Nice simple explanation .
But there is one note i wanted to say.
There is a method hackers have managed to make its called the 52% attack ,
Which is taking over the blockchain by having the power of hashing controlled by super huge miners that can make more than 50% of the hashing power of the blockchain , so they can manage the next block as they want , they will inject a block with information that benefit them , in anothet words , they steal other peoples coins , this is a sneaky way for taking over the blockchain, even though it looked impossible before , but now its not impossible any more.
nice
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It's called a 51% attack, and it has existed for a long time.
It can easily impact the smaller coins that run on PoW. However, PoS and dPoS, like STEEM and WICC, are safe from 51% attacks as the opportunity to mine is delegated to trusted members of the community.