What is the blockchain?

It's a confusing topic to many so we've summarized a few key points about the blockchain.

The blockchain can be described as a decentralized ledger of data records. It is a Distributed Ledger Technology or more commonly known as a DLT. These records contain transactions made by users of the blockchain.

The transactions become decentralized due to the design of the algorithm. The algorithm essentially needs multiple nodes (miners) in a peer-to-peer network to solve the equation. Miners are computers with mining software dedicated to solving these equations on the blockchain in exchange for a commission. Each transaction on the blockchain requires a tremendous amount of computational power to solve.

Transactions on the blockchain cannot be altered. If the record is tampered with in any way the nodes solving the equation will pick it up and cancel the transaction. For this reason, blockchain transactions are secure.

What is an NFT?