The following is a “choose-your-own-adventure” guide to understand . When you are a general user, you may not care to know exactly how credit cards work or even your phone. As an early adopter or investor in , you don’t have the fallback to trust the crowd.
In 5 seconds:
is a digital currency where transactions happen on a special network.
In 30 seconds:
is a digital currency where transactions happen on a special network. This network is made up of hundreds of thousands of computers all running the same special communication program. The program is special because it can protect the network from bad actors. Because of this, the network functions without the backing of any government or “trusted” entity to support it.
In 5 minutes:
is a digital currency where transactions happen on a special network. This network is made up of hundreds of thousands of computers all running the same special communication program. This communication between computers is special because whenever a new transaction is broadcast to the network, it appends the transaction that previously came before it. Each transaction sent through the network is a block of code that gets added to all of the previous blocks of code that have been submitted. This is where the name “” comes from.
Whenever a new transaction is broadcast to the , every computer connected to the checks all previous transaction history to confirm the latest information sent makes sense with the previous records. If you try to send a transaction that falsely states you have more coins in your than are actually there, the rest of the computers processing new transactions on the will reject it. With a public where all account balances and transactions are visible to each participant, the provides trust and security in sending digital assets between two perfect strangers.
Published at Mon, 07 Jan 2019 00:45:14 +0000
