Common Knowledge

Blockchain basics Core Questions & Concepts 1. What is Blockchain and How Does It Work? Blockchain is a distributed, immutable ledger that stores data in cryptographically linked blocks. Key Components: Block Structure: Index, Timestamp, Data, Previous Hash, Hash, Nonce Chain Linking: Each block references the previous block’s hash Cryptographic Hashing: SHA-256 ensures data integrity Immutability: Changing any block breaks the entire chain How Blocks Connect: [Genesis Block] → [Block 1] → [Block 2] → [Block 3] Hash: abc123 Hash: def456 Hash: ghi789 Hash: jkl012 Prev: abc123 Prev: def456 Prev: ghi789 2. How Does Mining Work? Mining is finding a special number (nonce) that makes the block’s hash start with zeros. ...