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Blockchain has been erupted as the technology of the future. The main case of the use of this technology is seen in the form of bitcoin, the world's leading cryptocurrency at the moment. With the large-scale spread of bitcoins, many people are now trying to understand the underlying technology, blockchain. As the name itself indicates, there is a certain role to play here by blocks. So, what are these blocks? Here is your compact and simple explanation for a block that I was able to understand based on my exposure to this world.
The information of a blockchain network is contained within blocks. Transactions that occur on a blockchain-based network are placed inside the blocks. In the current bitcoin network, a block is formed in the main network chain after an average of 10 minutes. So it is a chain of blocks that grows continuously, hence the name blockchain.
When a transaction is launched on the network, it first floats in the unfinished pool. When a miner in the network becomes the leader after solving a cryptographic puzzle, he gets to add the new block in the chain. Then the transactions are taken from the unfinished pool and are added to the main chain after being placed in a new block.
Now, what do the blocks contain next to the transaction information? A block usually keeps a number of hashes that is dedicated to it. It also contains the hash of the previous block so that you can create a link with the previous block. A block also contains a nonce number and a timestamp. Nonce number the number that is found by the miners to solve the cryptographic puzzle associated with the addition of the block. A block essentially maintains a part of the entire network record.
So, here's what you have to keep in mind. The information on the blockchain network is kept in segments. or blocks. These blocks are formed after a certain period of time and a chain of blocks is formed at the end which continues to grow. Next time if someone asks you to explain blockchain, remember the two words, block and chain. The name itself is self-explanatory.
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