blockchain

The Features That Make Block Chain Unique

Many people find it difficult to understand the concept of the block chain and how it all works. Many of those who are interacting with digital currencies these days do not even have much knowledge about block chain since many of them do not really need information or extended knowledge about block chain before they can participate in the digital currency world. While you may not need to know so much about block chain, you can still carry out transactions using digital currencies without any hitch whatsoever. However, a considerable knowledge about blockchain will take you beyond the level of an ordinary digital currency user to that of an expert.

Maintaining the block chain network

The maintenance of the entire block chain network is done via a peer-to-peer and interconnected network of nodes. Nodes are series of individual computers that can receive inputs and release outputs after it performs functions in line with the instructions it receives. Those who participate one way or the other in the blockchain are referred to as peers. The network of nodes in the block chain functions in dividing the entire workloads between the peers without adding a central server.

Bitcoin vs block chain

Block chain is   the specific technology on which bitcoin is based, while bitcoin is a digital currency that depends on block chain to function.  Every transaction in bitcoin is recorded on the block chain that underlines it.  The two of them are interrelated, but they differ in their level of flexibility. No one knows the person that created bitcoin, but has is given the name “Satoshi Nakamoto”.  He planned to reduce the charges and time need for using bitcoin for a cross-border transaction. There iis no way that bitcoin can exist without the block chain.  Bear in mind also that there is more to the benefits of block china than just the support it provides for bitcoin.