Path Of Least Resistance
Welcome to the new, Wild, Wild West.
The crypto world is similar to the gold rush of 1849 and more recently, the advent of the internet circa 1992.
Our goal at POLR Strategies is to help you navigate through the pitfalls and needless complexities of this exciting new world in which we will witness the greatest transference of wealth from the 1% to everyone else.
Let our educators blaze the trail for you.
The “block” aspect of a blockchain refers to blocks of data. In Bitcoin, these blocks are bundles of currency transactions, as well as some additional information about the blocks themselves, like the time at which they were mined.
Each of these blocks is “hashed,” meaning that it’s scrambled and condensed into a compact and seemingly random string of numbers. And this string of numbers is then included in the next block. This next block is in turn hashed as well, and this hash is included in the block after that. This links all blocks together, creating a chain.
All of these blocks are shared over a network of computers, which all verify the integrity of a new block and its contents, and reconstruct the blockchain from it. Since all of these computers apply the exact same protocol rules, they all reconstruct the exact same blockchain. As such, the entire Bitcoin network reaches consensus over the state of the blockchain, a state which is updated about once every 10 minutes as a new block is found.
Crucially, this consensus is reached without the need for a central intermediary. Bitcoin’s decentralized nature — in which tens of thousands of peers reconstruct the blockchain themselves — helps make the blockchain relatively censorship-resistant.
Furthermore, the network doesn’t only achieve consensus every 10 minutes. It also ossifies the history of consensus. Because the unique identifier of each block — the hash — is included in the next block, all blocks are not just linked but also ordered chronologically.
In Bitcoin, changing what older blocks look like, by removing transactions, for example, is impossible. Due to specific mathematical requirements, the changed blocks would be entirely rejected by the system. The only way to rewrite history, therefore, is to create a whole new chain of blocks.