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Cryptocurrencies typically use either proof of work or proof of stake to verify transactions. Proof of work and proof of stake are two different validation techniques used to verify transactions before they’re added to a blockchain that reward verifiers with more cryptocurrency. To prevent fraud, each transaction is checked using one of two main validation techniques: proof of work or proof of stake.
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Software logs each new transaction as it happens, and every copy of the blockchain is updated simultaneously with the new information, keeping all records identical and accurate. With a blockchain, everyone who uses a cryptocurrency has their own copy of this book to create a unified transaction record. “Each page is similar to a block, and the entire book, a group of pages, is a blockchain.” “Imagine a book where you write down everything you spend money on each day,” says Buchi Okoro, CEO and co-founder of African cryptocurrency exchange Quidax. Transactions are recorded in “blocks” that are then linked together on a “chain” of previous cryptocurrency transactions.
In practice, it’s a little like a checkbook that’s distributed across countless computers around the world.
What Is a Blockchain?Ī blockchain is an open, distributed ledger that records transactions in code. That cryptographic proof comes in the form of transactions that are verified and recorded on a blockchain. Bitcoin was the first cryptocurrency, first outlined in principle by Satoshi Nakamoto in a 2008 paper titled “ Bitcoin: A Peer-to-Peer Electronic Cash System.” Nakamoto described the project as “an electronic payment system based on cryptographic proof instead of trust.”