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BLOCKCHAIN TECHNOLOGY

Blockchain is a type of distributed ledger, keeping a permanent record, it works as a decentralized database composed of computers that belong to a p2p network (peer-to-peer). Each of the computers in the distributed network maintains an identical copy of the ledger to avoid hackers.

HOW IT WORKS

A full copy of a currency’s blockchain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.

Every block contains a hash of the previous block. This has the effect of creating a chain of

blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block’s hash would otherwise not be

known.

Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. This properties are what make double-spending of bitcoins very difficult. The blockchain is the main innovation of Bitcoin.

A user sends a transaction from his wallet to another party.

The requested transaction is issued to a p2p network consisting of computers known as nodes.

The requested transaction is issued to a p2p network consisting of computers known as nodes.

The network of nodes validates the transaction and the state of the user using known algorithms.

Each validated transaction is combined with other transactions to create a new data block for the general ledger.

Each validated transaction is combined with other transactions to create a new data block for the general ledger.

The block is added to the existing chain permanently and unalterable.

The transaction is completed successfully.

The transaction is completed successfully.

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