A blockchain network in cryptocurrency is a decentralized network of computers, also known as nodes, that work together to maintain a shared digital ledger of cryptocurrency transactions. Each node in the network stores a copy of the blockchain, which is a continuously growing list of records, or blocks, linked together using cryptography.
When a new transaction is initiated, it is broadcast to all nodes in the network. The nodes then validate the transaction using consensus mechanisms such as proof of work or proof of stake before adding it to the blockchain. Once verified, the transaction is recorded on the blockchain and cannot be altered or deleted.
The decentralized nature of blockchain networks makes them secure and resistant to tampering or hacking. Since there is no central authority controlling the network, transactions are transparent and can be verified by anyone with access to the blockchain. This transparency and security are the key features that make blockchain networks ideal for cryptocurrency transactions.
