2 ms·
This article contains the best explanation of what a blockchain is that I have ever seen: A blockchain is a specific data structure: a linear transaction log,
by rjmunro 5y ago
This article contains the best explanation of what a blockchain is that I have ever seen:
A blockchain is a specific data structure: a linear transaction log, typically
replicated by computers whose owners (called miners) are rewarded for logging
new transactions.
There are two things that are cool about this particular data structure. One is
that a change in any block invalidates every block after it, which means that
you can’t tamper with historical transactions. The second is that you only get
rewarded if you’re working on the same chain as everyone else, so each
participant has an incentive to go with the consensus.
The end result is a shared definitive historical record. And, what’s more,
because consensus is formed by each person acting in their own interest, adding
a false transaction or working from a different history just means you’re not
getting paid and everyone else is. Following the rules is mathematically
enforced—no government or police force need come in and tell you the transaction
you’ve logged is false (or extort bribes or bully the participants).
- meheleventyone 5y agoWith a caveat for hard forks and attacks using large amounts of mining power.
- 5350-uiop-1130 5y agovitalik buterin has entered the room