You know how your teacher at school decides what mark you work gets? Well how would you decide what mark your work should get if there was not a single person assigning marks?
Imagine that all the pupils in your class had to decide the marks for each person's assignment.
The way you do it with the block chain is that everyone has a copy of the list of people who have done the assignment, and when someone wants to add a mark for a person they send around what they think the mark should be. If enough people agree then that is the mark and it is entered on everyone's copy of the list.
Why's it called the blockchain if it uses neither blocks nor chains? Everything needs a name, don't think too hard about it.
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You know how your teacher at school decides what mark you work gets? Well how would you decide what mark your work should get if there was not a single person assigning marks?
Imagine that all the pupils in your class had to decide the marks for each person's assignment.
The way you do it with the block chain is that everyone has a copy of the list of people who have done the assignment, and when someone wants to add a mark for a person they send around what they think the mark should be. If enough people agree then that is the mark and it is entered on everyone's copy of the list.
Why's it called the blockchain if it uses neither blocks nor chains? Everything needs a name, don't think too hard about it.