How do cryptocurrencies work?

Cryptocurrencies use different models to execute their transactions. As an example, Bitcoin uses a proof-of-work model in which miners or miners confirm transactions. These different models in blockchains, known as “consensus algorithms” or collective agreement mechanisms, are how network participants come to a consensus. determine whether or not to approve a transaction in the network. Digital currency transactions work on a peer-to-peer (P2P) basis, and based on the model used, they eliminate the need for intermediaries. The responsibility of monitoring the digital currency network and ensuring security It is powered by nodes. Nodes are selected in different ways in different networks. For example, in Bitcoin, it is miners or miners who are responsible for this, in IAS and Tron, there is a vote on the selection of these nodes, and in proof-of-stake networks, anyone who has locked a part of his coins in the network as a stake, Can make decisions about transactions.