Blockchain technology and its use in Ethereum’s decentralized network
Blockchain Technology:
Blockchain is a distributed information storage system, containing blocks of data linked together through encryption. Each block of data contains information about the transaction as well as a link to the previous block, creating an immutable blockchain. This creates an uneditable and transparent nature, helping to ensure trust in data storage and exchange.
How Ethereum Uses Blockchain to Create a Decentralized Network:
Ethereum uses the consensus protocol to ensure that all nodes on the network agree on the state of the blockchain. This agreement helps ensure consistency and transparency of data on the network. Data on the Ethereum blockchain is stored on many different nodes, creating distributed computing and resistance to attack from a centralized point. Ethereum uses blockchain to deploy smart contracts and DApps, creating a decentralized and transparent application environment where transactions and applications can be performed without third-party intervention. It can be said that Ethereum uses blockchain technology to create a decentralized network environment, creating decentralization, transparency and distributed computing in the process of storing and exchanging data.
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