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Author: Admin | 2025-04-27
To perform the transaction, Elon will need the following things:The private key associated with the Astra coin that Elon holdsElon’s address on the blockchain (his public key)Jeff’s address on the blockchain (his public key)and of course, the amount should be present with Elon that he wishes to send.Image: How blockchain worksA Simple ExampleIn order to send one Astra coin, Elon will authorize the transaction by signing it with his private key. Afterward, this message will be broadcasted over the network. Now, nodes on the network will see this message and verify it by Elon’s public key (that’s how key-pair works). After verifying the authenticity of the message, the nodes will also see if one coin is present at the sender’s address to avoid basic blockchain security issues. It will be then grouped with a bunch of other transactions. Now comes into the picture, ‘Miners’. They would be working to find the valid cryptographic hash for this bunch of transactions which would make it into a block. For example, in the case of the Astra coin, a valid block is one whose hash ends with the alphabet ‘a’. So, miners would be adding a random number called nonce to the bunch of transactions. They would keep changing the nonce until the hash of the whole bunch ends with the alphabet ‘a’ (it’s a hit and trial). Once found, it would be called a valid block and propagated over the network. Thus that block would be added to the blockchain and the
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