Ledger
Understand the high-level structure of this chapter.
A ledger is a comprehensive record-keeping system that documents all transactions. It maintains a detailed and chronological list of transactions, capturing every transfers across accounts. This ensures that every action is accurately tracked and traceable, providing a clear and complete view of the system's activity.
Immutability
An immutable ledger means that once a transaction is recorded, it cannot be altered or deleted. This immutability ensures that the historical record of all transactions remains intact and unchangeable, which is crucial for maintaining transparency and trust. Even if errors are made or transactions are invalid, the ledger preserves the original data, preventing tampering or unauthorized modifications.
Append-Only
An append-only ledger operates by adding new transactions to the end of the record without altering any previous entries. This means that while the ledger grows with each new transaction, past transactions remain unchanged and preserved. Invalid transactions, which fail to execute due to issues like insufficient funds, are still recorded in the ledger to maintain a complete history. To reverse the effects of a transaction, a new transaction must be appended that counteracts the previous one, ensuring the integrity and consistency of the ledger’s overall state.
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Account Balances & Transfers
Learn about account balances, which reflect the current amount of money or assets in an account after credits and debits. Discover how transfers work by moving funds between accounts, ensuring balance integrity across financial systems.
Signatures
Learn how digital signatures ensure transaction authenticity and security in blockchain systems through public-key cryptography. Understand the role of private and public keys in creating verifiable, tamper-proof transactions that maintain trust in decentralized networks.
