Whenever i talk to people about crypto, they always ask, why do you have so much confidence in it. I simply tell them, its because of the technology behind it which is called the blockchain.
BLOCKCHAIN is a distributed ledger of data, transaction which are arranged in blocks and are well connected on a chain network, which cannot be manipulated nor destroyed.
It simply mean that any info, data or transaction
That goes into the blockchain is safe a properly recorded.
The first ever block that was created was created on the 3rd of January 2009, ever since then, hundreds of thousands of blocks has been created and its all inter related through a chain of network where by you can go and check each transaction as as long as you have the right blockchain wallet address.
BLOCKCHAIN TERMINOLOGIES
PEER TO PEER
Traditionally, networks are centralized: there is a server farm where files, applications, and other data reside, and clients that access that data.
A good example of this is visiting a website. Your web browser is the “client”, requesting data from the website and the “server”, where the website resides, provides the data you requested. Your browser receives the necessary data from the server and the website is displayed in your browser.
In this traditional client-server model, the network is entirely dependent on the server and the people and organizations that maintain the server farm and keep it connected to the internet.
The Bitcoin network is different. With Bitcoin, all the devices running Bitcoin software act as both a client and a server. Each device can share information with all the other devices who are also running Bitcoin software.
In this arrangement, there are no central servers and, as a result, the network is far more robust as it does not depend on any one server or organization. This decentralized network design is called a peer to peer network and is a fundamental building block of Bitcoin.
NODES:
Nodes essentially are the Bitcoin network. Any computer or server running Bitcoin software is commonly referred to as a “node”. As the Bitcoin network is peer to peer, each node acts as a client and a server, sharing information with other nodes and forming the backbone of Bitcoin.
NODES is simply the tools you use to send and receive transactions on the blockchain.
MINERS
Miners are actually nodes themselves, but instead of simply forwarding transactions to other nodes, miners group recent transactions into a block that is then added to the blockchain.
When a transaction shows up in a block, it said to be “confirmed” and that transaction is forever locked in the blockchain for all to see.
In exchange for running the mining software that enable these new blocks to be created, miners are rewarded with newly minted CRYPTO CURRENCY.
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thanks.