blockchain, how does it work?

in #cryptocurrency8 years ago

Any public blockchain necessarily works with a currency or a token (token) programmable. Bitcoin is an example of a programmable currency.

Transactions between network users are grouped into blocks. Each block is validated by the nodes of the network called the "miner", according to techniques that depend on the type of blockchain. In the bitcoin blockchain this technique is called "Proof-of-Work", proof of work, and consists in solving algorithmic problems.

Once the block is validated, it is time stamped and added to the block chain. The transaction is then visible to the receiver as well as the entire network.

This process takes some time depending on the blockchain we are talking about (about ten minutes for bitcoin, 15 seconds for Ethereum).

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