Instead, it uses a peer-to-peer network that relies on the cryptographic security of digital signatures and proof-of-work to prevent double-spending and maintain the integrity of the transaction ledger.
The network is designed to be robust and resistant to attack.
Nodes work in a decentralized manner, with little coordination required.
Messages are not routed to any specific location, and nodes can join and leave the network at will.
The only requirement is that they have the computational power to participate in the proof-of-work consensus mechanism.
This consensus mechanism ensures that valid blocks are accepted and invalid blocks are rejected.
Nodes vote with their CPU power, and any needed rules and incentives can be enforced through this mechanism.
The result is a system that provides strong control of ownership without relying on trust.
Transactions are recorded publicly and become computationally impractical for an attacker to change if honest nodes control a majority of the CPU power.
This makes the network secure and robust, while also allowing for a high degree of flexibility and scalability.