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Author Topic: How does blockchain work?  (Read 551 times)

Cryptoinna

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How does blockchain work?
« on: June 27, 2017, 06:10:02 PM »
An example

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Natalia_Volkova

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Re: How does blockchain work?
« Reply #1 on: June 27, 2017, 10:32:05 PM »
Blockchain is a decentralized database that keeps records of digital transactions. When a digital transaction is carried out, it is grouped together in a cryptographically protected block with other transactions that have occurred in the last 10 minutes and sent out to the whole network. Miners then compete to validate the transactions by solving complex coded problems.

Kateryna_Oli

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Re: How does blockchain work?
« Reply #2 on: June 27, 2017, 11:05:27 PM »
This picture is interesting also 8)
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vitalino

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Re: How does blockchain work?
« Reply #3 on: June 28, 2017, 07:35:25 AM »
I think it will be useful for you ;)

alexnikon911

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Re: How does blockchain work?
« Reply #4 on: June 28, 2017, 10:35:49 AM »
Blockchain has applications that go way beyond obvious things like digital currencies and money transfers. From electronic voting, smart contracts & digitally recorded property assets to patient health records management and proof of ownership for digital content.
Blockchain’s decentralized, open & cryptographic nature allow people to trust each other and transact peer to peer, making the need for intermediaries obsolete. This also brings unprecedented security benefits. Hacking attacks that commonly impact large centralized intermediaries like banks would be virtually impossible to pull off on the blockchain. For example — if someone wanted to hack into a particular block in a blockchain, a hacker would not only need to hack into that specific block, but all of the proceeding blocks going back the entire history of that blockchain. And they would need to do it on every ledger in the network, which could be millions, simultaneously

katepagava

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Re: How does blockchain work?
« Reply #5 on: June 28, 2017, 10:37:05 PM »
 the blockchain is a log of all transactions that were ever verified on the Bitcoin network.

The transactions are collected in blocks, which are found approximately every ten minutes in a random process called mining. As transactions transfer ownership of Bitcoin balances, each of these blocks represents an update of the user's balances on the network.
By following the blockchain from the Genesis Block and applying all transactions that were validated in each block in the correct order, you arrive at the current status quo.

Kateryna_Oli

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Re: How does blockchain work?
« Reply #6 on: June 28, 2017, 11:20:24 PM »
the blockchain is a log of all transactions that were ever verified on the Bitcoin network.

The transactions are collected in blocks, which are found approximately every ten minutes in a random process called mining. As transactions transfer ownership of Bitcoin balances, each of these blocks represents an update of the user's balances on the network.
By following the blockchain from the Genesis Block and applying all transactions that were validated in each block in the correct order, you arrive at the current status quo.
[/quote

Where you find this information??
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dimadimaivchenko

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Re: How does blockchain work?
« Reply #7 on: June 29, 2017, 03:42:06 AM »
Thank u all for posting this!!!
it makes much more sense for me

 

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