ProofOfWork Show S01E05 Chaining em Blocks!

blockchain tech

Blockchain is a data structure that stores records in a queue system. There are two types of blockchains: public and private. Public blockchains, like Bitcoin, allow anyone to view all transactions, while private blockchains restrict access to authorized individuals. In this session, we explain that a “block” is essentially a bundle of transactions. This bundling process is known as “mining,” which serves two main purposes: to secure the network and to create new coins. Miners are responsible for bundling these transactions into blocks in proof-of-work algorithms.