The Bitcoin network

The Bitcoin Network

The Bitcoin network is a payment network that works on a cryptographic protocol.  It’s an open source and also peer-peer system users then transaction take place and users directly without any intermediary.

The transaction is a transfer of value happened between Bitcoin wallets that get included in the blockchain. Bitcoin wallets networks maintain a secret piece of data called a seed or private key, This key or seed is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature proof also prevents the transaction from being altered by anybody once it has been issued.

The transactions are recorded into a delivered, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. The protocol was designed in the year of 2008 and released in the year of 2009 as open source software by Satoshi Nakamoto, the name or pseudonym of the original developer/developer group. This network has verified the transactions by using delivered consensus.

Whenever someone sends a transaction it is broadcast instantly to the network and verified by the miners. The high-performance computer is constantly working to confirm individual transactions and include them in the next block of transactions in the chain. Once verified a new block then all the transactions within it are permanently recorded on the blockchain.