![]() ensure that malicious parties don't fork the chainīlockchains aim to remove the need for third parties to authorize and validate transactions, instead offloading the validation to the network of users.ensure the next block is the single source of truth.Most importantly a blockchain utilises a consensus algorithm to: Immutable - a unchangeable record of transactionsĮach transaction is called a block, which includes a hash of the previous block in the chain, once a block is generated it cannot be altered.Īny user can check the status and see the same transaction history as every other user.Distributed - shared across all the users running the software.A peer to peer network of virtual machines that developers can utilise to develop distributed applications (Dapps).ĭapps can function as programs that contain rules to be executed when certain conditions are met (similar to a contract).Įthereum uses its own decentralised blockchain to store and execute these Dapps What is a blockchainĪ blockchain is a public electronic ledger, shared between users with an "unchangeable" record of transactions between the users.
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