Prutus utilizes blockchain on the exchange to bring everyone to the highest degree of accountability. Blockchain is a decentralized, incorruptible digital ledger that has been gaining importance the last few years. A blockchain is a public ledger of economic transactions that can be programmed to record not only financial transactions, but virtually everything of value. The transactions are recorded among network of computers so that the records cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network thus enhancing the security of the transactions. Blockchain allows consumers and suppliers to connect directly, removing the need for a third party enforcing direct peer to peer trading. Also, by allowing digital information to be distributed but not copied, blockchain technology has created the backbone of a new type of internet.
Someone requests a transaction.
The requested transaction is broadcast to P2P network consisting of computers, known as nodes.
The network of nodes validates the transaction and the user’s status using known algorithms.
A verified transaction can involve cryptocurrency, contracts, records or other infotmation.
Once verified, the transation is combined with other transactions to create a new block of data for the leger.
The new block is then added to the existing blockchain, in a way that is permanent and unalterable.
The transaction is complete.
Has no intrinsic value
in that is not redeemable for another commodity such as gold.
Its supply is not determined by a central bank
and the network is completely decentralized.
Has no physical form
and exists only in the network.
Using cryptography to keep exchanges secure, blockchain provides a decentralized database, or “digital ledger”, of transactions that everyone on the network can see. This network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded. Blockchain technology enables a high level of transparency and security, decreasing the risk of hackers tracking your transactions.