MultiversX Tracker is Live!

What Exactly is Blockchain?

Bitcoin Stack Exchange

Bitcoin News / Bitcoin Stack Exchange 178 Views

If I develop a basic software that stores the same record on all nodes in a network (a kind of common database), would it be as called a "blockchain network"

I would call that a replicated database.

In addition to the public nature and replication, a blockchain must be a sequence of blocks with cryptographic hashes that link each block to a predecessor. It is this last characteristic, and the use of cryptographic signatures, that provides the important immutability of the record of transactions.

Are Bitcoin blockchain and Ethereum blockchain, not the same things?

They are different. I don't know anything about ethereum but I expect it is a completely independent implementation of the blockchain idea that has no common code with Bitcoin's implementation.

So, the amounts of Bitcoin transactions are really trackable?

All the essential data is completely public. However it does not explicitly tie addresses to wallets or to people. Careless re-use of addresses can allow some inferences to be made about sets of addresses whose use suggests they may be under the control of a single entity and sometimes that can be used to link addresses to known organisations or individuals. Used with care, Bitcoin has a moderate degree of anonymity. So a business like blockchain.com doesn't know what addresses are in your wallet and can't provide the total for all your addresses that your wallet can.


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments