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Key Idea 2:
Blocks
Block:
A transaction record including a
hash
of
Prior Blocks
Relevant to a Transaction
Transaction Information
(e.g., Addresses of Payer & Payee)
Nonce
The hash makes it computationally difficult to modify any block in a blockchain.
→ Practically Impossible to Double-Spend a Bitcoin
Analogy: Recording a Transfer of a Title to Real Estate
Differences
No Central Authority
verifying & storing all transactions
Bitcoin
Divisible
up to 1/100,000,000 (= 1
satoshi
)
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