Cryptocurrencies are built on computer networks. They make use of an underlying data structure called a blockchain. A blockchain, simply put, is a decentralized digital ledger. It consists of a collection of blocks or nodes that maintain transactions taking place within the blockchain across multiple computers. They also contain a link to their previous block along with a timestamp. This ensures that none of the blocks can be modified, without the alteration of all subsequent blocks. For this reason, blockchains are very secure.
There are many blockchains, with different use-cases. Here are some of them that are majorly known in the crypto world –
Satoshi Nakamoto is the pseudonymous creator of Bitcoin. They refer to the coin as ‘a new electronic cash system that’s fully peer-to-peer, with no trusted third party’.
Bitcoin was the earliest cryptocurrency blockchain. It was first launched all the way back in 2009 and is considered the building block of the crypto industry. By coin market capitalization, it is also the biggest cryptocurrency. It is a gold standard by which other cryptocurrencies are measured.
As a result of this, there exists a crypto market parameter called Bitcoin Dominance. This parameter measures the percentage of Bitcoin market capitalization compared to the total crypto market cap.