BITCOIN TRANSACTION - LIGHTNING NETWORK - PROOF OF STAKE - PEER-TO-PEER NETWORK (P2P) -

in #steem • 6 years ago


BITCOIN TRANSACTION
as long as a transaction is unconfirmed, it is pending and can be forged. the transaction is known almost immediately by the whole network. after signed, a transaction is broadcasted in the network, sent from one peer to every other peer. only after a specific amount of time the transaction gets confirmed. when a transaction is confirmed, it is set in stone. a transaction is a file that says, “user_a gives x bitcoin to user_b“ and is signed by user_a‘s private key.Source + Source
LIGHTNING NETWORK
the more you invest in the coin, the more you gain by mining with this protocol. a consensus distribution algorithm that rewards earnings based on the number of coins you own or hold. Source + Source
PROOF OF STAKE
this protocol tries to solve the bitcoin scalability problem. the lightning network will allow bitcoin transactions to happen instantly, without worrying about block confirmation times. it's a decentralized network using smart contract functionality on the blockchain to enable instant payments across a network of participants. Source + Source
PEER-TO-PEER NETWORK (P2P)
these networks can become massive, allowing for things like file-sharing or cryptocurrency. any computer network where two or more computers are connected and share resources without going through a separate server. Source + Source


BITCOIN TRANSACTION
as long as a transaction is unconfirmed, it is pending and can be forged. the transaction is known almost immediately by the whole network. after signed, a transaction is broadcasted in the network, sent from one peer to every other peer. only after a specific amount of time the transaction gets confirmed. when a transaction is confirmed, it is set in stone. a transaction is a file that says, “user_a gives x bitcoin to user_b“ and is signed by user_a‘s private key.Source + Source
LIGHTNING NETWORK
this protocol tries to solve the bitcoin scalability problem. the lightning network will allow bitcoin transactions to happen instantly, without worrying about block confirmation times. it's a decentralized network using smart contract functionality on the blockchain to enable instant payments across a network of participants. Source + Source
PROOF OF STAKE
the more you invest in the coin, the more you gain by mining with this protocol. a consensus distribution algorithm that rewards earnings based on the number of coins you own or hold. Source + Source
PEER-TO-PEER NETWORK (P2P)
these networks can become massive, allowing for things like file-sharing or cryptocurrency. any computer network where two or more computers are connected and share resources without going through a separate server. Source + Source

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