What is blockchain?

19 Jan 2023

A blockchain is a decentralized, digital ledger of transactions that is replicated across a network of computers. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority. Each block in the chain contains a number of transactions, and every time a new transaction is added, it is grouped with other transactions into a block. This block is then added to the existing chain of blocks, creating an unbroken chain of all the transactions that have ever occurred on the network. The decentralized nature of the blockchain network allows for transparency, immutability and security making it useful for a variety of applications including digital currencies, smart contracts, supply chain management, voting systems and more.
1.Ethereum (ETH) is a decentralized, open-source blockchain network that allows for the creation and execution of smart contracts and decentralized applications (dapps). Ethereum is the second-largest blockchain network by market capitalization and has become a popular platform for the development of decentralized finance (DeFi) applications and other projects.
The Ethereum network uses a consensus mechanism called Proof of Work (PoW), which is designed to ensure the integrity and security of the network by requiring participants (miners) to solve complex mathematical problems in order to validate transactions and add them to the blockchain. However Ethereum is currently in the process of migrating to a new consensus mechanism called Proof of Stake (PoS) which will be more energy-efficient and aims to provide a more scalable solution.
2.BSC (Binance Smart Chain) is a blockchain network developed by Binance, a cryptocurrency exchange. It is based on the Ethereum blockchain and is designed to provide high-throughput and low-cost transactions. It is compatible with Ethereum's ecosystem and supports the use of smart contracts and decentralized applications (dapps)

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