A cryptocurrency ledger is a decentralized digital record that stores information about all transactions that have taken place within a specific cryptocurrency network. This ledger is maintained by a network of computers, known as nodes, that work together to validate and record transactions.
Each transaction is stored on the ledger in a block, which contains details such as the amount of cryptocurrency transferred, the sender’s and recipient’s wallet addresses, and a unique identifier. These blocks are linked together in a chain, hence the term “blockchain”, creating a secure and transparent record of all transactions.
The ledger is updated in real-time as new transactions are verified and added to the blockchain. This process is known as mining, where computers solve complex mathematical problems to confirm the validity of transactions.
Since the ledger is decentralized, meaning it is not controlled by any single entity, it is highly secure and resistant to hacking or fraud. Users can access the ledger to view their own transactions and verify the integrity of the network.
