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Protocol

Protocol

A protocol is governed by a set of rules which define the behavior of a network. The Bitcoin protocol has many rules dictating its use, similar to a constitution. Rather than relying on a central entity like a Supreme Court or a CEO, all nodes in the Bitcoin network enforce the entire ruleset. The Bitcoin protocol uses a blockchain based on Proof-of-Work and a token (bitcoin) in order to establish a peer-to-peer monetary network.