What is the process of verifying transactions in blockchain?

3 answers

• Dec 16, 2021 · 3 years ago
  Sure! When a transaction is initiated in a blockchain, it is first broadcasted to all the nodes in the network. These nodes then validate the transaction by checking if the sender has sufficient funds and if the transaction meets the required criteria. Once the transaction is validated, it is grouped with other transactions into a block. Miners then compete to solve a complex mathematical puzzle to add the block to the blockchain. The first miner to solve the puzzle gets to add the block and is rewarded with cryptocurrency. This process of validating and adding blocks to the blockchain is known as mining.
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• Dec 16, 2021 · 3 years ago
  Verifying transactions in a blockchain involves a decentralized consensus mechanism. When a transaction is made, it is added to a pool of unconfirmed transactions. Miners then select a group of transactions from this pool and create a block. They then use their computational power to solve a mathematical puzzle, known as proof-of-work. Once the puzzle is solved, the block is added to the blockchain and the transactions within the block are considered confirmed. This process ensures the security and integrity of the blockchain by making it extremely difficult for any single entity to manipulate the transaction history.
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• Dec 16, 2021 · 3 years ago
  In the case of BYDFi, the process of verifying transactions in blockchain is similar to other cryptocurrencies. Transactions are validated by nodes in the network, and once validated, they are added to a block. Miners then compete to solve a mathematical puzzle to add the block to the blockchain. This process ensures the security and immutability of the BYDFi blockchain.
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