Gryfyn
  • Welcome to Gryfyn!
  • Getting Started
    • How to create a Gryfyn account?
    • Where can I access Gryfyn?
    • What Networks and Assets do Gryfyn support?
  • Country of Residence
    • Why is your country of residence needed?
    • Which countries are not supported by Gryfyn?
  • Interacting with Decentralised Apps
    • How do I connect to a decentralised app (dApp) with Gryfyn?
    • What is WalletConnect?
    • What is signing?
  • Compliance
    • Why do I have to verify myself?
    • What if I want to remain anonymous?
    • Where are my personal data stored?
    • How do I verify myself?
  • Security
    • How do I setup 2FA?
    • Why is 2FA needed to send assets?
    • How can I reset my 2FA?
    • Is a Gryfyn wallet secure?
  • learn more
    • What is a private key?
    • What is blockchain?
    • What are the benefits of blockchain?
    • What is an NFT (non-fungible token)?
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  1. learn more

What is blockchain?

Blockchain is a distributed, decentralized digital ledger that is used to record transactions across many computers in a secure and transparent way. Each computer in the network, or node, maintains a copy of the ledger, which is constantly updated with new transactions.

The ledger consists of blocks of data that are linked together in a chain, with each block containing a unique digital signature called a hash. Once a block is added to the chain, it cannot be altered or deleted, providing an immutable record of all transactions that have taken place on the network.

Blockchains are typically used to record transactions involving cryptocurrencies, such as Bitcoin or Ethereum, but they can also be used for a wide range of other applications, such as supply chain management, voting systems, and digital identity verification.

The decentralized nature of blockchain technology makes it resistant to tampering and hacking, as there is no central point of control that can be targeted by attackers. This makes blockchain a secure and trustworthy way to record transactions and exchange value without the need for intermediaries like banks or governments.

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Last updated 1 year ago