Simple blockchain explanation

simple blockchain explanation

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Alternatively, some individuals may choose way to learn about blockchain of a proof-of-work system.

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Newfound uses for blockchain have broadened the potential of the ledger technology to permeate other sectors like media, government and identity security. Blockchains have various consensus mechanisms, including proof of stake , multisignature , and PBFT practical Byzantine fault tolerance. Bitcoin requires three times more energy to mine than gold. It can happen due to a fundamental change in the protocol of a blockchain and all nodes do not agree on the update.