The concept of blockchain, decentralization, and cryptocurrencies all started when Bitcoin made its debut in 2009. Back in the day, it was called the modern way of doing finance and making transactions, and after some time, Bitcoin was called digital money; the very term ‘cryptocurrencies’ was coined later on when many other crypto tokens working on the same principle of decentralization on which Bitcoin stands were introduced. All cryptocurrencies out there in their most present form have one thing in common, and that is decentralization and blockchain technology.
The working of blockchain technology is not at all difficult to comprehend. Think of it as a vast database that is run by multiple nodes around the world that act in harmony and unison with each other to record each and every transaction that is taking place on the platform in the form of consistent blocks. These nodes are actually people that are staking their computational powers for the sake of validating transactions taking place for a dedicated cryptocurrency and getting rewarded in turn.
Concept of Blockchain
Every cryptocurrency has its own blockchain and, therefore, its own validators or miners that will validate the transactions, interpret the data in the form of blocks and place the blocks in a successive manner onto the blockchain. To validate a transaction on the blockchain, all the nodes out there must reach a consensus that the transaction is indeed valid, unique, and original. Blockchain acts as a digital ledger that is public, and therefore all the transactions that are recorded on it are tangible.
Continue reading: https://heraldsheets.com/how-safe-is-blockchain-a-guide-to-blockchain-security/
The working of blockchain technology is not at all difficult to comprehend. Think of it as a vast database that is run by multiple nodes around the world that act in harmony and unison with each other to record each and every transaction that is taking place on the platform in the form of consistent blocks. These nodes are actually people that are staking their computational powers for the sake of validating transactions taking place for a dedicated cryptocurrency and getting rewarded in turn.
Concept of Blockchain
Every cryptocurrency has its own blockchain and, therefore, its own validators or miners that will validate the transactions, interpret the data in the form of blocks and place the blocks in a successive manner onto the blockchain. To validate a transaction on the blockchain, all the nodes out there must reach a consensus that the transaction is indeed valid, unique, and original. Blockchain acts as a digital ledger that is public, and therefore all the transactions that are recorded on it are tangible.
Continue reading: https://heraldsheets.com/how-safe-is-blockchain-a-guide-to-blockchain-security/
