Hot news

Learn about blockchain technology.. cryptocurrency security system


All cryptocurrencies use blockchain technology, which is the ledger that records transactions in code, and each recorded transaction is called a "block", which is a data structure that contains a timestamp, transaction data, and a link to another block, and this is for security purposes related to the currency and the nature of its circulation.

Crypto expert Buchi Okoro told Forbes, "Imagine a book where you write down all the money you spend every day. Every page is like a block, and the whole book, a bunch of pages, is a blockchain."

The entire blockchain is replicated and distributed across a large network of computer systems, which helps ensure its security.

The block is also created when a new transaction takes place, and it is sent to all participants in the network for validation, which is called "mining".

Mining involves solving complex mathematical problems, which get more complex as the size of the blockchain increases, and when the problems are solved, the block is added to all versions of the blockchain in the network, and a Bitcoin reward is offered to those who solve it. 

The blockchain offers an irreversible timeline of transaction records that are visible to the public and linked to each other by cryptography. This ensures its security, as it will be immediately apparent if any of the blocks has been tampered with, and a successful hacker would also have to change the block in every version of the blockchain on the network. .

It is worth noting that the blockchain technology for currency transactions is open-source, which means that any software developer can easily copy the code to create their own currency, which is why there are so many cryptocurrencies such as Bitcoin, Ethereum, and the popular Dogecoin.