What is a Block?
A block in a blockchain network is like a link in a chain. In the field of cryptocurrency, blocks are like records that store valid transactions like a page of a record book and are hashed and encrypted.
Blocks are like the building blocks of any blockchain and they are distinguishable from one another as they have different characteristics. When a block is completed, it makes room for the following block in the blockchain. A block is very secure and is impossible to hack virtually.
How does a block work?
In any cryptocurrency, there are a huge number of transactions occurring every day throughout the world. It is important for the users to keep track of these transactions, and they can do it with the help of blocks. A block contains the recent data and every time the block is completed, it becomes a part of the past and makes room for a new block on the blockchain.
The completed block is a permanent record of prior transactions, and new ones are recorded in the current one. As a result, the entire system enters into a loop that permanently saves all data.
Types of Blocks
There are three types of blocks that exist in different blockchains namely Genesis block, Valid blocks, and Orphan blocks.
This block is sometimes referred to Block 0. A Genesis Block is the name given to the first block a cryptocurrency ever mined. Bitcoin’s Genesis Block was the first instance of a proof-of-work blockchain system and is the template for all other blocks in its blockchain. Every block in a blockchain stores a reference to the previous block. In the case of Genesis Block, there is no previous block for reference.
Valid blocks are all those blocks that have been mined and have been included in the blockchain. To do this, each mined block must pass through the consent from the network and report as a block that has managed to solve the assigned cryptographic puzzle. When the network reaches consensus, the block is added to the blockchain and distributed to all nodes. As a result, every node in the network has a new block and acts as a verification point for it.
An orphan block is a block that has been solved within the blockchain network but was not accepted due to a lag within the network itself. There can be two miners who solve for a block simultaneously. The miner who has a more detailed proof-of-work sheet is the one who is awarded the block’s reward.
• A block can be thought of like a link in a chain. It possesses parts or all of the records of the transactions that preceded it.
• The blockchain network is comprised of millions of blocks that are in a constant state of flux.
• A block is virtually impossible to hack. If it was possible, it would have the same effect as a bank robber reaching over the counter and not only taking money but all the bank’s records as well.