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Ledger

A ledger is a record-keeping system that maintains a complete and verifiable history of transactions. In the context of cryptocurrencies and blockchain technology, a ledger is a digital record of all transactions that have ever taken place on a particular blockchain network.

Key Points:

  1. Types of Ledgers:
    • Physical Ledger: Traditional record-keeping systems where transactions are recorded manually.
    • Digital Ledger: Electronic databases or systems where transactions are recorded digitally.
    • Distributed Ledger: A decentralized digital ledger where transactions are recorded across multiple nodes or participants in a network.
  2. Blockchain and Ledger:
    • Immutable Record: Once a transaction is added to a blockchain ledger, it cannot be altered or deleted, ensuring data integrity.
    • Transparency: Depending on the blockchain’s design (public vs. private), the ledger can be viewed by anyone, ensuring transparency.
    • Consensus Mechanisms: Transactions are added to the ledger based on consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS), ensuring that all participants agree on the validity of transactions.
  3. Hardware Ledger:
    • Also known as a hardware wallet, it’s a physical electronic device designed to securely store the private keys of cryptocurrencies. Examples include Ledger Nano S and Ledger Nano X.
  4. Public vs. Private Ledgers:
    • Public Ledgers: Open to everyone and maintained by a distributed network of nodes. Examples include the Bitcoin and Ethereum blockchains.
    • Private Ledgers: Restricted to a specific group of participants, often used by businesses for internal purposes.
  5. Applications of Distributed Ledgers:
    • Financial Services: For cross-border payments, stock trading, and more.
    • Supply Chain: For tracking the origin and journey of products.
    • Healthcare: For maintaining patient records and ensuring data privacy.
    • Real Estate: For recording property ownership and transfers.
  6. Security:
    • Ledgers, especially those based on blockchain technology, are secure due to cryptographic techniques and consensus mechanisms. However, they are not entirely immune to attacks or vulnerabilities.

Examples:

  • Bitcoin Blockchain: A public ledger that records all bitcoin transactions since its inception.
  • Hyperledger: An umbrella project of open-source blockchains and related tools, often used to create private ledgers for businesses.
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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin67,822 0.11 % 2.31 % 3.29 %
Litecoin85.94 0.25 % 0.71 % 4.72 %
XRP0.5300 0.05 % 0.31 % 2.59 %
Ethereum2,197.2 0.23 % 0.67 % 2.46 %
Dogecoin0.1548 0.37 % 0.09 % 7.69 %
USDC1.000 0.10 % 0.02 % 0.08 %
Cardano0.2543 0.15 % 1.68 % 3.38 %
Tether0.9990 0.10 % 0.04 % 0.02 %
Binance Coin (Wormhole)222.47 0.38 % 4.71 % 3.08 %