It’s time for you to know some basics, but don’t worry-you will get it easily. So blockchain technology (or distributed ledger technology) can be explained as a typical database, but better. The data kept in the blockchain cannot be edited or deleted once it gets there.
Approaching the topic from a practical side rather than a theoretical definition, we can say that the blockchain is a digital ledger that acts as a transaction register. Most often, the register refers to data in the form of financial transactions. The simplest examples are transactions involving cryptocurrencies, stocks, and shares.
The data is kept in so-called “blocks” and gathered by “chain.” Each new block of data is added on top of the last one, and it has information that links back to the previous one. Thus, we can go through the chain from the last one to the very first block, making sure that all the information is there and kept safe.
BTW the very first block, called “genesis block”, sounds cool, don’t you think?
One of the blockchain distinguishing features is decentralization. To make the system work right, there is no need for a centralized database, server, PC, or another element of tech infrastructure. All the information is kept only in consecutive blocks. This means that all the operations are not controlled but stay transparent.
We can also mention that blockchain provides confidentiality to its user (do not confuse it with anonymity cause addresses are public, which means that while no personal data is known, something like a “blockchain account number” is public, and anyone can view transaction history.
Beware, not all cryptos are based on blockchain, there are other technologies that are using a similar structure, such as Hedera Hashgraph!
SpheraWorld is using Hedera, which is technically not a blockchain, here below a deeper explanation.
What is Hedera?
Hedera is a decentralized public network for building and running decentralized applications (dApps). It is designed to be fast, fair, and secure. Hedera uses a unique consensus mechanism called “hashgraph consensus” which allows for high transaction throughput, low transaction fees, and low latency. The Hedera network is governed by a council of 39 global organizations, which helps to ensure the network remains decentralized and unbiased. Hedera offers a variety of services including file storage, smart contracts, and a cryptocurrency called HBAR.
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