Block: Difference between revisions
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Transaction data is permanently recorded in files called blocks. They can be thought of as the individual pages of a city recorder's recordbook (where changes to title to real estate are recorded) or a stock transaction ledger. Blocks are organized into a linear sequence over time (also known as the block chain). New transactions are constantly being processed by miners into new blocks which are added to the end of the chain.<ref>https://en.bitcoin.it/wiki/Block</ref> | Transaction data is permanently recorded in files called blocks. They can be thought of as the individual pages of a city recorder's recordbook (where changes to title to real estate are recorded) or a stock transaction ledger. Blocks are organized into a linear sequence over time (also known as the block chain). New transactions are constantly being processed by miners into new blocks which are added to the end of the chain.<ref>https://en.bitcoin.it/wiki/Block</ref> | ||
Blocks are usually 1mb. Assuming an average transaction occupies 570 bytes of data, then a block can contain approximately 3,500 transactions, given the 1 MB limit.<ref>https://cryptoslate.com/bitcoin-transactions-per-block-at-all-time-highs/</ref> | |||
== References == | == References == | ||
<references /> | <references /> | ||
[[Category:programming]] | [[Category:programming]] | ||
Revision as of 07:47, 7 March 2020
Blocks are files where data pertaining to the blockchain network are permanently recorded. A block records some or all of the most recent blockchain transactions that have not yet entered any prior blocks. Thus, a block is like a page of a ledger or record book. Each time a block is ‘completed’, it gives way to the next block in the blockchain. A block is thus a permanent store of records which, once written, cannot be altered or removed.[2]
Transaction data is permanently recorded in files called blocks. They can be thought of as the individual pages of a city recorder's recordbook (where changes to title to real estate are recorded) or a stock transaction ledger. Blocks are organized into a linear sequence over time (also known as the block chain). New transactions are constantly being processed by miners into new blocks which are added to the end of the chain.[3]
Blocks are usually 1mb. Assuming an average transaction occupies 570 bytes of data, then a block can contain approximately 3,500 transactions, given the 1 MB limit.[4]