What is the Bitcoin Mainnet (What is the P2P network of the Bitcoin Mainnet)?
What is the Bitcoin Mainnet? What is the Bitcoin Mainnet?The Bitcoin blockchain
What is the Bitcoin Mainnet? What is the Bitcoin Mainnet?
The Bitcoin blockchain is developed by Bitcoin Core. It is a peer-to-peer, trustless network protocol. The Bitcoin blockchain consists of a single client network. When different transactions are run, each block must have the same functionality and quantity. If there are no other miners involved, all transactions cannot be processed because the data will not be included in the local repository (e.g., BTC).
To solve this problem, synchronization is required through two or more nodes. These two systems are proof-of-work mechanism, PoW consensus, and a new type of consensus algorithm called “Lightning.” These new features are very similar to existing Bitcoin software. (Cointelegraph)
What is the P2P network of the Bitcoin Mainnet?
The P2P network of Bitcoin is a system used for peer-to-peer transactions, consisting of two nodes: sender and receiver. These channels are connected through one or more blockchains (such as Ethereum), and the receiver is a group of users, each running their own validator to perform a specific operation and complete the process under their witness. If these protocols compete with each other someday, it will lead to a severe undervaluation of Bitcoin’s value, so this P2P model also has some issues.
To address the aforementioned problems, Bitcoin proposes a network model called “BitcoinPay.” This platform aims to allow instant transfers between Bitcoin and other cryptocurrencies. The concept is defined in computers, where Bitcoin serves as a means of storing value that can circulate like gold. However, such a mechanism does not exist in Bitcoin, and instead, a method tied to the US dollar at a 1:1 ratio is used, making the value of the entire system transparent.
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