Historical Record
The historical record of a cryptocurrency is a record of all transactions that have ever been executed in the currency. It contains information about how many units are held at each address, as well as any transfers from one address to another. The history of the ledger can be viewed and verified by anyone using public block explorers and other tools.
The historical record serves many purposes: it ensures that no funds are double-spent, creates transparency for users to track their own funds, allows developers to build applications on top of its data, and provides an audit trail should any disputes arise. It also helps prevent fraud or malicious activities such as money laundering since all transactions can be tracked back to its source.
In addition to providing a permanent record of past transactions, the historical ledger is also used by miners (the computers responsible for verifying cryptocurrency transactions) when they attempt to add new blocks onto the blockchain (a shared database). Each miner must prove that he/she has already included all valid previous transactions into his/her version of the blockchain before adding additional ones; if this proof fails then the transaction will not be accepted by other nodes in the network and hence won’t be added into future blocks either. Therefore, having access to an accurate historical ledger is essential for maintaining trust within a blockchain network.
