Bitcoin blockchain public ledger

bitcoin blockchain public ledger

All Hyperledger projects follow the same design philosophy: · Modular · Highly Secure · Interoperable · Cryptocurrency-Agnostic · Complete with APIs. At its core, blockchain is a distributed digital ledger that stores data of any kind. A blockchain can record information about cryptocurrency. When Bitcoin launched in , it was the first virtual cryptocurrency to gain popularity and attain widespread use. Much attention has been paid to. CRYPTO CLANS Bitcoin blockchain public ledger crypto short trading

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Connect and share knowledge within a single location that is structured and easy to search. The Journal is a book where all the transactions are recorded immediately when they take place which is then classified and transferred into concerned account known as Ledger.

Source: keydifferences. This means that it's a "Ledger" that keeps classified and cleared transactions instead of a "Journal". You're right. The Bitcoin blockchain is not a ledger, but rather the network's transaction journal.

If we take a step back and think about it, what are we more interested in? The compiled history of all payments, or the current state of the network's balances? Obviously, the latter is more useful for anyone that wants to transact on the network. The UTXO set allows to check whether someone is able to pay, and upon update whether we were paid.

The blockchain is merely the means of converging on a common state of the UTXO set. We require the blockchain to compile the UTXO set, as the journal is used to derive the ledger. In fact, pruning full nodes throw away part of the blockchain after processing it, but they all keep the UTXO set. So, while it is conflating different aspects of the system, it seems to me that people speak about "Distributed Public Ledgers", because they care about the balances more than the transactions.

Sign up to join this community. The best answers are voted up and rise to the top. Stack Overflow for Teams — Start collaborating and sharing organizational knowledge. Create a free Team Why Teams? Learn more. Why is the blockchain called Distributed Public "Ledger" and not "Journal"?

Ask Question. Asked 4 years, 10 months ago. Modified 1 year, 2 months ago.

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Bitcoin and blockchain public ledger

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