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About the blockchain and how cryptocurrencies served

    About the blockchain and how cryptocurrencies served

    • 2020-09-05 19:02:07
    • 303
    About the blockchain and how cryptocurrencies served

    Block chain
    It is a database characterized by its ability to manage an ever-increasing list of records that are called blocks, each containing the temporal character and links between them and the mass that precedes them.
    It is designed to preserve the transaction data that is made and recorded so that it is not possible to be manipulated or modified by anyone.
    It allows for the decentralization of opinions by allowing in the recording of events, addresses and other management records of transactions, processing and auditing their source.
    There are opinions that this system affects the world system economically, such as dispensing with intermediaries and completing business transactions without intermediary.
    There is a blocking time which is the time it takes the network to create an additional block in block chain and often does not exceed 5 seconds in order to become the block ready to verify it, short time provides faster and more transactions, bitcoin takes 10 minutes to create a new block after each transaction is made.
    When we describe this series of blocks can be said to be a good way to organize the data but it is different in the way of dealing with decentralization, and give more confidence in the process of verifying each transaction where there are links between each process and the process before it, and therefore it does not need an intermediary or a central system to record transactions and verify them, the system includes all of this in the database 
    In 2008, Satoshi Nakamoto explained the concept of these blocks and the following year he wrote part of the basic code of the digital currency system to make public account books for all cash transactions. It is administered independently through its databases due to its reliance on the peer-to-peer network, and the use of these blocks in the design of the Bitcoin system made it the first digital currencies that avoided the process of double spending (which is to spend the same amount in two different transactions) .

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