Today's WOTD: Ledger 📖
👉In digital currencies, a ledger is a record-keeping system documenting participants' balances and transactions, while anonymizing identities. Public ledgers predate digital assets, but gained prominence with the crypto market. Both parties in a transaction can verify ledger details.
🧱Blockchain, a key distributed ledger technology, records an immutable series of financial transactions or blocks. Decentralized, ledgers aren't controlled by a central authority. As blocks fill, new ones are added. Some participants, called full nodes, hold a ledger copy, overseeing the network and transaction authenticity.
🚨Using ledgers poses challenges. Blockchain requires every transaction to be network-recorded, raising security concerns. Fears include hackers, governments, and security agencies accessing public records and participant information by tracking records.
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