Friday, March 29, 2024

Blocks

by Hideo Nakamura
Blocks

## Blocks
Blocks are a fundamental component of cryptocurrency networks such as Bitcoin and Ethereum. A block is the record of current transactions that have been added to the blockchain, which is a distributed ledger maintained by computers all over the world. Each block contains a cryptographic hash of previous blocks, making it immutable and resistant to tampering or revision.

When new transactions are made in the network, they need to be verified before being added into an existing block on the chain. This process requires miners—specialized computer hardware used for verifying these new transactions—to solve complex mathematical equations using powerful computing power called “hashing” (also known as mining). Once solved, this data gets stored inside blocks along with other transaction records from that period and linked together chronologically in what is called a ‘blockchain’. The miner who solves first gets rewarded with newly created coins according to predetermined rules set forth by their respective coin’s protocol codebase.

Every single one of these blocks has its own unique identifier called a ‘hash’. Whenever two different versions of any particular blockchain exist at once (known as “forking”), users can use hashes from specific blocks on each version to determine which one is valid and should remain in consensus among nodes running various software implementations connected via peer-to-peer networking protocols like Bitcoin Core or Geth/Ethereum Node clients. By referencing hashes from prior points in time within larger chains we can ensure immutability no matter how many forks may arise due to disagreements about certain aspects related but not limited exclusively too; consensus algorithms & difficulty levels amongst others topics discussed herein!

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