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Today, we’ll explain what blockchains are.
Blockchains are the underlying concept of all cryptocurrencies and tokens. It’s actually as easy to understand as it is useful: Think of a blockchain as an electronic book that records every transaction that ever happened in chronological order, without ever missing one.
Now, each page in that book is called a block, and each block contains several transactions. That is because it is more efficient for computers to crunch multiple transactions in a block rather than one at a time.
So there you have it - a chain of blocks, or pages in a public book, are what makes a blockchain.
And that concept is very useful: An up-to-date copy of a blockchain is saved on millions of computers, that’s why we call blockchains decentralized. It can’t be deleted, and is openly accessible to everyone to see the entire history of transactions. In fact, you can still look up the very first time Bitcoin changed hands.
And next time we’ll talk about what dApps are.
Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.
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