The CoinGames gaming framework, which includes the platform’s inner workings as a whole, and each small bit that allows it to run smoothly, including our Vault smart contract, would not be possible without the existence of the blockchain, which is also the vital component in any and all crypto transactions.
Blockchain is a framework where, unlike in normal databases, nobody is effectively in charge, but rather the whole community that uses it is. In fact, when a transaction is made on the blockchain, the record of that transaction (including the time it was made, the amount moved etc) is added to a ledger that is available for all participants to see, known as Distributed Ledger Technology (DLT).
The Blockchain’s Functionalities
But how do the blockchain’s processes actually work? Essentially, as each transaction occurs on a chain, that transaction is recorded in a “block” of data that is connected to the ones before and after it, therefore creating a chain of data (aptly called “blockchain”) that is created as more and more assets change ownership. Every block in the chain holds a number of transactions,a dn every time a new one occurs, it is recorded on the immutable ledger mentioned above.
This system is, so to speak, “democratic”, as well as being coherent, since if one block is changed in the slightest, it is immediately apparent to all that it has been tampered with somehow, either by hackers or other entities, as each block also records the exact date and sequence of every transaction made.
Here is how blockchain sequencing occurs: once a transaction is requested, a block representing it is created that is sent to every participant in the network. Participants then validate the transaction and the block is then added to the pre-existing version of the blockchain, with the update then being distributed to all through the network.
Benefits of Using the Blockchain
The most important benefit for users who make transactions on the blockchain is the greater transparency and increased trust that they can put in it for their transactions to occur swiftly and safely. No participant can change or tamper with a transaction after its recorded to the shared ledger: not even a system administrator can delete a transaction. Therefore, essentially anything can be tracked and traced on the blockchain, minimizing risk and speeding up transactions.
In fact, the efficiency of the blockchain is another feature that is attractive to people. Transactions are sped up by a system called the smart contract (at CoinGames, we call it the Vault), which sets rules that are stored on the chain, and is programmed to execute them automatically once certain criteria are met, such as a user authorizing a transaction or signing a claim.
