A cryptocurrency blockchain is similar to a bank’s balance sheet or ledger. Each currency has its own blockchain, which is an ongoing, constantly re-verified record of every single transaction ever made using that currency.
The Elrond blockchain, for example, contains a record of every time someone sent or received eGold.
Unlike a bank’s ledger, a crypto blockchain is distributed across participants of the digital currency’s entire network. No company, country, or third party is in control of it; and anyone can participate. A blockchain is a breakthrough technology only recently made possible through decades of computer science and mathematical innovations.
Cryptocurrencies and the blockchain technology that powers them make it possible to transfer value online without the need for a middleman like a bank or credit card company.
Due to the cryptographic nature of these networks, payments via blockchain can be more secure than standard debit/credit card transactions. When making an eGold payment, for instance, you don’t need to provide any sensitive information. That means there is almost zero risk of your financial information being compromised, or your identity being stolen.
Is eGold a blockchain?
eGold is a form of digital money. And the underlying technology that makes it possible is a blockchain called Elrond.