1. definition

A block is a collection of transactions that have been confirmed and added to the blockchain. Each block builds upon the previous one, creating a chain of blocks back to the genesis (first) block. This chain of blocks is known as a blockchain.

2. process

When a miner successfully validates a set of transactions, this is known as finding a block. Once a block is found, it is broadcast to the rest of the network. Other miners then validate the block and begin the process of finding the next block.

Each time a transaction is included in a confirmed block, its confirmation count increases by one. Every subsequent block found adds another confirmation to the transaction.

The more confirmations a transaction has, the more secure it is considered. Depending on the value of the transaction, the hashrate, and other properties of the blockchain, payments can be considered sufficiently secure after anywhere from 0 to 10 confirmations.

* All terms and definitions may update as the Cryptionary improves.