SOFTFORK - PEER TO PEER - CONSENSUS - IRREVERSIBLE -

matthew.davis (49)in #cryptocurrency • 6 years ago


SOFTFORK	there is no safety net for that situation. after confirmation, a transaction is unable to be reversed by nobody. ^{Source + Source}
PEER TO PEER	the consensus is achieved by ensuring that the ledgers are exact copies of each other and all participants of the network agree on the validity of the transactions. ^{Source + Source}
CONSENSUS	since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. this kind of fork requires only a majority of the miners upgrading to enforce the new rules^{Source + Source}
IRREVERSIBLE	participants of a p2p network deal directly with each other through a single mediation point. peer to peer (p2p) refers to the decentralized interactions between two parties or more in a highly-interconnected network. ^{Source + Source}


SOFTFORK	since old nodes will recognize the new blocks as valid, a softfork is backward-compatible. a softfork is a change to the bitcoin protocol wherein only previously valid blocks/transactions are made invalid. this kind of fork requires only a majority of the miners upgrading to enforce the new rules^{Source + Source}
PEER TO PEER	participants of a p2p network deal directly with each other through a single mediation point. peer to peer (p2p) refers to the decentralized interactions between two parties or more in a highly-interconnected network. ^{Source + Source}
CONSENSUS	the consensus is achieved by ensuring that the ledgers are exact copies of each other and all participants of the network agree on the validity of the transactions. ^{Source + Source}
IRREVERSIBLE	there is no safety net for that situation. after confirmation, a transaction is unable to be reversed by nobody. ^{Source + Source}

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