What is Blockchain?

About Mining 101

 

We have created this series of informative posts to help new miners understand the basics. Mining and all that comes with it is easy to get at its core. It is a fast paced industry so you will need to keep up with trends on a very regular basis. We will cover all we need to to make sure you’re up to speed and we will make available the tools you need to make a success out of mining. Good luck! 


As the name implies, Blockchain is simply blocks of data that are linked together like a chain. Blocks are limited by their storage capacity. When one block is full meaning no more data can now be stored in it, the block is closed and has an assigned unique identifier. 

The next line of data will go into a new block and the two aforementioned blocks will be tied together. This cycle continues with no disruption in the process or the method. 

The functionality of Blockchain is technically that of a database but it is unique in the way that it stores information. It is also different in terms of the primary use of Blockchain - ledger of transactions. 

When it comes to Cryptocurrency, Blockchain is where all transactions are recorded and stored. Amazingly in this case Blockchain is completely decentralized which means no single person or entity has complete control over it. Rather is a shared database where all information is viewable by general public. 

Another interesting tidbit about Blockchain as a ledger is that once an entry is recorded, it can not be altered or destroyed. It finds itself residing indefinitely in the block. 

There is a lot more to say about Blockchain but we like to keep things simple. In a later post we will discuss more elements of Blockchain in detail. Stayed tuned and join our mailing list so we can inform you of all new updates.  


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