The blockchain is a shared public ledger on which the entire Bitcoin network relies. It allows Bitcoin wallets to calculate their spendable balance so that new transactions can be verified. All confirmed transactions are included in the block chain. The integrity and the chronological order of the block record are enforced with cryptography.
Bitcoin is a virtual currency that allows people to transfer value between Bitcoin wallets. A private key or seed is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature prevents the transaction from being altered by anybody once it has been issued.
Mining is a distributed consensus system that is used to confirm pending transactions by including them in the block chain. It enforces chronological order, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict rules.
Comments
Post a Comment