Contest !! || Learn briefly about blockchain working

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This is me @kathy-cute from Philippines and you are here Reading my Blog. I hope you all are enjoying the current season here. It's an honor for me to participate in this beautiful contest. This is my participation in a contest Learn briefly about blockchain working.

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All the blockchain networks are decentralized, meaning there is no central authority controlling it. They are free of any external influence. This decentralization ensures the security and integrity of the network. This is the reason too many investors are coming to Crypto each day. In Blockchain system their we have mining phenomena. The miners or validators compete here to solve a complex mathematical puzzle associated with the block. In reward they get the crypto currencies. when a solution is found and verified by other nodes, the block is added to the blockchain. This process we called a mining process.

In Blockchain technology the assets are transfer through transaction. We use smart contract for it. All the transactions data is stored within Blockchain. Their is a special process called Consensus through which the network of nodes validate transaction.

A Blockchain can't be runned single handed. It's operation involves several key participants, depending on the type of blockchain, whether it's a public, private, or consortium, and its consensus mechanism. Every Blockchain have a specific role and set of principles it runs on.

The Blockchain are run by the individual computers or servers that maintain a copy of the blockchain ledger and participate in validating and propagating transactions. Now the codes can be generated by miners we call it, proof-of-work systems, The validators, we call it, proof-of-stake systems, or simply participants in the network.

Proof-of-work, proof-of-stake, and other consensus mechanisms are used to strengthen the security system of the blockchain. These provide different levels of security against attacks on blockchain such as double spending and invalid transactions.

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We see consensus mechanism in Steem blockchain, like many other blockchain networks. Here the consensus mechanism is employs to achieve agreement among steem and its users. In the case of Steem, it uses a delegated proof-of-stake (DPoS) consensus mechanism.

In DPoS mechanism, block production is carried out by a limited number of elected entities known as the block producers. These block producers are voted in by Steem stakeholders and it is based on their reputation, performance, and contributions to the network. The solo aim of this approach is to balance decentralization, scalability, and efficiency while ensuring network security and stability.

I would select BTC to find it's consensus mechanism. Bitcoin (BTC) operates on a consensus mechanism called "Proof of Work" (PoW). It is something different from that DPoS system of STEEM. In proof of work mechanism the miners solve different mathematical puzzles through a process called mining. Through this process they validate a new block to the Blockchain.

@khursheedanwar I have done my participation here.

Regard kathy-cute