When a conversation starts up on blockchain, it invariably turns to the subject of cryptocurrencies and just as quickly to the first and most widely known one, Bitcoin. Let’s take a deeper look at cryptocurrencies and how they relate to blockchain. But first, let’s review the essence of blockchain and why it works for cryptocurrencies and tokens:
• It contains proof of all transactions on the network.
• The truth/facts are permanent; they cannot be changed after they are committed.
• It can be likened to a linked list; this helps to prove integrity as each verified block points back to a prior block.
• The mining process (for Bitcoin) validates, verifies, and commits the block.
• Automatic ...