The blockchain is the basic architecture of crypto currencies such as Bitcoin or Ether. This technology aims to better secure online value transfers through decentralization. How does it actually work? Find the details in this guide. We also introduce you to the 6 main blockchains in the current market.



Blockchain How It Works

Blockchain technology thus secures the process of exchanging value between 2 users, without going through a central control body. Discover how it works in 3 simple steps:


1 – Transaction

It all starts with a transfer of value between 2 network users. It can be an intellectual property right or a digital asset.


2 – Confirmation

The transaction must then be validated by the miners or the nodes. The methods for this operation vary between blockchains. For bitcoin or ethereum for example, miners have to solve complex mathematical problems. This is proof of work or Proof of Work (POW).


3 – Timestamp

Then, the transaction is timestamped and identified. The date, time and electronic signatures are listed and added to the block.


This is then coded and before becoming visible to all users. The duration of the process varies depending on the technology. For example, it is around 10 minutes for Bitcoin against around fifteen seconds for Ethereum.




 Blockchain, a Technology of the Future

Blockchain promises to revolutionize the finance and economics sector. It is highly regarded for its decentralized operation, reducing fees and speeding up transactions. Buying crypto currencies is the best way to invest in this technology. To do this, we advise you to go through an exchange like Binance or Bybit.


 to be continued......