Blockchain is the ledger of the Bitcoin network. Each block is like a ledger’s individual page.
What’s recorded in it?
Each block records data such as blockheader, transactions, transaction counter and blocksize.
“Blockheader” contains everything else besides transactions: The hash of the last blockheader, ensuring the blocks’ chronological order;
“Timestamp” records the time when the block is generated;
“Nonce”, the number that all miners seek to find every 10 minutes; And difficulty, which determines how hard it is to guess the answer.
“Transactions” records information such as the sender, receiver, transaction amount and sender’s digital signature. These are the main content in each block.
“Transactions counter” is the number of transaction in each block.
“Blocksize” represents the size of the data in each block.
Currently, the maximum blocksize is 1MB. It is possible that the blocksize limit will increase in the future.
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