Block

A blockA block is a collection of transactions that have been verified and added to the blockchain. Each block typically contains a cryptographic hash of the... More is a collection of transactions that have been verified and added to the blockchainThe blockchain is a digital ledger that records transactions in a secure and decentralized manner. Think of it like a shared spreadsheet that is constantly... More. Each block typically contains a cryptographic hashIn cryptocurrency, a hash refers to a mathematical function that takes input data of any size and transforms it into a fixed size output. This... More of the previous block, a timestamp, and a list of transactions. Once a block is added to the blockchain, it cannot be modified or deleted, ensuring the integrity of the transaction data.

When a new transaction is initiated on a blockchain network, it is verified by a nodeCryptocurrency nodes are computers or devices that are connected to a blockchain network and help to validate and process transactions on that network. Nodes work... More and added to a block. Once the block is full, it is added to the existing blockchain, with a unique hash that identifies its position in the chain. The process of adding new blocks to the blockchain is known as “mining” and involves complex cryptographic algorithms that require significant computational power.

Each block contains a fixed number of transactions, and the size of each block is also fixed, depending on the specific blockchain protocol being used. For example, BitcoinBitcoin is like a digital treasure that you can use to buy things online. It's like having a secret code that only you know, and... More has a block size limit of 1 MB, while newer blockchain protocols such as EthereumEthereum is a type of cryptocurrency that is similar to Bitcoin, but with some important differences. One of the key differences is that Ethereum is... More have increased this limit to accommodate more transactions per block.