Frequently Asked Question

What is blockchain technology?

Last Updated a year ago

Blockchain-based networks store digital currency transaction histories as duplicated, distributed records for all of its users. Therefore, everyone has matching copies of all the transactions on the network.

With traditional internet technology, one party holds all the records, and users can access transactions and balances stored there. Blockchain technology ensures that no single entity controls or manipulates stored transactions and that these records do not have a single point of failure. This is because distributed copies are constantly compared and updated against each other which makes it impossible for anyone to manipulate, control, or steal from the network. Should one record be tampered with, the change will be corrected automatically after comparison to the other copies on the network.

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