What is the official ledger for cryptocurrencies?

3 answers

• Nov 29, 2021 · 3 years ago
  The official ledger for cryptocurrencies is called the blockchain. It is a decentralized and distributed digital ledger that records all transactions across multiple computers. Each transaction is added to a block, which is then linked to the previous block, creating a chain of blocks. This ensures transparency, security, and immutability of the transaction history. The blockchain is maintained by a network of computers, known as nodes, that validate and verify transactions through a consensus mechanism, such as proof-of-work or proof-of-stake. This ledger is accessible to anyone and provides a transparent record of all cryptocurrency transactions.
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• Nov 29, 2021 · 3 years ago
  The official ledger for cryptocurrencies is the blockchain. It's like a digital version of a traditional ledger, but instead of being stored in one central location, it is distributed across a network of computers. This decentralized nature makes it highly secure and resistant to tampering. Every transaction made with a cryptocurrency is recorded on the blockchain, including the sender, receiver, and amount. This information is stored in blocks, which are linked together to form the chain. Miners, who are individuals or groups that use powerful computers to solve complex mathematical problems, validate and add new blocks to the blockchain. This process ensures the integrity of the ledger and prevents double-spending.
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• Nov 29, 2021 · 3 years ago
  The official ledger for cryptocurrencies is the blockchain. It serves as a public record of all transactions made with cryptocurrencies, such as Bitcoin and Ethereum. The blockchain is maintained by a network of computers, each running a copy of the ledger. When a new transaction occurs, it is broadcasted to the network and added to a pool of unconfirmed transactions. Miners then compete to solve a mathematical puzzle, and the first one to solve it adds a new block of transactions to the blockchain. This block is linked to the previous block, creating an unbroken chain of transactions. The blockchain ensures the integrity and transparency of the cryptocurrency system, as every transaction can be traced and verified by anyone with access to the blockchain.
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