Blockchain

Definition

The technology that tells how to transfer money or assets. The bitcoin is one of the application of blockchain. The blockchain is the underlying internet transportation technique.

src google images
src: google images

1. Double spend problem

Similarly, to the way when we transfer some files over the internet. It can be copied multiple times and this may not be the case for money. It cannot be duplicated as it can be spend only once.

2. Byzantine fault tolerance

over the years the systems have grown its applications and the fundamental problem that is to be focused by each and everyone is the fault in the system that arises due to the software nodes. There may be rise of failure while transmitting the messages over different systems, different nodes may act differently. This is the problem called as Byzantine fault tolerance.

** smart networks

In the previous era we have a single network to transfer the data from one node to another. now to transfer the secure information we make use of smart networks. It adds more complexity to the existing pipeline and uses the algorithmic methods to check the transfer of the assets across the internet.

How the blockchain works ? ( in crypto basis)

The software wallets don’t hold the money instead they hold the keys. The wallet has the public and private keys that allows to access the coin.

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