Blockchain Architecture
At the core of most cryptocurrencies is the blockchain, a distributed append-only ledger composed of sequentially linked blocks.
Each block typically contains:
A set of validated transactions
A timestamp
A reference (hash pointer) to the previous block
A nonce (in Proof-of-Work systems)
A Merkle root summarizing all transactions
Hashing and Immutability
Cryptographic hash functions (e.g., SHA-256 in Bitcoin) ensure that any modification to transaction data changes the block hash, breaking the chain. This property guarantees tamper resistance.
Merkle Trees
Transactions inside a block are structured using a Merkle tree, allowing efficient verification of data integrity without downloading the entire dataset (SPV – Simplified Payment Verification).
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