What are the two components used in a blockchain to ensure a tamper-evident ledger in the context of cryptocurrencies?

3 answers

• Dec 15, 2021 · 3 years ago
  The two components used in a blockchain to ensure a tamper-evident ledger in the context of cryptocurrencies are cryptographic hashing and consensus mechanisms. Cryptographic hashing involves the use of mathematical algorithms to convert data into a fixed-length string of characters, which is unique to that specific data. This hash is then stored in the blockchain, creating a digital fingerprint of the data. Consensus mechanisms, on the other hand, are used to validate and agree upon the order and validity of transactions in the blockchain. These mechanisms ensure that all participants in the network reach a consensus on the state of the ledger, making it difficult for any single entity to manipulate or tamper with the data. By combining cryptographic hashing and consensus mechanisms, blockchain technology provides a secure and tamper-evident ledger for cryptocurrencies.
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• Dec 15, 2021 · 3 years ago
  When it comes to ensuring a tamper-evident ledger in the context of cryptocurrencies, two key components are used in a blockchain: cryptographic hashing and consensus mechanisms. Cryptographic hashing involves the use of complex mathematical algorithms to convert data into a unique hash value. This hash value acts as a digital fingerprint for the data and is stored in the blockchain. Consensus mechanisms, on the other hand, are used to ensure that all participants in the network agree on the validity and order of transactions. These mechanisms prevent any single entity from altering the data in the blockchain without the consensus of the network. By combining cryptographic hashing and consensus mechanisms, blockchain technology provides a transparent and tamper-evident ledger for cryptocurrencies.
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• Dec 15, 2021 · 3 years ago
  In the context of cryptocurrencies, the two components used in a blockchain to ensure a tamper-evident ledger are cryptographic hashing and consensus mechanisms. Cryptographic hashing involves the use of mathematical algorithms to convert data into a unique hash value. This hash value acts as a digital fingerprint for the data and is stored in the blockchain. Consensus mechanisms, on the other hand, are used to ensure that all participants in the network agree on the validity and order of transactions. This decentralized agreement prevents any single entity from tampering with the ledger. At BYDFi, we also emphasize the importance of these components in ensuring the security and transparency of our blockchain-based platform.
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