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joe438 · 61-69, M
Sure. So you start with a bunch of kind of random numbers, but ones that are based on a specific algorithm that computes them and is hard to fake. Then you make another bunch, based on the same algorithm that includes the result of the previous one (hence the 'chain') but has the same hard to fake attributes. You repeat over and over again until you have a whole chain of these blocks.
You then convince people that they're as good as money and charge through the nose for the ownership of them. They can then be used as currency with people who want them and will swap them for goods and services.
You then convince people that they're as good as money and charge through the nose for the ownership of them. They can then be used as currency with people who want them and will swap them for goods and services.
joe438 · 61-69, M
@Poppies I'm certainly no expert in that regard, but I've never heard of any use except as currency. In that use I'm not a fan since I think currency should be exchanging something for something. Blockchain is just the result of time and electricity used to calculate numbers. No one mined gold, the numbers have no use by themselves. At least our money was once based on gold - in theory you could buy a loaf of bread in exchange for gold. Now? You whip out your calculator, do some math and make money? It seems weird.