What is the blockchain network?

What is the blockchain network?

A group of peer-to-peer computers connected to the node of a respective crypto currency and each computer has access to the ledger of which is a database file of transactions that occur in the network.

The architecture of a blockchain network consists of:

*Peer network

*Smart Contracts

*Membership

*Events

*Ledger

*System Integration

*Wallet

*System Management

Who validates transactions in the blockchain network?

Let's take etherium network for example. Cryptominers can join a mining pool just like in actual mining, by combining their computing power with others  or individually to look for a "block" in the network. A block is encrypted information about the transaction and the node validates it therefore miners connect to the node in order to process a block then get paid in crypto for successfully solving the block.

What do cryptominers use to connect to the node?

User friendly platforms such as unminable use algorithms such as the tyrex miner and phoenix miner that contain the core programs that calculate the block using a speed rating called the hash rate. Hash rate is the amount of units in the block a computer can calculate per second. The more hash rate your computer can calculate the more likely you get paid in crypto.

What can we benefit from blockchain ?

Since the ledger is under the hands of people, there is no centralized institution to depend on. No bank is involved between a transaction of cryptocurrencies hence the anonymity of both parties involved remains intact.

Another important factor is transaction speed. Two good examples are the stellar XLM network and dogecoin are know to have nearly instateneous speeds when transferring their coins across their respective networks.

Lastly applications are built on the blockchain network and it is only just the beginning. Decentralized banking is the future, Do you accept it? Or defer from it? That is totally your right to choose.

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