To know what is the cryptocurrency and how it works, you have to know about the technology behind it. So today I will discuss this cryptocurrency technology, blockchain key and how it works. This whole blockchain technology will basically try to explain a few simple words and in a little bit. Let's know first...
What is the blockchain?
First of all look carefully at this term. Then you will get a basic idea that what this name actually means. Blockchain means that the chain or block chains made of blocks. We all know what the chain is. By adding one to the same material as well as many other ones, it is called chain making it like a chain. So think about creating a chain of blocks by linking a number of blocks with one another, the blockchain is meant by the term. Well, blocks that are created by these blocks are basically stores information. Blockchain technology is already in use and in many cases it is also used. But the general interest of this technology was created, in fact, after the invention of Bitcoin named Cryptancia in 2009. Technically speaking, Blockview is a distributed laser, which is open for everyone. When data is interconnected between blockbuster blocks, it is almost impossible to delete or delete any data in the data. but how?
Alright, to know it first, we need to know what each of these blocks has in blocks. Each single block in the complete blockchain consists of three things - the hash of the previous block in the data, hash and chain. In other words, each block in the blockchain has its own data, the block has its own hash and the hash block of the previous block behind it. I understand the data, but what is the hash thing? Hash is basically an identifier. The hash of each block is its own and specific to everyone. In other words, the hash of two blocks can never be the same. This issue is very similar to fingerprints of people. Both people will never be the same as fingerprint, so the hash blocks of the two blocks will never match. And these hashes are generated according to the data stored in each block. Which means if a block data is changed, then the hash of the block will be changed. Now, think about why each block has the hash of its previous block. If every block has the hash attached to it before, no block data will be able to change it arbitrarily. So it is almost impossible to delete or change every data interconnected in Blockchain. Because, in this case, if you want to change the data in a block, then you have to change all previous block data with that block, otherwise the entire blocklist will be invalid or not and will not work.
Suppose you have 5 bitcoins and you want to bend me 2 bitcoins from there. In that case your account will be transferred from your wallet to my wallet. When you send the bitcoin to my wallet address, a new block will be created in Blockchain with all the details of this transaction. The data of this block will be as a conduit, ie your wallet address, the receiver, ie my wallet address and the amount of bitcoin you send. Now this new block will be blocked in front of everyone who is connected to Blockchain. When they all verify this block or make sure that everything is okay, then this transaction record will be permanently blocked and the transaction will be completed. Those who work on verifying Bitcoin are called Bitcoin Miner. And, for processing this transaction you will have to pay as much as you would like, most of the Bitcoin miners who use their hardware to bitcoin mining or verifying this block. It is a clear idea that how blackchain works and why the miners are able to earn bitcoin or miners can earn bitcoin.
Cryptocurrency Fact: Do you know why it takes about 10 minutes to get every bitcoin transaction process? The reason for this is the blockchain. Thinking about security in the Bitcoin Transaction, every new block is created every 10 minutes. So if you recuperate a transaction, you have to wait 10 minutes to create a new block with that transaction.
Hopefully, I can easily understand you what is the blockchain is and how it works. Here's the end of today. Hope you like today's text. If there are any questions or opinions, please tell in the comments section.
