FUNDAMENTALS OF COMPUTER

Detailed explanation-1: -It exists on a decentralized network of computers, often called a blockchain, that keeps track of all transactions made using the currency. Bitcoin uses a proof-of-work algorithm to validate transactions and add them to the blockchain. Bitcoin was the first cryptocurrency to be created and is the most well-known.

Detailed explanation-2: -Lightning Network is the most popular solution for scaling Bitcoin-based applications. The core idea behind Lightning Network’s design is that small transactions don’t need to be recorded on the blockchain. Lightning allows individuals to conduct transactions off-chain, boosting system throughput.

Detailed explanation-3: -Blockchain is the technology that underpins the cryptocurrency Bitcoin, but Bitcoin is not the only version of a blockchain distributed ledger system in the market. There are several other cryptocurrencies with their own blockchain and distributed ledger architectures.

Detailed explanation-4: -Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain.