Contest|| Blockchain Working
Assalamualaikum!
I hope you all guys enjoying beautiful days of your life.I will participate in the contest of Steem4bloggers Community by @khursheedanwar today.
How generally a blockchain work? |
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A blockchain is like a digital ledger that records transactions across the network. When A transaction is performed by any user the data is stored in a block and blocks of different transactions are linked with each other that make a blockchain.
Each block contains a unique code called as hash that it with the previous block and form w chain.This connection make it secure beacuse altering one block required to change the things in all sequence blocks that is super hard due to the complex math involvement.
The network of computers validates and agreed on the transaction and ensures consensus.Once the block is added it is permanent that creates a transparent and tamper-proof record.This decentralized system eliminate the need of central authority. This make its trusyworthy for various applications in cryptocurrency.
Who is involved in operating a blockchain and how much blockchain provides security? |
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Various participants are involved in operating blockchain. The key players are following.
- Miners
Miners validate transactions by solving complex mathematical puzzles and nodes , which store the copy of blocks and verify transaction. Miners add new blocks to the chain and nodes ensure the network security and integrity by reaching a consensus on the validity of transactions.
- Cryptographic Techniques
Blockchain Technology provides a high level of security through its decentralized and transparent nature. Security is ensure by the cryptographich techniques like hashing and digital signatures that make it difficult for hackers to attack. Distributed nature means data is stored on multiple nodes .
- Consensus Mechanism
The consensus mechanism ensures that all participants agree on the validity of transactions further enhanced the security.
So the combination of decentralization , cryptography and consensus mechanisum make blockchain a secure technology for various applications including cryptocurrency, supply chain management and smart contracts.
How consensus mechanism in steem blockchain is working for achieving agreement among its users?(You can also use any other blockchain of your choice for demonstrating answer of this question) |
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In the Steem blockchain the consensus mechanisum used called as Delegated Proof of Stake(DPoS). DPoS works by allowing stakeholders to vote for delegate who are responsible for validation of transcations and creating new blocks. These delegates are also known as witnesses in Steem and they are chosen based on the number of votes they receive from stakeholders.
When it transaction occurs blocks in witnesses verify its validity and add the relative block. Stakeholders participate in the conuses process by voting for witnesses according to their trust to maintain the network integrity. The witnesses with higher votes are responsible for producing blocks and securing the network