Blockchain
By CoinGecko | Updated on Mar 03, 2020
A digital ledger where data is recorded in a chronological order. In Bitcoin's case, it is a decentralized, public ledger which contains transactional information. Users can verify that transactions have occured simply by looking at the data that is publicized on the Bitcoin network.
In a blockchain, the next piece of information that will be added is always linked to a previous, already confirmed information of the blockchain through the use of a hash which describes the past content. With the hash, every block of information in a blockchain becomes referenced with one another, and cannot be easily swapped out, thereby qualifying as an immutable ledger.
Related Terms
UTC Time
"Universal Time Coordinated", can be used interchangably with Greenwich Mean Time (GMT).
Byzantine Generals’ Problem
A term used to describe the situation a single strategy which requires consensus from all members within a group who cannot be trusted or verified
Burned Tokens
Tokens which have been sent to addresses whose private key are not known, effectively becoming unusable.
Cold Storage
Offline storage of cryptocurrencies which is arguably safer as they also require physical access (eg. hardware wallet, paper wallets)
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