Network Consensus: Digital Democracy in Action! đ
Hey, Binance Square Community! Today we are going to simplify a term that seems complicated, but is super important in the world of cryptocurrencies: the network consensus.
Think of the Bitcoin network as a large group of friends playing a board game. They need to agree to the rules before they start, right? In Bitcoin, that game is the blockchain, and the rules are to ensure everyone plays fair.
Here's a step-by-step guide on how it works:
Mutual Agreement: All players (or network nodes) have to agree to every move (or transaction) that takes place.
Game Rules: The game has a manual (the Bitcoin protocol) that tells you how to validate each move.
Majority Vote: If the majority of players say the move is valid, it goes into the game history (i.e., the blockchain).
This process is like a constant vote that keeps the game fair and safe.
This is how Bitcoin prevents cheating and ensures that each coin is only spent once.
So, did you like the explanation? Now you know that network consensus is like a digital democracy that keeps everything on track. If you have any questions, just call!
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