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Blockchain is the Blooming tech, which is used in wide range across the globe but most of them do not have a clear idea about 'Blockchain transaction'. So to know about that, explore here @ http://bit.ly/2RZ2gdx
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Blockchain is one of the Predominant technology which is used widely in the global market. The blockchain services is now in demand because of it is features and beneficial usefulness. Even though when it is usage in wide range most of them does not know about the proper meaning and complete process of this upgraded technology.
Why it is know as Blockchain? As everyone knows Blockchain is consist of Blocks, which is connected in peer-to-peer network by cryptography methodology. This method is used for secure transfer and control the blocks. The structure aid it to gain the name as Blockchain. This blockchain is also referred as Distributed Ledger that is because the transaction and storage is done openly but securely.
How the transaction occurs? In the Blockchain, transaction is held by the digital Wallet. Here, lets we can see how transaction occurs in overview by step by step. Assume, A- as sender and B - as receiver. Step-1: A allocates a particular amount, which is needed to send and encrypt the message for it by using its private key of the wallet and send that message to the B using public key to the assigned address.
Step-2: This message is transfer from A to B in the respected Blockchain. During this transfer the data is validated. Step-3: B receives the message and decrypt is using it is own private key to collect the amount and after that, the amount is sent to their own cryptocurrency wallet. Step-4: After Consensus Process held, that is when the new block is attached to the existing one, then only the transaction process is considered as completed one.
Validation Process Now lets we can about, ‘How are Blockchain transaction verified?’ here! - http://bit.ly/2M21Qzs Well, when the requested cryptocurrency is sent from the one node to another crypto wallet the validation process is held for the confirmation in the respective blockchain. Well, it is also important to note that, this validation process aid to add one block to the chain of the network. The validation process mainly include two important things, that is hash and mining.
Hash Whenever the transaction occurs a new block is created and it is attached to the chain of network. This block consist of the transaction details and before joining the network this new block is verified. That is done by creating Hash. The hash is nothing but a 256 - bit number that is a unique one and it represent the data of the new block. This hash is also consider as security elements in blockchain that is because is the data of a particular hash is change then the other following hash data will also be changed.
Mining To generate the hash successfully, a mathematical complex or a math puzzle must be solved. If the puzzle is solved, then the result is checked by the other nodes of the network. The process of solving the mathematical complex and creating new hash is known as Mining. Mining require a great computational power because it is relies on complex mathematical operations as well as it is in need of specialized computer hardware. This indicates that not all nodes can be miner. The mining consumes energy and the energy need cost and it is assigned by the usage of the crypto coin. Each mining process is also rewarded based on the performance.
Consensus Process When the multiple transaction occurs on the same blockchain network then there consensus process is used. This consensus process is validate the data using the methods like Proof Of Work or Proof Of Stack and so on. Lets we can see what is the difference between these methods and how does it works on Blockchain.
Proof of Work (PoW) In this process, the miners want to rewarded so when the transaction occurs all nodes of the miners start to work on solving the ‘math puzzle’ and which node solves first will be rewarded. While the involvement of all nodes there will be chance of solve the puzzle at same time or around the same time. During these kind of issues ‘fork’ can occur and it can be resolved by bitcoin protocol.
Proof of Stack (PoS) This is the simple concept of Proof of Work (PoW) which moto is validating and generating the new hash. The Proof of Stack goal is also same as PoW but there is only one difference which is described below as follows. Well, in the PoS all nodes does not work on solving the math complex, only particular selected node is for the validation process and it is rewarded.
This represent that the energy consumption during the mining process will be low which represent that the lost will be less. The selected node for the puzzle solving only receive the transaction fee and the new found hash in PoS system are know as ‘forgers’ instead of miners.
Conclusion I hope this blog is helpful to gain the knowledge about the Blockchain and it is process. To know much about the Blockchain and Cryptocurrency Development approach Developcoins, http://bit.ly/2qwJ1MY. Developcoins is the Blockchain Development Services Provider, http://bit.ly/2PgBkEl which offers their services both in off-shore and on-shore and gained a Brand name in global market because of their repute in the Blockchain Industry.
If you plan to develop a Blockchain for yourself or for Business or for any other purposes reach us here! Get free Blockchain consulting here! - http://bit.ly/35pRYqI Developcoins is the Leading Blockchain Development Company, that is because of their Outstanding services in the global market. http://bit.ly/2M21Qzs Approach them @ Whatsapp --- +91 9843555651. Skype ---live:Tech Innovate & http://bit.ly/2PgBkEl
