How Does Blockchain Work?
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A blockchain is a decentralized, distributed and a public digital ledger that is used to record transactions over many computers. Below are step-by-step Guide For Beginners on how does blockchain work.
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How Does Blockchain Work?
- 2. Index 1. What is Blockchain? 1. How Does Blockchain Work? 1. Step by Step Guide For Beginners
- 3. What is Blockchain? A blockchain is a decentralized, distributed and a public digital ledger that is used to record transactions over many computers so that the record cannot be altered retroactively without the alteration of all the subsequent blocks and the collusion of the network. Below are step-by-step Guide For Beginners on how does blockchain work.
- 5. Step 1: • Alica buys a book online.
- 6. Step 2: • Her online book retailer accepts bitcoin and elsie already holds a bitcoin wallet.
- 7. Step 3: • The Retailer send Elsie its Bitcoin address (A Chain of 26 characters).
- 8. Step 4: • To ensure privacy address are usually different for each transaction. An address is linked to a private key and a public key.
- 9. Step 5: • Alica sends her payment to the address of her retailer. • She signs the transaction with the private key of her own address. • Created for this given transaction and adds her own public key to the transaction.
- 10. Step 6: • Anyone can verify the transaction with the public key.
- 11. Step 7: • This is where the miners come into play. • Miners are techy blockchain enthusiasts located all around the world.
- 12. Step 8: • Transaction is recorded in blocks. The ledger is a chain of blocks. • The blockchain is the realization of a public ledger.
- 13. Step 9: • The blockchain shared in real time on the miner's computers, stores the record of all confirmed bitcoin transactions.
- 14. Step 10: • To store a transaction in the blockchain, miners computer create cryptographic hashes.
- 15. Step 11: • A block contains the hashes of the previous and current blocks and a nonce(a random number). • All blocks are linked to another. It can be viewed as a wax seal.
- 16. Step 12: • As a new block is created every 10 minutes, modifying a recorded block would require modifying all the following blocks, which is nearly impossible.
- 17. Step 13: • A hash must look a certain way (starting with a number of zeros). • Miners must generate many hashes before finding a successful one.
- 18. Step 14: • The successful miner is rewarded in bitcoins.
- 19. • Alica transaction is now complete and verified.
- 20. Thank You