first part link here:link
Respected Presence I am starting today's post by greeting everyone.
In the last episode, we discussed what is blockchain? And about the history of blockchain. But today we will know how blockchain works. So let's get started.
- How does wrok blockchain?
- How does wrok blockchain?
A blockchain usually consists of several blocks, and each block maintains complete hash, timestamp, and transaction data for the previous block. These blocks and nodes are then stored securely on a server.
Now it can be said that all the nodes of a blockchain are connected to each other. And all the nodes are constantly exchanging new data blocks with each other.
Blockchains typically form a p2p or peer-to-peer network, due to which the data of each blockchain in the blockchain can be verified by anyone connected to the Internet.
If a new user connects to this blockchain network, he gets a copy of all the blocks in front of him and before him. And by this copy, he verifies each block and immediately confirms that every data in this chain is still correct.
The more verification that can be done in these blocks of blockchain, the more the data will become unchangeable. And this is how blockchain technology continues to move forward. Through this.
Suppose you have 20 bitcoins and you want to send 8 bitcoins to me from there. In this case, the bitcoin amount will be transferred from your wallet to my wallet only when you send it directly to my BTC wallet address. Will create a new block in the blockchain. And inside this block will be your wallet address as data, again my receiver will have the wallet address and also the amount of bitcoin you have sent me.
The new block created at this stage will appear in front of everyone involved in this chain for verification. And then everyone verifies the block and confirms that everything is OK, then the record of that transaction will be permanently placed in the block and the transaction will be completed.
In the case of Bitcoin, those who perform this verification are called minor. And the minors will get more of the amount of fee that you have to pay to complete the work, that is, the transaction. Those who are doing block verification by doing this mining using their different hardware. Now, of course, you can at least guess how blockchain works. And why miners earn bitcoin because of bitcoin mining.
I am ending here like today. And I hope you have understood each subject very well. And if you have difficulty in understanding, you must comment. Then in the next episode, I will discuss the benefits of blockchain technology and its future
Thanks for reading 🌿
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