Welcome to Trivialcoin. In today’s video, we are going to talk about blockchain technology. But what is a blockchain? A blockchain, as the word suggests, is a sequence of blocks linked together. For now, you can visualize it as many cubes representing the blocks, joined together by chains.

Here’s a breakdown of the key information inside a typical block:

The Block Header

The Block Version

The Previous Block Hash

Transactions

and other data.

How does this entire process work?
Let’s consider a simplified example:
John has a Bitcoin and decides to transfer it to Jenny.

As soon as the transaction is completed, a new block is created, and a copy of all the data is sent through a network to multiple computers and/or servers called nodes. The responsibility of these nodes, which all follow specific rules, is to control and validate each transaction to ensure that the exchange of cryptocurrency is secure.

Nodes in a blockchain are owned by various participants, including individual users, miners or validators, businesses, and service providers.

They only own their nodes, not the blockchain itself. They can confirm the authenticity of transactions, but cannot alter anything on the blockchain, which ensures the technology remains decentralized and secure.