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Pretend your 12-year-old niece asks you what "blockchain" and "cryptocurrency" mean. In very simple language, explain...


Pretend your 12-year-old niece asks you what "blockchain" and "cryptocurrency" mean. In very simple language, explain what a "blockchain" is and why it is such a novel concept (i.e. what "problems" does it address?). Then, discuss what "cryptocurrency" is and how the two are related.
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Answer #1

A blockchain is agrowing list of records, called blocks, which are linked using cryptography. Each block contains a cyptographic hash of thr previous block and transaction data. By design, a blockchain is resistant to modification of data. It is a open distributedd ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.

Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial information. It uses decentralised control.

Blockchain which are readable by public widely used by cryptocurrencies

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