Who is Satoshi Nakamoto, Blockchain transactions explained infographic

Hi Blockchain Dude at your service.

Blockchain Dude is a infographic youtube channel about crypto currencies and blockchain technology.

In this episode of Blockchain Dude a short as possible explanation of Blockchain. More specific Blockchain Transactions.

Blockchain is an ingenious invention from a Dude known as Satoshi Nakamoto.

Internet revolutionized the way we have peer-to-peer relationships with each other, we can exchange data, audio and video to each other in the blink of an eye.

For financial transactions or valid contracts; like mortgages or patents you need a third party to make a valid transaction to each other.

By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of Internet.

Let me try to explain the principle behind a blockchain transaction.

If you request an transaction on the Blockchain the following will happen.

The requested transaction is broadcast to a P2P network consisting of computers known as nodes.

Validation
The network of nodes validated the transaction and the user’s status using known algorithms.

A verified transaction can invoice cryptocurrency, contractsm records or other information.

Once verified, the transaction is combined with other transactions to create a new block of data for the ledger.

The new block is then added to the excisting blockchain. In a way that is permanent and unalterable.

After this the transaction is complete.

Blockchain is the backbone for all Crypto currencies.
Crypto currency has no intrinsic value in that is not redeemable for another commodity such as gold.

It has no physical form and exists only in the network.

Its supply is not determined by a central bank and the network is completely decentralized.

Please let know what your ideas are about Blockchain technology.
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