What is Block?
Let's find out Block meaning, definition in crypto, what is Block, and all other detailed facts.
A block is the most essential feature of a blockchain. New blocks are added to the end of the chain in sequential order. The blocks contain hashes that act as references to the previous block in the chain. The first block in a blockchain is called the genesis block.
Hashes act as a blockchain security feature. It is practically impossible to falsify the data recorded on the blockchain because it cannot be altered. Since each block holds a reference to the previous block, every single block would have to be altered to successfully falsify information.
Any attempts to alter the information contained in a block are further complicated because blockchains are decentralized by design. This means that the blocks are not stored in a single location. Instead, the computer of each blockchain user acts as an individual node of the overall network.
The core information stored in a block is the transaction record, a timestamp, the hash, and an answer to a cryptographic puzzle. In order to add a new block to the chain, the puzzle must be solved first.
The process of solving the block puzzle is referred to as mining. Mining a block typically grants the solver a reward. A typical example of a reward is miners receiving Bitcoin (BTC) for solving a block on the Bitcoin blockchain. The transaction information and the addresses that claim the reward are the first data recorded in a new block.
On the Bitcoin blockchain, the difficulty of solving each block puzzle is not even across the board. Every 2016 blocks, the network consensus adjusts the difficulty. It changes on a sliding scale, becoming either more or less complicated, to keep the mining system fair.