Creating blocks from A to Z
Greetings! 👋🏻 Today we will tell you about the process of creating blocks.
When a node is deployed, an account gets the right to add new blocks, which are the main element of the system, to the PZM Cash blockchain, that is, for forging. Forging is the ability to profit in the form of new units of cryptocurrency, due to the receipt of a certain percentage for the work performed. The main advantage of block manufacturing technology is the fact that it does not require expensive equipment, as is the case with mining.
📌 The details of creating blocks process
The process of adding a new block is associated with the main network process — the implementation of transactions — and begins on the user side. The user enters their wallet using the private key, and after deciding on the transaction, they create it. For this:
🔹 User indicates its parameters: amount, recipient’s public key/address, etc.
🔹 A request for a transaction is generated. The software informs the network of the intention to conduct the transaction. The easiest way to use a lightweight cryptocurrency wallet is PZM Cash Wallet.
🔹 Active nodes in the cryptocurrency network make sure that there are coins on the user’s balance that he intends to send.
🔹 After confirmation, the transaction is signed with the private key and sent to the pool of unallocated transactions that are waiting to be added to the blockchain. It is from this pool that forgers collect transactions into the blocks they are trying to add.
🔹 Next, the transaction should fall into the block. It will also be double-checked by nodes on the network. After confirmation, the transaction cannot be canceled.
🔹 Next, this transaction should be recorded on the blockchain, which is already happening on the core side, which also includes the consensus algorithm. The kernel does not operate with individual transactions, but with blocks, so blocks are a product of the consensus algorithm. They determine in what order transactions will be included in the transaction log and in what order are “conducted”.
🔹 Making a decision about who will form the next block in the ledger.
📢 Read more about the creating blocks process and PZM Cash reward system here: https://pzmcash.com/en/
🔔 Subscribe to our social media not to miss new posts!