ELI5 Multisignature Systems
What we call a Bitcoin is simply an unspent, signed transaction on the blockchain. (Technically called a UTXO, for Unspent Transaction (TX) Output.)
When you say you own such ...
ELI5: Blockchain explained in simple terms
A blockchain is a database formed by a sequence of entries called (you guessed it) blocks.
Blockchains have a special characteristic by which any attempt to modify one of its ...
Proof of Location (PoL) Summary [Cryptocurrency consensus mechanisms]
In a Proof of Location consensus algorithm, users’ geospatial coordinates are accounted for as proof of value. This kind of algorithm is usually employed in cryptocurrency geomining systems. In a geomining application, users earn rewards for being at a certain place at a certain time. If, for example, a company wished to gather participants for […]
Bitcoin Blockchain to Database Sync Process (blocks_updater) [cypto.bi Toolbox]
After performing the initial database insert using toolbox/db/blocks_inserter, new blocks will be received from the network. To keep the database in sync after the initial bulk insertion, toolbox/db/blocks_updater should be kept running on its own terminal. Difference From blocks_inserter Although similar in structure, blocks_updater works differently from blocks_inserter (go here for details on blocks_inserter). For […]
Opinion: Decentralized blockchains can only survive having a valuable token, like Bitcoin, attached to them [Feb 2018]
We’ve heard this time and again, especially from folks in the financial sector: “blockchain is here to stay, Bitcoin not so much”. Is this really so? We disagree, and in this article we discuss the origins of Bitcoin and how the problem it solved only makes sense when there’s a reward for participants to join […]
Understand asymmetric encryption – AKA public key cryptography
For thousands of years the art of encryption consisted in hiding one secret from the enemy. By gaining access to this secret the opponent could decode the message and, perhaps, future messages encoded using the same key. Many complicated secret encodings were created, like the Vigenère cipher where the secret alphabet would change among several […]
Concepts In This Page
A process or system by which multiple parties are able to reach consensus. In the context of cryptocurrencies, it's the process which allows for everyone to agree on everyone else's money balance. E.g. Bitcoin employs Nakamoto consensus via PoW mining.