- A blockchain is a growing list of documents, known as blocks, that are cryptographically linked together. A cryptographic hash of the preceding block, a timestamp, and transaction data are all included in each block (generally represented as a Merkle tree, where data nodes are represented by leafs).
- A blockchain is run by a network of computers known as nodes. They are in continual communication about new transactions and blocks. The blockchain's infrastructure is made up of nodes. A complete node is one that keeps a copy of the blockchain on its computer.
- Miners are also nodes. They, like all the other nodes, contribute to the network by passing data and preserving a copy of the blockchain.
- These three elements must be present in every block:
- The previous block's hash pointer
- Timestamp
- List of transactions
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