What is Blockchain?
It is all related to cryptocurrencies as they have blockchains rather than banks. But the point
is…what is Blockchain? It can be considered as the database of such data that is allocated and
updated all over the network. Such a record is public, therefore, it can be easily accessed and
each version of such record will remain same all over the network.
Advantage of having such public record, if any database over the network fails, even then there
are numerous other points having complete data that another database has lost. So, blockchains
hold complete and accurate history of transactions of each coin along with ensuring new
transactions get confirmed and rightly updated all over the network.
How to understand it deeper?
Everyone who is in the network plays a significant role in updating Blockchain. It is similar to
Torrenting whose base is Person-to-Person network. As everyone is verifying and updating
information no level of trust needed on anyone’s for keeping Blockchain honest. This is the
reason, it is also knows as a Trustless structure.
There is one disadvantage i.e. not having a system to reverse the transaction once after writing
it into the Blockchain. If the receiver of Bitcoins is ready to return coins then they can go for it, but
they are not legally bound to do so. It is not that easy to understand all such complexities as it
takes time to understand the proceeding and hot to deal with them wisely.
Know about Miners
Miners are such systems that process and confirm transactions on every Blockchain. Each time,
when a transaction takes place on Blockchain, then it gets posted for the miners for further
process. People who operate computers gather fees. Transactions with higher fees get process
faster comparing to transactions with lower fees attached to them.