BixBcoin works is that there are thousands of copies of blockchain around
the world, and anyone with a copy of the blockchain can perform a complete verified transaction in the chain. In traditional systems,
only the central banks can verify a transaction but the blockchain technology allows everyone to have a copy of the blockchain and transactions are automatically verified,
So the need for a central bank
and human intermediaries will be eliminated. This may be the main reason for the emergence of digital currencies.
Important Factors in the Emergence of Digital Currencies:
Unlike common currencies, which are owned and distributed by governments, BixBcoin digital currency is not owned by a specific individual, group, or organization,
and individuals entering the network must abide by BixBcoin regulations and the agreement to be allowed to use the coin. These rules can be seen in the form of programmed codes in the network of this coin.
Transaction in BixBcoin Network
In this system, we need a solution that eliminates the problem of double-spending, but
to do this without the need for a trusted person, because transactions must be made public so that participants can agree on the validity of this subject on a separate record, but
meaning that users are responsible for reviewing and finally verifying transactions.
In the BixBcoin network, the transaction from your wallet will be announced to the network.
Miners verify the transactions and record them in the blockchain, creating a block that adds a layer to the blockchain,
making it more difficult to reverse the process of each transaction and breaking the cryptography. Thus, with the addition of each new block,
changing and manipulating the transactions becomes much more difficult than before, so the network security heightens up with each transaction. But A block that has a transaction similar to the previous block is considered unacceptable,
and also a block that has a timestamp (each block contains a timestamp to determine when each transaction is performed) incompatible with the older timestamp will be destroyed. finally
Steps to Send a Transaction on the BixBcoin Network
- Transactions are categorized into blocks.
- Miners check transactions within the block and verify their accuracy.
- To do this process, miners must solve a series of mathematical equations.
- The miner who solves the block equation receives a reward.
- The verified transactions are saved in the public blockchain
Important Factors in Determining the Price of BixBcoin
The price of each coin is determined by the supply and demand for it, but in the initial
supply, other factors affect the price of the coin as well, including:
The Developer team
The Number of coins
The Coin Market