Blockchain: The technology that supports crypto

Blockchain: The technology that supports crypto - Printable Version

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Blockchain: The technology that supports crypto - doaausef3li - 08-24-2024

Blockchain: The technology that supports crypto

The technology for crypto currencies is called blockchain, which means the shared ledger of accounts on which every transaction is recorded. It is controlled by a global network through computers. Crypto is characterized by features that make it a revolution in itself, which are (transparency - immutability - decentralization). These features resulted from innovation and development in blockchain technology. Bitcoin and blockchain were credited with securing paper currencies from being hacked or copied.
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Blockchain is one of the innovations that helped solve the problems faced by centralized digital currencies in recent years, as it led to the existence of shared records for all transactions that link all participants on the network, due to the lack of central control or authority over the records, unlike the traditional banking system, as each computer has a saved copy of the database for all transactions to prevent any network failure.

Transactions concluded through cryptocurrency include two main parties: -

Sender and receiver: They are every user who sends and receives cryptocurrencies.

Miners: They are specialists in verifying the validity of transactions on the network through encryption technology. They secure each transaction and earn a reward in the original currency in exchange for their work.

RE: Blockchain: The technology that supports crypto - xerinn - 10-04-2024

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