# Block(s) 1. Refers to a collection of data related to [[Transaction(s)|transactions]] that are bundled together with a predetermined size and are processed for transaction verification and eventually becomes part of a [[Blockchain|blockchain]]. 2. A set of information (data) containing multiple [[Transaction(s)|transactions]] over a given period. 3. Is a functional unit in the [[Blockchain|blockchain]] that contains transaction records. New blocks are added to the blockchain as a result of [[Mining|mining]]. The capacity of each block is 1 MB. 3. A single section of discrete data. Blocks typically comprise a list of [[Transaction(s)|transactions]] or actions to be performed when processing the data in the block. 4. A file containing information on [[Transaction(s)|transactions]] completed during a given time period. Blocks are the constituent parts of a [[blockchain]]. 4. A block is a group of [[bitcoin (BTC)|Bitcoin]] [[Transaction(s)|transactions]]. It is also used to describe a unit of Bitcoin [[mining]]. A transaction becomes confirmed by being included in a block. Conversely, transactions that do not belong to any confirmed blocks are considered to be [[Unconfirmed Transaction|unconfirmed]]. Through the mining process, new blocks containing transactions are added to the [[blockchain]] approximately every 10 minutes. When a block is mined, bitcoins are issued to the [[Miner(s)|miner]] to serve as compensation for their work. Bitcoin began with a starting block called "[[Genesis Block|Genesis]]." One block is added every 10 minutes. 5. A collection of transactions that have happened during a certain amount of time (10 minutes for [[Bitcoin (blockchain)]]). The [[Transaction(s)|transactions]] are bundled in a block and added to the [[Blockchain]]. 5. [[Transaction(s)|Transactions]] from the network fill blocks. And, as the transactions are validated, they are compiled into the [[Blockchain|blockchain]] permanently. Blocks include a timestamp. They’re built in such a way that they cannot be changed once recorded. 6. Blocks are data packages that include a few necessary parts. These parts include a reference to the block immediately preceding the current block, the solution to a very complicated mathematical problem or puzzle (without which the block cannot be recorded in the chain. The process of solving the puzzle and recording the block is called “[[Mining|mining]]”), and a record of the machine that gets the [[Block Reward|reward]] for solving the puzzle. The most important part is the general [[Ledger|ledger]] of the transactions that were completed since the last block was recorded. Blocks are chained together in chronological order, thus the source of the name “[[Blockchain|blockchain]]”. 8. It is basically a data container that holds details related to transactions occurring at any given time on a particular [[Blockchain|blockchain]]. 7. A block is the data structure used in [[Blockchain|blockchains]] to group [[Transaction(s)|transactions]]. in addition to transactions, blocks include other elements such as the hash of the previous block and a timestamp. 8. A block is a record in the block chain that contains and confirms many waiting [[Transaction(s)|transactions]]. Roughly every 10 minutes, on average, a new block including transactions is appended to the block chain through [[Mining|mining]]. 9. A package of data containing multiple [[Transaction(s)|transactions]] over a given period of time. 10. Packages of data that carry permanently recorded information on the [[Blockchain]] network. The data is related to transactions that are bundled together with a predetermined size, which are processed for [[Transaction(s)|transaction]] verification, eventually becoming part of the blockchain. 11. A block is a collection of [[Transaction(s)|transactions]]. Blocks are synonymous with digital pages in a [[Ledger|ledger]], also known as a record-keeping book. These files store unalterable data related to the network. 12. A group of [[Bitcoin (blockchain)|Bitcoin]] transactions that have taken place during a specific time period. The average is around 10 minutes. [[Miner(s)|Miners]] process Bitcoin [[Transaction(s)|transactions]] not one-by-one but in groups or “blocks”. 13. On a [[blockchain]], a block is the data record of all [[Transaction(s)|transaction]] information made during a specific timeframe on its network. Blocks are added sequentially to a network's chain of data, which in turn make up the public [[ledger]] known as blockchain. For example: A [[Bitcoin (blockchain)]] block contains information about the date, time, and amount of transactions, as well as signature information regarding the origin and destination of the transfer. Blocks must be confirmed by the [[network]] via a process of [[Consensus Mechanism (algorithm)|consensus]] before a chain can continue transacting and creating new blocks. ___ ![[Pasted image 20210428135914.png]] ___ 15. Block (on the [[Bitcoin (blockchain)]] Blockchain) Data is permanently recorded on the Bitcoin network through files called blocks. A block is a record of some or all of the most recent Bitcoin [[Transaction(s)|transactions]] that have not yet been recorded in any prior blocks. New blocks are added to the end of the record (known as the [[Blockchain|blockchain]]), and can never be changed or removed once written (although some software will remove them if they are orphaned). Each block memorializes what took place in the minutes before it was created. Each block contains a record of some or all recent transactions and a reference