Big Picture

TA TA TA TA TA TA TA

Bundle Transactions &


store them in newly
Broadcast Transaction generated (mined) Block
Transaction
Node Node
Send X Coins Receive Coins

Node
Wallet Wallet Verify Transaction
Broadcast new Block
Verify new Chain Node
Node
A Wallet is a Node

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