Cryptocurrency operates on blockchain technology, which is a decentralized ledger that records all transactions across a network of computers.
Blockchain Explained
A blockchain consists of a series of blocks, each containing a list of transactions. These blocks are linked together in chronological order, forming a chain. Once a block is added to the chain, it cannot be altered, ensuring the integrity of the data.
Transaction Process
- A user initiates a transaction
- The transaction is broadcast to the network
- Nodes verify the transaction
- The transaction is added to a block
- The block is added to the blockchain
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