Asset Transfer

1-Asset Transfer

Every user has a public key and a private key pair. The public key is publicly known, it specifies the person's public account. The private key is stored in a safe place by the user and is not known to anyone. When the user wants to transfer any value, he signs the transaction using his private key. For example, User 0 has a valuable asset (digital currency, commodity eb.) in his account and wants to send this asset to User 1. User 0 simply follows these steps:

1. Transactions made in a block are combined with the previous block summary and the public key of the person to be transferred, and the summary is obtained.
Blocks: Records are combined and processed at regular intervals and written into blocks. The criteria such as how many records will be in the blocks and after which transactions the records will result in a block are specific to the design of the blockchain. Generally, cryptographic hash algorithms and digital signatures are used during the creation of a block.
2. Nodes check the authenticity of the signature, and if it is correct, it checks whether the sent asset belongs to the signatory by looking at all past transactions on the blockchain. If it has a specified amount of asset value, it returns positive to other nodes, otherwise a negative message is returned.
3. If a certain number of nodes have made a positive return, this transaction is dug into the blockchain with the hash function.

Scroll to Top