The block chain is built on 3 technologies: 🔜
📌1. Private key encryption:
- It is considered a secret password that no one knows except you
In the world of blockchain, a private key is a secure code that proves ownership and allows you to access and manage your blockchain assets, such as digital currencies.
- It is like the key to your digital vault and should never be shared with anyone because anyone who has it can control your assets.
📌2. Peer-to-Peer (P2P) network:
- This is like a group of friends who communicate directly with each other without the need for an intermediary
In blockchain, a P2P network allows all users to connect and share blockchain data directly with each other
- This way everyone has an up-to-date copy on the ledger and transactions are made faster and more reliably
📌3. Blockchain software (protocol):
- It is the set of rules that everyone follows in a P2P network and is like a game where everyone needs to agree on how to play
- This software determines how transactions are recorded on the block chain, how new blocks are created, and how all nodes in the network work together to maintain a secure and trustworthy system.
