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Diving Deeper into Blockchain

Blockchain Transactions Review

Congratulations! You learned about how transactions work in the blockchain and some of the mechanisms that keep a blockchain valid and secure.

Let's review the key terms:

  • Transaction: An exchange of value among participants on the blockchain network.
  • Participants: Individuals accessing the blockchain network through computers to exchange value.
  • Unconfirmed: Blocks and transactions that are yet to be verified.
  • Consensus: The process of agreeing to the transactions on the blockchain network.
  • Hashing: Generating a random string of characters from a given input.
  • Immutable: Something whose records can't be changed.
  • Recalculating Hashes: Replacing the incorrect hash with a "correct" one to validate the chain.
  • Proof-of-Work: A security feature in blockchain to prevent attackers from easily taking over the blockchain.
  • Trustless: A feature of blockchain that states how the system doesn't rely on any participant to verify transactions.
  • Longest Chain: The most trusted chain with the largest amount of computational work done in calculating the Proof-of-Work.
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