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BLOCKCHAIN, BITCOIN - Coggle Diagram
BLOCKCHAIN
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Wallets
A wallet is a software application used to view your balance and send or receive bitcoins. Because bitcoin is data inputs and data outputs, they are scattered all over the blockchain in pieces because they have been used in previous transactions. Your wallet application finds them all, totals the amount and displays it
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Establishing trust
- Validation
- Verification
- Consensus
- Immutable Recording
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COINBASE TRANSACTION
The first transaction in each block is known as Coinbase Transaction
. These transactions create new units of cryptocurrency.
- It serves as an incentive for miners to process and validate transactions
- It doesn't have any input UTXO
Types of Blockchain
Public
Anybody can join and leave as they wish
Transaction blocks and the blockchain are publicly observable even though participants are anonymous
Open Source
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Permissioned
CONSORTIUM BLOCKCHAIN meant for a consortium of collaborating parties to transact on a blockchain for ease of governance, provenance and accountability
- Blockchain is about enabling peer to peer transaction in a decentralized network
- Establishing trust among unknown peers
- Recording the transaction in an immutable distributed ledger
Functions of the intermediaries are shifted to the periphery to the peer participant in the blockchain infrastructure.
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