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In May 2010, the first block was created, signaling the beginning of the blockchain. Each block includes a reference to the block before it in the chain as well as a timestamp. As of December 2013, the blockchain has grown to over 10.2 million blocks.

Overview Blocks on the blockchain contain metadata about a transaction plus the transaction data itself. A block includes a hash (which can be used to identify or verify that a particular piece of data is included in the block), a link to the previous block, a link to the next block in the block's block chain, and a merkle root (see below) of all transactions that have taken place since the genesis block which created the blockchain. The merkle root is a hash of the block header, which is a sum of all previous block header hashes combined with all transaction hashes. It also helps to prevent the alteration of the blockchain. The header contains a coinbase transaction, an anti-DoS measure that limits changes to the blockchain to one per ten minutes, and the difficulty target, a timestamp and the reward that miners receive for placing a block on the chain. The first block had a reward of 50 bitcoins, decreasing by half a bitcoin every 210,000 blocks until a block reward of zero, at which point further blocks will be created by solving computationally expensive puzzles. https://kinokrad-tv.online/ A transaction is a piece of information about a user's payment to another user. For every payment there is a unique address in the blockchain that can be used to transact bitcoins. This address is the public key of a user whose public key is hashed in the Merkle tree and is used as the reference to the transaction in every block on the blockchain. Transaction data is data that describes the transaction such as the receiver, payer and amount. It does not contain any additional data like a digital signature. As of June 2018, the longest blockchain was at approximately, at the time equal to about 41,912,135 blocks. in 1,516 blocks (1 week) became the longest block. In late 2016, a block containing a transaction of was mined by a pool that mined more blocks than any other pool during that period. This block also contained a transaction of from another pool, leading the network to briefly consider increasing the block size to (10 times larger than ). The block was then rejected, the transaction removed, and a transaction of was submitted to replace it. When the implementation and testing was completed on September