guys, i'm kind of new here
can someone tell me, what is blockchain in general?
a blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. a blockchain can serve as an open, distributed ledger that can record transactions between two or more parties efficiently and in a verifiable and permanent manner. Frequently, blockchains are managed by a peer-to-peer network which requires collusion of the network majority in order to change previous blocks. this enables decentralized consensus and makes blockchains inherently resistant to
data modification without the need for trust of a central party. in turn, this makes blockchains suitable for recording of events, identify, transactions, provenance, property titles, supply chains and food traceability, among many others.
and what are cryptocurrencies?
a cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. while centrally managed
digital currencies have existed for some time (e.g. electronic money and centralized banking systems), Bitcoin became the first decentralized cryptocurrency by using
the blockchain as a distributed ledger. since Bitcoin’s emergence in 2009, numerous cryptocurrencies
have been created. these are frequently called “altcoins”, as a
blend of “bitcoin alternative”. Bitcoin
and its alternatives use decentralized
control as opposed to centralized electronic money/centralized banking systems. the decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.
