Blockchain Cryptocurrency

18 Dec 2020 Admin Edufexio 0 Blockchain

Before understanding Blockchain Cryptocurrency together let’s understand both separately.

Cryptocurrency is a digital currency and asset of exchange. It’s similar to physical currency, the only difference is cryptocurrency works on digital channels and for securing their financial transactions there are cryptographs that verify the transfer of assets. These cryptographs are nothing but a way of representing blockchain in visuals.

Blockchain is a decentralized technology of transferring and recording transactions in the form of blocks. Each transaction generates a block with a unique security code. It also duplicates information on all the computer networks which makes it difficult to identify the source of information for hackers. Each computer node validates the transaction before the completion of the process.

Blockchain Cryptocurrency:-

Blockchain Cryptocurrency together made the record of all transactions more secure and transparent for users. It contains the complete database of transactions as a record and develops duplicate files on the computer network. This network is authenticated by a group of individuals known as miners. Technically we can say, when a Blockchain cryptocurrency transaction is initiated it is added to the blockchain platform then converted into secure blocks. After that unique cryptocurrency code is assigned to the transaction for stopping duplicate utilization of the same cryptocurrency. It freezes the cryptocurrency until transaction information duplicates on the other computer nodes.

Below is the process of Blockchain Cryptocurrency:

1. Transaction Request created on the network

2. Validation of transaction by the nodes of the network

3. Transaction converted into blocks through blockchain

4. Freeze the cryptocurrency until the transaction complete

5. Post the transaction on the other computer networks

6. Validation of transaction completion by computer nodes


BY: Admin Edufexio

Related News

Post Comments.

Login to Post a Comment

No comments yet, Be the first to comment.