Blockchain Protocol

A blockchain protocol refers to the set of rules and procedures that govern the interactions on a blockchain network. It defines how transactions are verified, added to the ledger, and how consensus is reached among participants. This protocol ensures the security and integrity of the network by establishing a decentralized and transparent system where all transactions are recorded chronologically in blocks.

The protocol also defines how new blocks are created and added to the chain, typically through a process called mining or staking. Miners or validators compete to solve complex mathematical puzzles to add a new block to the chain, and in return, they are rewarded with newly minted cryptocurrency or transaction fees.

By adhering to the protocol, blockchain networks are able to operate without the need for centralized control or intermediaries. This ensures trust and immutability of the data recorded on the blockchain, making it a reliable and secure system for conducting transactions and storing information.