No network, no blockchain

A blockchain's most important component is the network—which is the community empowering it. The role of the community is to ensure that the truth is correctly recorded in the shared database.

The following diagram is an overview of a blockchain layer:

To understand this in a better way, let's look at a metaphorical example.

Truth in the network

Imagine a US Open final is happening next weekend between Roger Federer and Rafael Nadal. Being a big fan of Roger Federer and being sure he will win the game, Alice bets $10 on the betting website Betwin. On the other hand, Bob, who is an experienced gambler, thinks that Rafael Nadal will win. Bob decides to place a $10 bet on the Betwin...