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ELI5 the node "handshake"

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The P2P handshake underpins the whole network. What's happening when 2 nodes on the Bitcoin network establish connection? It could be and often is home computers. It's fascinating to me. I mean what are the steps in the application layer / like after TCP what's involved in the Bitcoin handshake which enables two untrusted parties to share resources on the BTC network?

submitted by /u/takemycover
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