Definition of Blockchain

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.

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Related Terms

Directed Acyclic Graph (DAG)

Directed acyclic graphs refers to a data structure that is built in one single direction, yet branches out and never repeats.

Cryptocurrency

A form of digital currency that utilizes cryptographic protocols to record ownership and prevent counterfeiting

Wei

The smallest fraction of an Ether, with each Ether to 1000000000000000000 Wei.

Whitepaper

An introductory paper to consicely explain an issue and a possible solution on the issue.

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