#BecomeCreator #Binance: #curso Day 2: How does blockchain technology work?

Simple explanation

Blockchain: the backbone of cryptocurrencies

If yesterday we learned what cryptocurrencies are, today we will dive into the technology that underpins them: blockchain. Imagine blockchain as a large digital ledger, but with a peculiarity: it is distributed across thousands of computers around the world and is virtually impossible to alter.

How does it work?

* Blocks: Information in blockchain is stored in blocks. Each block contains a set of transactions.

* Chain: Blocks are linked together chronologically, creating a chain of blocks or blockchain.

* Decentralization: The blockchain is not controlled by a single entity, but is shared by a network of computers. This makes it very secure and transparent.

* Immutability: Once a block is added to the chain, it is extremely difficult to modify it. This is because each block contains a hash of the previous block, creating a sort of timestamp.

Why is this important?

* Security: Decentralization and immutability make blockchain a very secure technology for storing information.

* Transparency: All transactions are recorded publicly, which increases transparency.

* Efficiency: By removing middlemen, blockchain can make transactions faster and cheaper.

Simple analogy:

Imagine blockchain as a ledger that all partners in a company can see and edit. Every time a transaction is made (for example, a sale), a new page is added to the ledger. This page contains information about the transaction and a stamp that links it to the previous page. If someone tried to change an earlier page, all subsequent stamps would become invalid and the fraud would be detected.