jitters1254 on Nostr: In the course of trying to explain the relationship between blockchain and Bitcoin, I ...
In the course of trying to explain the relationship between blockchain and Bitcoin, I came up with the following. Hopefully this is an accessible explanation.
A blockchain is a chain of transaction blocks that are structured in a way that allows you to verify whether the transaction history is internally consistent.
In order to make it as hard as possible to alter history, we need a strategy to agree on what which history is correct, called a consensus mechanism.
Bitcoin secures its blockchain by using a consensus mechanism called proof of work, allowing it to come to agreement on which history is correct without a central authority.
A blockchain is a chain of transaction blocks that are structured in a way that allows you to verify whether the transaction history is internally consistent.
In order to make it as hard as possible to alter history, we need a strategy to agree on what which history is correct, called a consensus mechanism.
Bitcoin secures its blockchain by using a consensus mechanism called proof of work, allowing it to come to agreement on which history is correct without a central authority.