The Blockchain Explained (Litecoin/Bitcoin)

The Blockchain Explained (Litecoin/Bitcoin)



the blockchain is not only integral to how litecoin in crypto codes as a whole works books be the most secure way to store all kinds of information from land ownership to even the human genome so what exactly is the blockchain in its purest form the block train is simply just a public ledger and store of information which is effectively tamper resistant but by no means is litecoin the only blockchain out there the first blockchain was publicly released on the 3rd of January 2009 as part of a Bitcoin software by its creator Satoshi Nakamoto its job just like the alight clone blockchain is to keep track of every single transaction on the network but occurs between users and store them in a chain of blocks hence the name blockchain information is added to abort chain by mining when someone sends a transaction they broadcast it out across the network if this transaction is then stored in something called a memory pool or mempool short where it is checked as valid and how to most recently generated block along with any other transactions these blocks are generated every two and a half minutes on average for the litecoin network so some may end up holding more transaction information with others this two and a half minutes is also known as weak confirmation time as it is the rate at which these blocks are solved and the transactions within them are confirmed by miners when the block is confirmed and others have verified it it and the transactions of in it are finally added onto a chain and broadcast back out across the network for everyone to see when a new node or litecoin client connects to the network they think of a blockchain may have a random full node on the network at that time once they finish up exchanging this information the new full node will then be allowed to create transactions see the list of transactions both in and out of addresses and check the balances of those addresses the more nodes there are on the network the more copies of the blockchain exist in turn creating a more distributed database this means there is zero downtime on the blockchain because if they node were to go down there'll always be end of a super node to take its place which others can connect to in order for someone to actually corrupt the blockchain they would need to creating these blocks stay faster rate than the real network this would require them to have over 51% of a network under their control otherwise known as a 51% attack eventually if kept up for long enough though democrat a new chain which is longer than me rich or become accepted as being new and chosen chain of course as the chain grows and more information is added to it over time it is foreseeable within the future many people simply won't have the storage capacity to hold all that information however options such as light volt and electron exists which work by slowing the blockchain and secure server which users can connect to in order to send transactions monetary transactions aren't the only things that can actually be stored in a block thing users have been adding data into existing chains for a while now these include things such as a tribute to Nelson Mandela Valentine's Day messages Catholic prayers a tribute to the cryptographer Lentz a sermon WikiLeaks cable Gate data and even a message from bitcoins creator within the very first block which states be title at the Times newspaper on the day that Bitcoin was released Chancellor on brink of second bailout for banks this is of course just the start projects of Alexandria using a blockchain to create a digital library of books music videos and photographs namecoin uses its registered domain names and web sites and others looking to you to learn Land Registry isn't even an election voting to prevent fraud to name but a few it is still very early days for blockchain technology and this potential users have only just began to be explored with litecoin in cryptocurrency being the most popular and revolutionary among those however has more interesting flows into cryptocurrency MB technology behind it we can only expect greater things to come of it in the future thanks at O'Shay

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