BTC Core Technology and Operating Mechanism
Consensus and Verification: Uses a Proof of Work (PoW) consensus mechanism. Global miners compete to solve complex mathematical problems with specialized mining machines, and the first miner to complete the task gains the right to package transactions and create new blocks, while also receiving Bitcoin rewards. This mechanism ensures network security, as an attacker would need to control over 51% of the network's computing power, making the cost of such an attack far exceed the potential gains, thus economically deterring malicious attacks. Transaction Characteristics: Transactions are conducted on a peer-to-peer network without the need for banks or other intermediary institutions. Transaction information is recorded on a public blockchain ledger, ensuring transparency and traceability; once a transaction is confirmed, it becomes irreversible, with each transaction's block confirmation time being approximately 10 minutes. Additionally, user transactions rely on wallet addresses, which are not directly linked to real identities, achieving pseudonymity.
