?? Blockchain ~ A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
Blockchain is literally just a chain of blocks
?? Block and How does blockchain work
?? A block is the “current” part of a blockchain which records all of the recent transactions, and once completed, goes into the blockchain as permanent database.
?? Each time a block gets completed, a new block is generated.
?? When a block stores new data it is added to the blockchain. Blockchain, as its name suggests, consists of multiple blocks strung together. In order for a block to be added to the blockchain,
--- A transaction must occur.
--- That transaction must be verified.
--- That transaction must be stored in a block.
?? Block Confirmation
?? confirmation means that a Transaction has been processed by the network and is highly unlikely to be reversed.
?? In Bitcoin, 6 confirmation is most likely consider as standard for most of Transaction.
?? each confirmation exponentially decreases the risk of a reversed Transaction.
The average confirmation time for a Bitcoin transaction was 9.4 minutes in July 2020. This is much lower than the May 2019 peak of over 12 minutes. The effect of the longer transaction time may not be an issue for cryptocurrency speculators, but it may make Bitcoin an unattractive medium of exchange.
?? Speed of Mining Bitcoins.
?? New BTC is mined almost every 10 minutes.
?? One has to earn a part of the block reward by contributing a hashing power to the network. This can be done by solving a block difficulty.
?? Bitcoin Block Reward
?? Block reward refers to the number of bitcoins miners get if miners successfully mine a block.
?? The amount of the reward halves every 210,000 blocks.
?? As of now, the block reward is 6.25 BTC per block.
?? Is Blockchain Secure? Blockchain technology is very secure, First, new blocks are always stored linearly and chronologically. That is, they are always added to the “end” of the blockchain. If you take a look at Bitcoin’s blockchain, you’ll see that each block has a position on the chain, called a “height.” As of August 2020, the block’s height had topped 643,400.
In simple terms, A decentralised database containing sequential, cryptographically linked blocks of digitally signed asset transactions. Again, each block represents a transnational record and the chain links them. The distributed computer network confirms the record and lists the blocks of transactions sequentially – hence that make blockchain a very secure.
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Important disclosure:
Please note that none of the above is financial advice. Information above is on the basis of facts of personal opinions. Please do your own study before making the decision on buying or selling any cryptocurrencies or any kind of related investments.
