Block 701723

A Cardano block is a collection of transactions that are grouped together and verified as a unit. It's similar to a page in a ledger. Each block contains a hash, which is a unique cryptographic code that identifies the block and its contents. Once a block is created, it's added to the blockchain, which is a public, distributed database. This process is known as block production. The creation of new blocks is carried out by staking pools, which are groups of individuals who contribute their ADA to secure the network. Blocks play a crucial role in the Cardano network by recording transactions, ensuring security, and providing a historical record.

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