The blockchain is based on a distributed, peer-to-peer topology where data can be stored and viewed by the people involved in the chain – and anyone on the network can see everyone else’s entries in real-time – it’s almost impossible for one entity to gain control of the whole network.
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It’s a decentralized network. No one is the boss of the network, unlike many banks in the world. No wonder if we say Decentralization network i.e blockchain has become an enemy of centralized networks (Banks).
Since it’s is decentralized, people have trust in it. Because transactions are in their vicinity. Where this aspect is lacking in a centralized web. In a centralized network, no one has the authority to even see what’s happening with their account /money.
This should change, right?Then comes SATOSHI NAKAMOTO with an exceptional invention in 2008, nothing but the BLOCKCHAIN.You May Also Like: First look of Honey Singh comeback video out!
LET’S SEE HOW BLOCKCHAIN WORKS (in a brief):
First to initiate a transaction we need keys.Keys are of two types:
- Public key
- Private key.
- Public key: It’s like your bank account number which can be shared with anyone for the transaction sake.
- Private key: Its more like your bank password. Which should not be shared with anyone.
Initially, we initiate a transaction by having our public and private keys along with the receiver’s public key… Now this transaction which is to be verified will be put in a memory pool along with many unverified transactions forming a block having auto-generated suodo*, where miners will dig its history of transactions like how, where did the money come from.
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Many miners will take part in this mining resulting in generating a code which matches the auto-generated code with a consensus. This is also known as proof of work. Now this block will be allowed to join the chain of blocks resulting in forming BLOCKCHAIN.
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DO YOU KNOW:
To do fraud in blockchain an individual needs to possess 51% of the world’s computing power, which is impossible. Making this as a USP(unique selling point) of the blockchain, it gives a promise of safety and trust.
We would like to thank Mr. Mani Bellamkonda for providing us with the information