to the block that came immediately before it. It also contains an answer to a difficult-to-solve mathematical puzzle – the answer to which is unique to each block. New blocks cannot be submitted to the network without the correct answer – the process of “[[Mining|mining]]” is essentially the process of competing to be the next to find the answer that “solves” the current block. The mathematical problem in each block is extremely difficult to solve, but once a valid solution is found, it is very easy for the rest of the network to confirm that the solution is correct. There are multiple valid solutions for any given block – only one of the solutions needs to be found for the block to be solved. Because there is a reward of brand new bitcoins for solving each block, every block also contains a record of which Bitcoin addresses or scripts are entitled to receive the reward. This record is known as a generation transaction, or a [[Coinbase (mining reward, transaction)|coinbase transaction]], and is always the first transaction appearing in every block. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks (about four years). Bitcoin transactions are broadcast to the network by the sender, and all peers trying to solve blocks collect the transaction records and add them to the block they are working to solve. [[Mine(s)|Miners]] get an incentive to include transactions in their blocks because of attached [[Transaction Fee|transaction fees]]. The difficulty of the mathematical problem is automatically adjusted by the network, such that it targets a goal of solving an average of 6 blocks per hour. Every 2016 blocks (solved in about two weeks), all Bitcoin clients compare the actual number created with this goal and modify the target by the percentage that it varied. The network comes to a [[Consensus Mechanism (algorithm)|consensus]] and automatically increases (or decreases) the difficulty of generating blocks. Because each block contains a reference to the prior block, the collection of all blocks in existence can be said to form a chain. However, it’s possible for the chain to have temporary splits – for example, if two miners arrive at two different valid solutions for the same block at the same time, unbeknownst to one another. The [[Peer-to-Peer (P2P)|peer-to-peer]] network is designed to resolve these splits within a short period of time so that only one branch of the chain survives. The client accepts the ‘longest’ chain of blocks as valid. The ‘[[Blockchain Lenght|length]]’ of the entire blockchain refers to the chain with the most combined difficulty, not the one with the most blocks. This prevents someone from forking the chain and creating a large number of low-difficulty blocks and having it accepted by the network as ‘longest’. 14. One or more transactions prefaced by a [[Block Header|block header]] and protected by [[Proof of Work (PoW)|proof of work]]. Blocks are the data stored on the [[Blockchain|blockchain]]. 15. Blocks are packages of data that carry permanently recorded data on the blockchain network. 16. Block is defined as a single digital record created within a [[Blockchain|blockchain]]. Each block contains a record of the previous block, and when linked together these become the “chain”. Blockchain tech creates permanent, secure digital recordings. It can record any information, but it started with recording bitcoin transactions. If you imagine the blockchain as a book of records, then each page in that book is what is known as a “block”. Blocks are attached to each other making what is known as the blockchain. 16. Blocks hold batches of valid transactions that are [[Hash|hashed]] and encoded into a [[Merkle Tree]]. Each [[Block(s)|block]] includes the [[Cryptographic Hash Function|cryptographic hash]] of the prior block in the [[Blockchain|blockchain]], linking the two. The linked blocks form a chain. This iterative process confirms the integrity of the previous block, all the way back to the original [[Genesis Block]]. Sometimes separate blocks can be produced concurrently, creating a temporary [[Fork]]. In addition to a secure hash-based history, any blockchain has a specified algorithm for scoring different versions of the history so that one with a higher score can be selected over others. Blocks not selected for inclusion in the chain are called orphan blocks. Peers supporting the [[Database|database]] have different versions of the history from time to time. They keep only the highest-scoring version of the database known to them. Whenever a peer receives a higher-scoring version (usually the old version with a single new block added) they extend or overwrite their own database and retransmit the improvement to their peers. There is never an absolute guarantee that any particular entry will remain in the best version of the history forever. Blockchains are typically built to add the score of new blocks onto old blocks and are given incentives to extend with new blocks rather than overwrite old blocks. Therefore, the probability of an entry becoming superseded decreases exponentially as more blocks are built on top of it, eventually becoming very low.For example, bitcoin uses a [[Proof of Work (PoW)]]system, where the chain with the most cumulative proof-of-work is considered the valid one by the network. There are a number of methods that can be used to demonstrate a sufficient level of computation. Within a blockchain the computation is carried out redundantly rather than in the traditional segregated and parallel manner. ![[glossary-blockchain_block.png]]