What is the meaning of resident ledger in the context of cryptocurrencies?

1 answers

• Dec 28, 2021 · 3 years ago
  In the context of cryptocurrencies, the resident ledger refers to the digital record of all transactions and balances within a specific cryptocurrency network. It is essentially a database that keeps track of who owns what and how much. The resident ledger is maintained by a decentralized network of computers, known as nodes, that work together to validate and record transactions. Each transaction is added to the resident ledger as a new block, which is then linked to the previous blocks, creating a chain of blocks, hence the term 'blockchain'. This chain of blocks ensures the immutability and transparency of the resident ledger, as any attempt to alter a transaction would require the consensus of the majority of the network. The resident ledger is an essential component of cryptocurrencies, as it allows for secure and transparent peer-to-peer transactions without the need for intermediaries like banks or governments.
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