The technology behind cryptocurrencies

Let's talk about blockchain, the tech behind bitcoin and crypto in general. Firstly it was invented by Satoshi Nakamoto in 2008. The beauty of the blockchain (aside from the fact that it doesn't need a central server to operate) is that it eliminates the idea of double spending.

The technical details

The blockchain is a continuously growing list of records called blocks. Yep, every transaction made with bitcoin is listed on the blockchain (or with any other crypto, it is kept in its blockchain). These records is composed of a cryptographic hash, a timestamp and the transaction data.

[It's] an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Wikipedia

The future of payments

Cryptos have a lot of potential. It can be used for virtually anything. Not only that, because of the security it provides the blockchain can be used for identity management transaction processing, documenting provenance, food traceability or even voting.

The invention of the blockchain is really revolutionary. By today's standards where documentation is everywhere, it really is.

Comments

Post a Comment

Popular posts from this blog

London attractions

Image
If you're traveling, London must be on your go- to list. London is one of the top tourist destinations and you can't go wrong with it's diverse culture. Ranging from food shops to pubs, there is always something to choose from. Here are some tourist attractions to visit if you go to London. Big Ben Big Ben is actually a  nickname for the Great Bell of the clock at the north end of the   Palace of Westminster   in   London n andis usually   extended to refer   to both the clock and the   clock tower .   The official name of the tower in which Big Ben is located was originally the   Clock Tower , but it was renamed   Elizabeth Tower   in 2012 to mark the   Diamond Jubilee of Elizabeth II . London eye The  London Eye  is a giant  Ferris wheel  on the  South Bank  of the  River Thames  in London. It is Europe's tallest Ferris wheel,  is the most popular paid  tourist...
Read more

Developing with Git

Image
Git is a nice tool to keep track of how a software is developed. Even text files. Git can help you with those. Here are some basic commands you can use with git. • git init creates a new Git repository • git status inspects the contents of the working directory and staging area • git add adds files from the working directory to the staging area • git diff shows the difference between the working directory and the staging area • git commit permanently stores file changes from the staging area in the repository • git log shows a list of all previous commits Git workflow Backtracking • git checkout HEAD filename: Discards changes in the working directory. • git reset HEAD filename: Unstages file changes in the staging area. • git reset commit_SHA: Resets to a previous commit in your commit history.  Branching • git branch: Lists all a Git project's branches. • git branch branch_name: Creates a new branch. • git checkout branch_name: Used to switch from one branch to another. • git mer...
Read more

Save me from the clutches of my mother: a secret

Image
This is probably the one thing I never tell anyone about. My mom is actually abusing me. Every. Single. Day. She's always scolding and hitting me like having ataxia is my fault. And you know what I've noticed? It's when other people are around or they're talking to other people, they are so good to me. But when they're not, I'm in hell. Okay I know there are some who will read this (my relatives perhaps) who will call and talk to my mom. I tell you, that's not how it works. Treat this as something you've read and just let it by and you're doing me a favor of them (yep my sister too) not hitting on me. Th ey'll just hit me after you've talked to them. It's best if we just chat. You may donate  here   to help me.
Read more