Question - Forex Forexqna Crypto

How are the cryptos de-centralized?

8 Views
2 Answers
Bob Ruiz
Answered 8 months ago
<p id="isPasted">Cryptocurrencies are decentralized through the use of blockchain technology and distributed networks, eliminating the need for a central authority to manage transactions or control the currency. This is achieved by recording all transactions on a public, distributed ledger (the blockchain) which is maintained by a network of computers (nodes).&nbsp;</p><p>Blockchain Technology:</p><p>Cryptocurrencies utilize a blockchain, a decentralized, distributed ledger that records all transactions across a network of computers.&nbsp;</p><p>Distributed Network:</p><p>Instead of relying on a central server, the blockchain is replicated and distributed across many computers (nodes).&nbsp;</p><p>No Central Authority:</p><p>This distributed nature means there is no single entity controlling …</p>
7 Views
Wiebe Kaiser • Former Operating Engineer at Realty Solution
Answered 3 days, 4 hours ago
<p id="isPasted">Cryptocurrencies achieve decentralization by replacing a single central authority (like a bank or government) with a distributed global network of computers, known as nodes, that collectively manage the system.&nbsp;</p><p><strong>1. Distributed Ledger Technology (Blockchain)&nbsp;</strong></p><p>Instead of one master database at a central office, every "full node" in the network stores an identical copy of the entire transaction history (the blockchain). This ensures:&nbsp;</p><ul><li>No Single Point of Failure: If one node goes offline or is hacked, thousands of others remain active to keep the network running.</li><li>Transparency: Anyone can audit the public ledger to verify transactions without needing permission from a …</li></ul>
About •
Contact Us •
Privacy •
Terms •
Help