Can someone explain what is a blockchain?

ellakee (36)in #cryptocurrency • 8 years ago (edited)

Hello all,

Like a lot of people I have heard talking a lot about cryptocurrencies in the last years (bitcoin, litecoin, dogecoin on reddit, now ethereum and steem) but I have troubles to understand easily what a blockchain is?
So it would be great if someone could help and explain with simple worlds or point to a good resource explaining that :)
Thank you in advance,
Ellakee

#money #general #steemthought #steemit-market #steemstats #investment #blockchain #steemit-howto #steemit #bitcoin

8 years ago in #cryptocurrency by ellakee (36)

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hastla (56) 8 years ago (edited)

The blockchain is a distributed database.
It can be P2P = decentralized & public... so no single point of storage or failure.

Quick & dirty - lol.

$0.27

3 votes

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bravenewcoin (69) 8 years ago (edited)

Hi @ellakee , @hastla provided quite a good explanation in a short sentence. If you want more detailed info, feel free to look at the reference papers on our website, The Gentle Introduction... series. Therein you will find a paper called A Gentle Introduction To Blockchain Technology, which should assist.

Regards,

Ricardo Goncalves (BNC Steemit Community Manager)
sig_bravenewcoin_sml

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1 vote