Skip to content

Latest commit

 

History

History
30 lines (26 loc) · 741 Bytes

LESSON-03.md

File metadata and controls

30 lines (26 loc) · 741 Bytes
Raw

Building blocks of Blockchain

Following are some building blocks of blockchain:

  • Data
  • Transaction
  • Block
  • Chain
  • Consensus Algorithm
  • Account
  • Mempool
  • Fee

Data:

  • Data contains following attributes
    • Hash
    • From Address
    • To Address
    • Amount
    • Fee
    • Date
    • Status

Block:

  • Combination of transcations OR Blocks are data structures within the blockchain database, where transaction data in a cryptocurrency blockchain are permanently recorded.

Chain:

  • Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant's ledger

Consensus Algorithm:

- Proof of Work
- Proof of Stake