Blockchain, in plain English.
What a blockchain is, how its transactions and consensus work, and the key distinctions: PoW vs PoS, Layer 1 vs Layer 2, public vs private, plus smart contracts.
For: New to crypto · Understanding the technology
What is a blockchain?
A blockchain is a shared digital ledger maintained across many computers. Records are grouped into blocks and linked in …
How do blockchain transactions work?
A transaction is signed with your private key, broadcast to the network, validated, and then bundled into a block. Once …
What is the difference between Proof of Work and Proof of Stake?
Both are ways a network agrees on its records. Proof of Work uses computers competing through energy-intensive calculati…
What is the difference between Layer 1 and Layer 2?
A Layer 1 is a base blockchain that settles its own transactions. A Layer 2 is built on top of a Layer 1 to make transac…
What are smart contracts?
A smart contract is a program stored on a blockchain that runs automatically when its conditions are met, without a midd…
What is the difference between public and private blockchains?
A public blockchain is open for anyone to use and verify. A private (or permissioned) blockchain restricts who can parti…