Introduction To Distributed Ledgers

Bitcoin's success is due, in part, to its use of a distributed record. A distributed record is one that is not maintained by a central authority, but by a distributed community. In the case of Bitcoin, this community is known as "validators." They access and update the public ledger, which contains a record of all Bitcoin transactions. This ledger is shared globally, much like a Google Sheet.

The key innovation of Bitcoin and blockchain technology is that it enables a community to reach consensus on truthful transactions, without the need for a centralized intermediary. This allows for the removal of the centralized intermediary, without compromising transactional financial security.