General Ledger

Get acquainted with essential crypto terminology tailored for Generation Transaction, simplifying concepts to enhance your understanding of digital finance.

A general ledger in cryptocurrency refers to a record-keeping system that tracks all transactions within a blockchain network. It acts as a centralized or decentralized database where each transaction is logged in a chronological order, ensuring transparency and reliability.In traditional finance, the general ledger serves as the core part of accounting, maintaining records of debits and credits. Similarly, in cryptocurrency, the ledger records details such as the amount of cryptocurrency transferred, the sending and receiving addresses, and the transaction timestamps.Each entry in the ledger is secured through cryptographic techniques, making it immutable. This means once a transaction is added, it cannot be altered or deleted, which enhances trust among users.Every cryptocurrency uses its own version of a general ledger, often called the blockchain. This public ledger is accessible to anyone, allowing for verification and audit of transactions without needing a central authority. Overall, the general ledger plays a crucial role in maintaining the integrity and functionality of cryptocurrency systems.

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