What is Blockchain?

As we are getting ready to release our cryptocurrency mining simulation game Blockchain Tycoon, we’ve decided to talk about the cryptocurrency and mining process. This week we’ll talk about the blockchain. As you might know, it is a very hot topic for the last couple of years. Although the hype around a single currency and their token price varies greatly, underlying technology, the blockchain, will be around for a while.

So, what is a blockchain?. A blockchain is a digital ledger in which transactions made in cryptocurrency and recorded chronologically and publicly. Basically, it is a digital notebook of transactions that is approved by the network and available to everyone.

A blockchain consists of blocks. Each block represents a transaction and a transaction is considered valid after it is approved by the network and added to the chain of blocks before that.

For example; when you look at the Bitcoin, the blockchain consists of the transactions between accounts. Instead of hiding the account information, blockchain technology makes the wallets publicly visible. The transactions are encrypted and owners of the wallets are not known by the other users. Only the wallet address is enough for someone to send you money. This makes the process anonymous as only the wallet addresses is known and the transaction happens between two users without a middle man.

There are use cases of Blockchain beyond financial applications. We are leaving them as a discussion topic for the following weeks.

Stay tuned.

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