A distributed, append-only ledger that records transactions in cryptographically linked blocks. Each block contains a hash of the previous block, forming an immutable chain. Nodes in the network maintain copies of the ledger and reach agreement through consensus mechanisms. Blockchains enable trustless, decentralized record-keeping without a central authority.
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A distributed, append-only ledger that records transactions in cryptographically linked blocks. Each block contains a hash of the previous block, forming an immutable chain. Nodes in the network maintain copies of the ledger and reach agreement through consensus mechanisms. Blockchains enable trustless, decentralized record-keeping without a central authority.
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Blockchain (blockchain) Category: Blockchain General Definition: A distributed, append-only ledger that records transactions in cryptographically linked blocks. Each block contains a hash of the previous block, forming an immutable chain. Nodes in the network maintain copies of the ledger and reach agreement through consensus mechanisms. Blockchains enable trustless, decentralized record-keeping without a central authority. Related: Consensus Mechanism, Distributed Ledger, Block
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The protocol by which nodes in a distributed network agree on the current state of the ledger. Common mechanisms include Proof of Work (Bitcoin), Proof of Stake (Ethereum, Solana), and BFT variants. Consensus ensures all honest nodes converge on the same transaction history despite potential network delays or malicious actors.
A database replicated and synchronized across multiple nodes in a network without central administration. All participants maintain identical copies of the ledger. Changes are propagated through consensus. Blockchains are the most common type of distributed ledger, but not all distributed ledgers use a chain-of-blocks structure.
A set of entries produced by a leader during a single slot. A block contains transactions bundled into entries, each with a PoH hash proving ordering. Blocks are broken into shreds for network propagation via Turbine. Maximum block size is limited by compute units (48M CU cap per block) rather than byte size.
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Concept articulated by Vitalik Buterin that blockchains can optimize for only two of three properties: decentralization, security, and scalability. Solana prioritizes scalability and security with specialized hardware requirements, while Ethereum L2s sacrifice some sovereignty for throughput. No chain has definitively solved the trilemma.
The first decentralized cryptocurrency network, launched in 2009 by the pseudonymous Satoshi Nakamoto, using a Proof-of-Work consensus mechanism and a UTXO-based transaction model. Bitcoin's protocol enforces a fixed supply cap of 21 million BTC, with new coins issued through mining block rewards that halve approximately every four years. It serves as both a peer-to-peer electronic cash system and a store of value, with its scripting language enabling basic programmability such as multisig and timelocks.
A computing paradigm proposed by Robin Linus in October 2023 that enables verification of arbitrary computations on Bitcoin without consensus rule changes, using an optimistic model similar to optimistic rollups. A prover claims a computation result, and any verifier can execute a fraud proof on-chain to penalize false claims. BitVM2 (2024) reduced dispute resolution to three on-chain transactions and enabled permissionless verification.
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The protocol by which nodes in a distributed network agree on the current state of the ledger. Common mechanisms include Proof of Work (Bitcoin), Proof of Stake (Ethereum, Solana), and BFT variants. Consensus ensures all honest nodes converge on the same transaction history despite potential network delays or malicious actors.
A database replicated and synchronized across multiple nodes in a network without central administration. All participants maintain identical copies of the ledger. Changes are propagated through consensus. Blockchains are the most common type of distributed ledger, but not all distributed ledgers use a chain-of-blocks structure.
A set of entries produced by a leader during a single slot. A block contains transactions bundled into entries, each with a PoH hash proving ordering. Blocks are broken into shreds for network propagation via Turbine. Maximum block size is limited by compute units (48M CU cap per block) rather than byte size.
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The protocol by which nodes in a distributed network agree on the current state of the ledger. Common mechanisms include Proof of Work (Bitcoin), Proof of Stake (Ethereum, Solana), and BFT variants. Consensus ensures all honest nodes converge on the same transaction history despite potential network delays or malicious actors.
A consensus mechanism where validators are selected to produce blocks based on the amount of cryptocurrency they have staked (locked) as collateral. PoS is energy-efficient compared to Proof of Work. Misbehaving validators risk losing their stake (slashing). Solana, Ethereum (post-Merge), Cosmos, and Cardano use PoS variants.
A consensus mechanism where miners compete to solve computationally expensive puzzles to produce blocks and earn rewards. PoW provides strong security (51% attack resistance) but is energy-intensive. Bitcoin and pre-Merge Ethereum use PoW. The difficulty adjusts to maintain target block times regardless of total network hash power.
A database replicated and synchronized across multiple nodes in a network without central administration. All participants maintain identical copies of the ledger. Changes are propagated through consensus. Blockchains are the most common type of distributed ledger, but not all distributed ledgers use a chain-of-blocks structure.