/ CRYPTOCURRENCY AND BLOCKCHAIN
The Blockchain system’s phases
- The main crypto-transaction system, called Blockchain, consists of a shared ledger organized in blocks. Each block contains a series of transactions protected by digital signatures and it’s validated through the resolution of a complex mathematical problem.
- Peer to peer networks, cryptographic hash function SHA 256 and Proof of work protocol garantee the security of the system.
- Miners listen to transactions, create blocks, broadcast blocks to other nodes and gain bitcoins in reward.
- As long as the majority of cpu power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and neutralize attackers.