re: Explain Blockchains, Cryptocurrencies Like I'm Five VIEW POST


Tux0r gave a good explanation on blockchains and summed up my own feelings on cryptoCOMMODITIES pretty well, but a little bit more info about what makes a crypto commodity different than a regular one.

First, a quick term: a "Ledger" is the term for a copy of the database/hashsum of the database of the transactions

  1. Each member of the blockchain has a "wallet" this is the ledger that says how many coins belong to each wallet (including itself)
  2. solving a complex computational problem allows you to add coin to the wallet (this is generally done automatically using bitcoin mining software)
  3. any transaction between wallets is done by confirming that the transaction is possible by asking the number of ledgers. Different coins are set up differently, but I believe that Bitcoin uses a simple majority of ledgers.
  4. The transactions are "anonymous" because the wallets are not personalized
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