Nakamoto Consensus

The consensus method employed by the majority of blockchain networks, including Bitcoin, is known as the “Nakamoto consensus.” In order to authenticate and concur on the order of transactions in a secure and trustless manner, it depends on a decentralized network of nodes (computers) cooperating.

In order to add new blocks to the blockchain and maintain the immutability and security of the ledger, miners must solve challenging mathematical problems. This process is known as mining, and it is how Nakamoto consensus obtains consensus. It bears the name of Satoshi Nakamoto, the mysterious person who invented Bitcoin.

More Definitions

Node

Node refers to a fundamental component within a computer network or blockchain system. Nodes play important roles validating transactions, maintaining a copy of the blockchain ledger, and participating in network consensus.

Non-fungible Tokens

Non-fungible tokens are a type of cryptocurrency token that represent unique, indivisible digital assets. Unlike cryptocurrencies like Bitcoin (BTC) or Ether (ETH), NFTs are not interchangeable on a one-to-one basis.

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