What is blockchain & how does it work?

It involves vast, decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions. In return for contributing their processing power, computers on the network are rewarded with new coins.

What does a block chain miner do?

Now the miner’s task is to add the transaction to the blockchain. But if all the blockchain miners add the transaction to the blockchain at the same time, there will be, multiple records of the same transaction. So what block chain miners do is race each other to verify a block. Before they can enter a block, they must solve it.

Which cryptocurrencies use blockchain technology?

Most cryptocurrencies use blockchain technology to record transactions. For example, the bitcoin network and Ethereum network are both based on blockchain.

What is a bitcoin 'block chain'?

The network's 'nodes' — users running the bitcoin software on their computers — collectively check the integrity of other nodes to ensure that no one spends the same coins twice. All transactions are published on a shared public ledger, called the 'block chain.' ^ Gervais, Arthur; Karame, Ghassan O.; Capkun, Vedran; Capkun, Srdjan.