What is blockchain?

A blockchain is a digitally distributed ledger that records transactions and information across a decentralized network. There are different types of blockchains. EtherealNFTs NFTs Marketplace is compatible with the Ethereum, Polygon, Klaytn, Arbitrum, Optimism, Avalanche, and BNB Chain blockchains.
A blockchain is a decentralized record that gets its name from how it stores its data. Once a set of transaction data reaches a certain size, it forms a "block.” This is where every transaction on a blockchain is validated and then permanently stored. The “chain” part of a blockchain is a series of consecutive blocks linked together, forming the immutable ledger.

How is a blockchain different from a traditional database?

A blockchain differs from a traditional database in two ways: how it operates and who is responsible for it. A blockchain operates independently of a company or financial institution’s oversight, while a traditional database is typically owned and operated by a single entity. It allows for trustless and permissionless transactions

Below are five unique characteristics that define blockchain technology:

Polygon

Polygon is an EVM-compatible Ethereum sidechain that uses the Proof-of-Stake method of validation. This means Polygon is its own blockchain, but it benefits from and is compatible with Ethereum in a few important ways. Polygon’s native token is MATIC. In 2022, Polygon pledged to go carbon neutral.

Decentralization

No single entity owns each blockchain or the underlying technology (the way a central bank or corporation would). Instead, each blockchain is upheld by a multitude of computers (“nodes”) that validate transactions. Consensus mechanisms ensure a blockchain’s security (more on this below).

Validated by multiple independent nodes

A consensus mechanism uses multiple independent nodes (or computers) to validate any digital items or information stored on the blockchain. There are two main types of consensus mechanisms, Proof-of-Stake and Proof-of-Work. Once a set amount of these transactions are validated and recorded, a new block is added to the blockchain.

Public and transparent

Blockchain’s decentralized system allows for the ledger to be public and transparent while still remaining anonymous. Each transaction is recorded permanently and is accessible to the public.
In 2016, Fabricio Santos described the concept of the blockchain as a bank vault filled with rows of glass deposit boxes that allow everyone to see the contents of the boxes without being able to access their contents. He continued the metaphor by explaining that when a person opens a new deposit box, they receive a key unique to that box, but making a copy of the key does not duplicate the box's contents; it only provides access.

Trustless and permissionless

The blockchain records and preserves history and acts as an unbiased party in transactions. For that reason, it’s “trustless” in that it doesn’t require you to put your trust in another organization or entity in order to transact. Similarly, because the transactions are carried out by a network of computers, they are “permissionless” in that they don’t require the permission of a third party.

Gas fees

In web3, the term “gas fee” refers to the payment needed to execute transactions on the blockchain. These payments compensate the node operators who keep the blockchain functioning. This validation helps ensure the blockchain has a permanent, immutable record. Each blockchain compatible with OpenSea (Ethereum, Polygon, Arbitrum, Optimism, and Klaytn) has different gas fees. These fees differ depending on how each chain validates transactions.