this post was submitted on 08 Jul 2023
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Explain Like I’m Five

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How do crypto currencies work and what is a blockchain? (lemmy.ml)
submitted 1 year ago by [email protected] to c/[email protected]
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I have done some reading and think I have a basic understanding. But if I had to explain it to someone else, I would probably fail, which means I don't understand it well. Please ELI5 this for dummy me.

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[–] [email protected] 2 points 1 year ago* (last edited 1 year ago)

It's really just a public ledger. Users have addresses and the blockchain keeps track of transactions between addresses. "Token" is just a word to help you visualize what's happening: the ledger says that you now have X+1 and the other guy has Y-1.