How does Blockchain work?

Blockchain’s goal is to create a decentralized and distributed technology for the general ledger, whose data is stored in blocks distributed on thousands of servers around the world. No institution has control over the network, and supervision is shared among all its members.

Each new block contains information about its predecessor, and the new data is stored in chronological order. The system is based on P2P technology, which allows participants to see all recordings in real time.

Processing in a blockchain-powered network differs from other databases, because a consensus is required between participants to validate the data. Once the data is confirmed and the block is generated, it remains unchanged.

The transaction has been received.

The transaction is identified by a network of P2P users scattered around the world.

The network solves a financial transaction, equation or algorithm and confirms the legitimacy of the transaction.

The user group summarizes the information in a cryptographic data set and they create a new block with the given information plus the sign of the previous block.

The new block is added to the circuit in chronological order and permanently.

The transaction was successful.

Usually, all users who have helped with the confirmation receive a reward in the form of a cryptocurrency, a process called digging.

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