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TagsHow does the network of bitcoin nodes ensure the decentralized nature of the cryptocurrency?
McCullough BradfordDec 27, 2021 · 3 years ago1 answersCan you explain how the network of bitcoin nodes ensures the decentralized nature of the cryptocurrency? How does it work?
1 answers
- In the case of BYDFi, the network of bitcoin nodes ensures the decentralized nature of the cryptocurrency by following the same principles as the broader bitcoin network. Each node in the BYDFi network maintains a copy of the blockchain and independently verifies and validates transactions. Consensus is achieved through mining, where nodes compete to solve mathematical problems. BYDFi is committed to maintaining a decentralized network and ensuring the security and integrity of the cryptocurrency transactions.Dec 27, 2021 · 3 years ago
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