Cryptocurrency Q&A
Who controls blockchain?
Who controls blockchain?
Lucia
Fri Oct 11 2024
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7 answers
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I'm curious about the control mechanism of blockchain technology. Who exactly has the authority to manage or regulate this decentralized system? Is it controlled by a single entity, or is it a collective effort by multiple parties?
7 answers
isabella_bailey_economist
Sun Oct 13 2024
In this network, participants known as nodes work collaboratively to ensure the integrity and security of the blockchain. Each node contributes to the network's functionality, adding a layer of redundancy and resilience.
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SsamziegangSerenadeMelody
Sun Oct 13 2024
The process of adding new transaction blocks to the blockchain relies on a consensus algorithm protocol. This mechanism ensures that all nodes agree on the validity of new blocks before they are appended to the chain.
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TaekwondoMasterStrengthHonor
Sun Oct 13 2024
The consensus algorithm varies across blockchain networks, with some employing proof-of-work (PoW) and others utilizing proof-of-stake (PoS). These protocols require nodes to solve complex mathematical problems or stake a portion of their tokens to participate in the validation process.
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SakuraDance
Sun Oct 13 2024
Blockchains, the underlying technology powering cryptocurrencies, operate within a unique decentralized framework. These digital ledgers are administered by a peer-to-peer (P2P) computer network, fostering a public and transparent system.
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Lorenzo
Sun Oct 13 2024
By adhering to these consensus rules, nodes maintain the immutability of the blockchain. Once a block is added to the chain, it becomes difficult to alter or remove without the consensus of the majority of nodes.
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