Thanks for this. I've only understood blockchain enough to have a general idea of how it works, this helps me understand it well enough to explain it to others.
Now I'm wondering how close this is to actual implementations; also why on earth people put their money into this...
In terms of fundamental concept it should describe core concepts really well; however this is still far from being production ready. I've not implemented stuff like verify and syncing chains across the nodes. If you imagine this chain is distributed across machines around the world it's really hard for someone to do a fake entry in it without really doing a proof of work.
This is expensive for clients mining (or trying to add entry) however it's really cheap to verify it (just look at the proof and proof_claim); which leads to multiple applications including putting virtual currency in it.
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