What is Blockchain?

A blockchain is a shared, publicly accessible database that is shared among numerous computers in a network.

Data and information are kept in units called "blocks," which are grouped together in sequential order. The transaction data must be included to a block in order for QIE to be sent to a recipient.

The term "chain" describes how each block contains a cryptographic reference to its parent. Blocks are therefore connected together. The data in a block cannot be modified without also changing all blocks that come after it, which would necessitate network-wide consensus.

Every computer in the network must agree to accept both the chain as a whole and each new block. "Nodes" are the titles given to these computers. Nodes ensure that the same data is accessible to everyone using the blockchain. A consensus mechanism is required for blockchains in order to implement this distributed agreement.

A proof-of-work consensus mechanism is being used by QI. As a result, anyone wishing to add new blocks to the chain must first crack a challenging puzzle that calls for a lot of processing power. By using computing resources, you can use the problem to "show" that you have finished the "work.". Mining is the practice of doing something. Mining is normally done through brute force trial and error; however, with QIE, adding a block successfully is rewarded.

The network's nodes check and verify new blocks once they are broadcast to them, updating everyone's knowledge of the blockchain's current state.

In conclusion, sending QIE to someone requires adding the transaction to the block that will be mined. The entire network is then updated about the current state.

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