what is protocols?-Definition of all finance terms

Definition of Protocols

Protocols are a set or bunch of rules and procedures that allow data communication between entities in a network. In the cryptocurrency world, property such as digital money or commodities is transferred by real transformative power over a network.

Brief Explanation of Protocols

They are able to perform all functions of the cryptocurrency world under the given set of rules and policies which authorize the transactions in a blockchain.

Additionally, they use a set of rules to send messages or funds from one Internet address to another. This control makes transactions more flexible in a network and rapidly increases cryptocurrency world technology.

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