What is a blockchain – is it a bank?
For starters, a blockchain is NOT a bank. A blockchain is a continuously growing list of electronic records, called blocks, which are linked and secured using cryptography. The blockchain is like a huge, global, decentralized spreadsheet. It keeps track of who sent how many coins to whom, and what the balance of every account is. It is stored and maintained by thousands of people (miners) across the globe, who have computers – often with extra hardware. The blocks in the blockchain are made up of all the individual transactions sent from your GUN wallet, to and from exchanges, pools, vendors, and everywhere else. When you see your balance on in your GUN wallet or view your transactions on the blockchain, you are seeing data on the blockchain, NOT in our personal systems. Just to clarify again – the GUN blockchain is NOT a bank – it is basically an encrypted list of addresses and transactions that grows each day.