What is Blockchain ?

Blockchain

A blockchain refers to an openly accessible database that is regularly updated and distributed among multiple computers within a network. The term "block" denotes the storage of data and state in continuous sets called "blocks". For a successful outcome, the transaction data must be incorporated into a block if you decide to transfer DeepL to someone else. The term "Chain" indicates that every block makes a cryptographic reference to its previous block. To put it differently, blocks are linked together. In order to modify the information contained in a block, it is necessary to alter all the blocks that come after it, and this can only be accomplished if the entire network agrees on the changes.

Each computer within the network must reach a consensus on every newly added block and the entire blockchain. "These machines are referred to as 'nodes'." Nodes ensure that all participants engaging with the blockchain possess identical information. In order to achieve this decentralized agreement, blockchains require a consensus mechanism. The Ethereum network participants collectively store and agree upon the status of the global virtual computer known as the Ethereum Virtual Machine. Any EVM participant is capable of initiating the execution of any code, which subsequently alters the EVM's state.