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jitters1254 / Jittering Blender
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2024-01-29 12:50:27

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.
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