Cryptocurrency Transactions (TX’s) are the logical object which tie an unspent output to a new input, forming the chain which allows us to control address balances. Transactions are grouped into blocks which, when verified by mining or staking, form the blockchain.
Browsing 6 results under Cryptocurrency Transactions
How can I sell Bitcoin?
There are many ways in which you can sell your Bitcoins.
Over the counter (OTC) trade is growing everywhere, thus fulfilling one of Satoshi's original ideas, which was to have...
ELI5 : What is Proof of Trust (PoT)?
Proof of Trust is a consensus mechanism where users "stake" the trust they've earned in a network in order to verify cryptocurrency transactions.
In a proof of trust system, us...
Proof of Space (PoSpace) Summary [Cryptocurrency consensus mechanisms]
Proof of Space uses hard disk space as the value used to guarantee a participant’s stake in mining. By allocating disk space, the network participant provides value to the network, which uses this space to solve computational problems. Given low network bandwidth for a lot of regions, making it difficult to transfer large amounts of […]
Proof of Capacity (PoC) Summary [Cryptocurrency consensus mechanisms]
Proof of Capacity (PoC) consensus algorithms require network participants to prove they have performed a certain amount of storage operations in order to mine a valid block. Where Proof of Work consensus requires users to prove they have performed computations in time (to guarantee a 10 minute space between Bitcoin blocks, for example), Proof of […]
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 […]
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 […]
Concepts In This Page
Cryptocurrency Transactions (TX's) are the logical object which tie an unspent output to a new input, forming the chain which allows us to control address balances. Transactions are grouped into blocks which, when verified by mining or staking, form the blockchain.
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.
Cryptocurrency Tokens are coins which are managed using smart contracts stored on blockchain. A token depends on an underlying blockchain, whereas coins have their own sovereign chains.
A concept of value exchange that does not require physical tokens (coins or paper cash) to be used in order to trade. Cryptocurrencies are a type of digital money.
Elon Musk is a serial entrepreneur who co-founded innovative companies such as Paypal, Tesla and SpaceX. His ambitious projects and impressive technical feats have catapulted him to the helm of business innovators.
HashCash is an early Proof of Work (PoW) system developed by Adam Back. Its initial purpose was to fight email spam, but HashCash ended up becoming a central component of the Bitcoin consensus mechanism.