Blockchain: the fundamental, immutable data structure behind Bitcoin and all cryptocurrencies.
It’s one of the most critical cryptocurrency building blocks, which forms the ledger and bookkeeping system that allowed Bitcoin to be decentralized.
Here, we discuss blockchain-related topics, including introductory materials and various applications of blockchain (including non-cryptocurrencies).
Is blockchain just a glorified database?
The blockchain is a special kind of database that has the property of being immutable and tamper proof. This makes it suitable for high security applications such as banking, logi...
Can Bitcoin SV scale?
Bitcoin SV has made the transition to (for all practical purposes) unlimited block size.
You can now store any amount of data on the BSV blockchain, which raises serious questi...
Middlemen have become expendable
There’s a widely known trend that the number of people is ‘portfolio workers’ who freelance, work part-time or take unguaranteed shift work rises pretty fast. It creates a l...
What are CryptoDepository Receipts?
A CryptoDepository Receipt is a smart contract that is meant to represent something. It is a cryptographic note that can represent anything, any asset, any rights, currency or any...
What is actually a cryptocurrency fork?
Unless you've been living in a cave for the past 9 years, then you've probably heard about cryptocurrency forks.
Bitcoin Cash was probably the most hyped, feared, loved, talked...
ELI5 Cryptocurrency Sharding
If you come from the world of IT, then you've probably heard of database or disk data sharding.
For those who don't come from IT, a real simple way to put it is that sharding m...
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 […]
Proof of Burn (PoB) Summary [Cryptocurrency consensus mechanisms]
In the Proof of Burn (PoB) consensus mechanism, miners earn the right to mint the next block by burning some value in the blockchain. All proof systems are based on the principle that minting a block must incurr in some cost, otherwise fraudsters could inject invalid transactions into the blockchain. Bitcoin achieves this by making […]
Proof of Authority (PoA) Summary [Cryptocurrency consensus mechanisms]
Proof of Authority is a consensus mechanism where members of a cryptocurrency network are identified and receive delegated powers to solve blocks. If they defraud the system their identity is at stake and they will either be prosecuted or booted from the network. This is a centralized system where a higher authority delegates mining powers […]
Proof of Elapsed Time (POET) Summary [Cryptocurrency consensus mechanisms]
In this poetically named consensus mechanism, network participants prove that they have slept for a random amount of time before being able to mint a block. POET was released by Intel in 2016 and was originally aimed at trusted computing using Intel CPU’s. A special instruction set called Software Guard Extensions (SGX) allows programs to […]
Concepts In This Page
One logical entry in a blockchain. Usually composed of a header, which points to the previous block, and a sequence of transactions.
The amount of data a single block is allowed to hold. The block size limits how many transactions can fit in a single block.
The fundamental data structure which powers distributed ledger technology (DLT). Bitcoin implemented the first successful cryptocurrency using a blockchain for its ledger storage system.
The Genesis Block is the first block in a blockchain. It is the only block whose pointer to the previous block is NULL (points at nothing). Every other block must point to a valid previous block.
Bitcoin SV stands for Bitcoin Satoshi Vision, a Bitcoin fork led by Calvyn Ayre and Craig Wright. SV offers unlimited block size.
The ability of a system to grow with demand. A system is said to be scalable when its architecture accommodates expansion without performance penalties.
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.