Dec/9/2024

Blocks

These are like pages in a notebook. They keep a list of things that happen, in this case ‘transactions’.

Transactions

It record what was traded, who gave what and who received it.

Hash Functions

These are like fingerprint for any information.

Merkle Tree

Is a family tree of transactions where small groups of trades are paired together, and their fingerprints combined into a bigger fingerprint.

Cryptographic Algorithms

Secret codes that ensure only the right people can read or write information.

Nodes

Nodes are like players in a team. Each player has a full copy of the rulebook(blockchain) and checks every play to make sure it follows the rules.

Consensus Mechanism

This is like voting on a group on where to go for pizza. Everyone has to agree on the same decision(block) before it becomes part of the plan(blockchain).

Decentralization

Instead of one teacher controlling the classroom, imagine every student keep track of the rules. That way, no single person can change things unfairly.

Peer-to-Peer Network (P2P)

Is like passing notes directly to your friend instead of through a teacher. Everyone communicate directly with each other without needing a middleman.