Crypto Flashcards
What is Blockchain?
Type of shared database that differs from a typical database in the way that it stores information; blockchains store data in blocks that are then linked together via cryptography.
How does Blockchain Deal with new Data?
As new data comes in, it is entered into a fresh block. Once the block is filled with data, it is chained onto the previous block, which makes the data chained together in chronological order.
Most common information used in Blockchain?
Different types of information can be stored on a blockchain, but the most common use so far has been as a ledger for transactions.
Most common information used in Blockchain?
Different types of information can be stored on a blockchain, but the most common use so far has been as a ledger for transactions.
How is Blockchain used in BitCoin?
In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control—rather, all users collectively retain control.
How are decentralised blockchains seen as?
Immutable, which means that the data entered is irreversible. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone.
