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What Is a Blockchain?

My Wallet

A blockchain is a shared database where transactions are grouped into blocks and linked into a chain, kept by a network of computers instead of one company.

What Is a Blockchain?

Quick answer

A blockchain records who sent what to whom. The network checks each transaction using cryptography and shared rules, and once a transaction is recorded, it can't be changed. Your wallet doesn't hold coins itself. It holds the keys that let you move assets recorded on the blockchain. My Wallet works with 19 networks from one app.

How a blockchain works

  1. You sign a transaction in your wallet.
  2. The wallet sends it to the network.
  3. Network participants check it against the rules.
  4. Valid transactions are added to a new block.
  5. The block is linked to the previous one, forming the chain.

Key properties

  • Decentralized: no single entity controls the network.
  • Transparent: transactions are publicly visible.
  • Immutable: recorded transactions can't be altered.
  • Secured by cryptography: only the key holder can authorize a transfer.

Blocks, addresses, and transactions

  • An address is where assets are recorded. It is safe to share.
  • A transaction moves assets between addresses.
  • Each transaction has an ID (TXID) you can look up in a blockchain explorer.

Who keeps the network running

  • Validators (or miners on some networks) check and add new blocks.
  • In return they receive network fees and rewards, set by each network's rules.
  • See Who is a blockchain validator?.

Why fees exist

  • Every transaction uses network resources.
  • The fee goes to the network, not to the wallet app or the recipient.
  • Fees depend on the network, the type of operation, and sometimes network load.

Different blockchains, different strengths

  • Some focus on simple value transfer, like Bitcoin.
  • Some run smart contracts and dapps, like Ethereum and other EVM networks.
  • Addresses are not interchangeable between networks, so always match the network.

Blockchains in My Wallet

My Wallet supports 19 networks (full list). One seed phrase covers all of them.

What this means for you

  • Transfers can't be reversed, so check the address and network before you confirm.
  • Your seed phrase is your access to every network in the wallet.
  • You can verify any transaction yourself in an explorer.

Start with a secure wallet

Download My Wallet to explore crypto with self-custody—you hold the keys.

About My Wallet

FAQ

Is a blockchain the same as cryptocurrency?

No. A blockchain is the ledger. A cryptocurrency is an asset recorded on it.

Can a transaction be deleted from a blockchain?

No. Once recorded, a transaction can't be altered or removed.

Who owns a blockchain?

No single company. The network is maintained by its participants according to shared rules.

Do I need a different wallet for each blockchain?

Not with a multichain wallet. My Wallet covers 19 networks with one seed phrase.

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