Info 1: Definition of blockchain
Info 2: how the chain works
Info 3: block chain vs bitcoin
Info 4: Example of blockchain
Quick pick:
Any network that uses a section of certain random unique code from one point to another with each connected transaction of crypto is known as the lock chain.
Opening information:
Block chain breaks into two words block and chain. The block is a section that is occupied with certain matters, Chain is a joint connection. BlBlockchaineans a joint connection that takes place with each section.
This article contains information about what is blockchain, how the blockchain works, how it is involved in the whole public market, the difference between blockchain and coins, and finally one brief example of blockchain.
Info 1: Definition of blockchain
Mr.Tharik is a business magnet who has been running the drinks industry for almost 40 years.
However, the drinks industry has 400 branches all over the world, among those 400 branches are the ones that used to survive the retail stores that sell Tharik business drinks.
Whenever the supply of cool drinks increases, the branch too increases. This same simple concept would be applied to the whole blockchain.
Blockchain is the crypto product network that helps to travel the transaction of secret code coins from one to one.
Because all the crypto is exchanged through the transaction of the block with like chain connection all over the Wallet and address.
So let’s dive into how this blockchain works, functions, and is involved in the whole public market all over the world among the public ordinary investors and crypto investors.
Info 2: how the chain works
Blockchain doesn’t represent any of the specific fixed things or objects instead they are network joint between one transaction to another.
That joint is called a block, the primary work of the block is to carry out the transaction and store it within them. Suppose the network doesn’t have any kind of block, then they are not considered a blockchain.
Each of the blocks in the network would have a limited size, when the block is verified by another block using the encrypted code, it’s allowed to transfer data from one another.
However, Block’s main priority is to store the one valued computational item behind one transaction, which that transaction occupies the bits code.
When that bit code works and matches exactly to other computed code, it verifies and approves the crypto (computational item) to another block.
Now other blocks had recorded the transaction number within the previous block and had their unique code to send and receive payment.
But when the payment received from the previous block is occupied by the new code of such block, the previous block doesn’t have the same encrypted code number after the sending of payment.
So each time whenever any kind of crypto is sent and received from any network of block it doesn’t have the same code to crack and hack the block, It’s heavily secured.
This Blockchain is fundamental for all the cryptocurrencies to store, receive, and send the coin from one place to another block, without blockchain none of the digital coins would be transferred.
On the other hand, this block Also called notes, it’s like a bank account that helps to protect the transaction and coin.
Most people confuse the blockchain and bitcoin, so let’s jump into the key difference in any way.
Info 3: block chain vs bitcoin
Blockchain is not any specific crypto coin or currency despite its system that is used and helps the digital cryptocurrency to transfer through certain networks.
On the other side, bitcoin is a unique coin that is not a blockchain but it’s used for buying and selling bitcoin to anyone around the world.
So the blockchain is a system and bitcoin wouldn’t be a system it’s internet currency. To make more sense of the block chain let’s look into one brief example below.
Info 4: Example of blockchain
Say you and your brother are a crypto currency trader who not only trades the simple bitcoin but also trades different kinds of currencies such as ETH, BCH, LTC extra…
Over the last 3 months he transfer the 0.1 bitcoin through the crypto block network and before the 4 days of the current day he also transfer the 0.9 ETH to the account.
Here the Crypto is a digital currency, not the blockchain chain but the network of blocks that is used to transfer the one Crypto to the other is what is called a blockchain.