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Here are the basics about Blockchain, how it works and what it is used for.
This forum is for everyone curious about crypto, blockchain, and how to use DIORA. Whether you’re just starting or want to brush up on the basics, this is your home.
Key Features:
- No single authority controls the data; it’s maintained by a distributed network (called nodes).
- Once data is recorded in a block and added to the chain, it cannot be changed or deleted.
- All participants in the network can view the data, promoting trust and accountability.
- Transactions are encrypted and validated through consensus mechanisms like Proof of Work or Proof of Stake.
How It Works:
- A transaction is requested.
- The transaction is broadcast to a peer-to-peer network of computers (nodes).
- The network validates the transaction using algorithms.
- Once verified, the transaction is combined with others into a block.
- The new block is added to the existing blockchain in chronological order.
- The transaction is complete and permanently recorded.
What It’s Used For:
- Cryptocurrencies (e.g. Bitcoin, Ethereum)
- Smart contracts
- Supply chain tracking
- Voting systems
- Digital identity
- NFTs and Web3 ecosystems
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1 Reply
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Complete ProfileNow that I don’t know what crypto is all about, where do I start from here the terms used in this article is not relatable. Break it down used relatable word so that be it Blockchain , crypto, NFT we will understand thank you.
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