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What is Blockchain?
- All crypto transactions are stored in a public, decentralised digital ledger called the blockchain.
- It is the equivalent of a bank’s ledger.
- It is a growing list of records, called blocks, which are linked and secured using cryptography.
- It is managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks.
What is Mining?
- Mining is the act of processing and verifying transactions on the crypto coin network – securing them into the blockchain.
- Each set of transactions are processed into blocks, secured by the miners, and added to the blockchain.
- Cryptos are not printed – rather they are discovered (mined) by a worldwide network of specialised computers.
- Miners are rewarded for being 1st to secure the transaction.
- The term “mining” is used because like with our mineral resources – there is a limited number of coins out there.