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For College Students

Explain Bitcoin Blockchain Network

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So far, you have learnt about the evolution of blockchain and its various layers. In this section, you will learn about the Bitcoin blockchain network which was the first blockchain network created by Satoshi Nakamoto. Let’s first hear from Shebin what a Bitcoin blockchain network is.

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Bitcoin was the first implementation of the blockchain and it has many use cases. In the bitcoin network, a transaction is performed between two nodes and the transaction is flooded across the entire network. All the nodes in the network validate the transaction and add it to their transaction pool in case the transaction is valid otherwise reject it. Each node has its own transaction pool that it maintains. All the transactions that are validated as valid are placed inside the transaction pool.

 

All the above-mentioned process are a part of the record keeping mechanism of the blockchain network. Next, you will look into the record keeping in detail.