Blockchain

The underlying technology of the Bitcoin digital currency, the blockchain, essentially consists of a collection of computers (or nodes) that run Bitcoin and contain a partial or complete history of transactions made on its network. Each node contains the entire history of Bitcoin transactions, responsible for confirming or rejecting a transaction on the Bitcoin network. To do this, the node performs a series of checks to ensure that the transaction is valid. These include ensuring that the transaction has the correct validation parameters, such as nonces, and does not exceed the required length.

A transaction occurs only after all active parties on the Bitcoin network confirm it in the block in which the transaction exists. After confirmation, the transaction is appended to the existing blockchain and broadcast to other nodes. Blockchain acts as an anonymous record of transactions (ie its content is visible to everyone, but it is difficult to identify the transacting parties on the network.) This is because the blockchain provides encrypted addresses to each party. Allocates transactions in the network. It is said that even those who do not participate in the network as a node or miner can see these transactions live by looking at the block probes.

More computers (or nodes) added to the blockchain increase its stability and security. Although anyone can participate as a node in the Bitcoin network; But not all of them are miners, as long as they have enough storage space to download the entire blockchain and its transaction history.#sanor016CommUNI@sanor016