What a blockchain is
A shared record that many computers keep in step. Eight minutes.
The record nobody owns
A blockchain is a record of transactions that thousands of computers keep identical copies of. New transactions are collected into a block; each block points to the one before it, so changing an old entry would mean redoing every block after it, on most of the computers at once.
That is the whole trick: nobody is in charge of the record, and nobody can quietly edit it. It does not make the things recorded on it true, safe or valuable.
In short
In one line
A shared, append-only record of transactions.
Who keeps it
Anyone running the software
What it cannot do
Make a project honest or a token valuable
Next: wallets and keys
Who can move the coins on that record, and why the recovery phrase matters more than anything else.
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