Senator Mike Rounds

@SenatorRounds ↗

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Last Checked Jan. 19, 2022

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Thu May 27 19:51:04 +0000 2021

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Senator Mike Rounds @SenatorRounds

This blockchain of transactions forms a distributed ledger that is difficult to modify and easy to verify (in theory); a ledger that is maintained collectively on a network with specific protocols to verify each new block in the chain, meaning that bitcoin exchanges are secure. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

Using bitcoin as an example: bitcoins exist in digital ledgers, but to prevent fraudulent exchanges, transactions are recorded in encrypted blocks. Each block points at the previous block and has a timestamp. Go where each block points and you get a chain, called a “blockchain”. — PolitiTweet.org

Posted May 27, 2021

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Senator Mike Rounds @SenatorRounds

These protocols revolve around cryptography (for computers, this is the use of math to code information) hence “crypto”currencies. However, someone needs to actually verify each new block in the chain to keep the system running smoothly. — PolitiTweet.org

Posted May 27, 2021