Cryptocurrency Q&A
What is the longest chain rule Nakamoto Consensus?
What is the longest chain rule Nakamoto Consensus?
CryptoAlchemy
Sun Aug 11 2024
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5 answers
1024
Could you please elaborate on the concept of the longest chain rule in the Nakamoto Consensus? I'm particularly interested in understanding how it functions within the framework of cryptocurrency and blockchain technology. Specifically, how does the longest chain rule determine the validity of transactions and ensure the security of the network? Is it related to the concept of mining and the proof-of-work algorithm? Additionally, how does it help in resolving conflicts or forks that may arise in the blockchain?
5 answers
Riccardo
Tue Aug 13 2024
The longest chain rule is a fundamental principle in blockchain technology that ensures consensus among all nodes in the network. It allows each node to have a clear understanding of the blockchain's state and history.
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Raffaele
Tue Aug 13 2024
This rule ensures that every transaction recorded on the blockchain is agreed upon by all nodes, thereby maintaining the integrity and security of the network.
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Stardust
Mon Aug 12 2024
The longest chain rule operates by selecting the chain with the most cumulative difficulty, or the highest total computational power invested in mining, as the valid chain.
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ZenHarmony
Mon Aug 12 2024
As a result, computers acting independently over the network can maintain a consistent view of the globally updated file, ensuring that everyone has access to the same transaction history.
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Ilaria
Mon Aug 12 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services that leverage blockchain technology. These services include spot trading, futures trading, and cryptocurrency wallet management.
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