What is the block chain?

Maxcoin frequently asked questions.
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Meconomy153
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What is the block chain?

Post by Meconomy153 » Fri Jan 02, 2015 8:35 pm

The block chain is simply all the transactions that have been made with Maxcoin. A different name for this block chain is transaction database. Basically it is a record of the ownership of the maxcoins in the past and the present. By looking at the block chain of Maxcoin you can see how much value belonged to which maxcoinaddress at any time in the past.

The goal of the block chain is to keep the maxcoins safe. By keeping the block chain the developers of maxcoins made sure that every maxcoin can only be spend one time by its owner. A new block is formed every 60 seconds. Every block contains a hash of the previous block. Each block is guaranteed to come after the previous block chronologically because the previous block’s hash would otherwise not be known. This has the effect of creating a block chain form the first block ever to the current block.

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