Basic Concepts

In the Basic Concepts category you will find introductory articles that range from the very basics (such as the ELI5 subsection) to medium difficulty subjects (e.g. beginning programming).

The concepts presented on this section are recommended for those beginning with cryptocurrency programming, investing, mining and other crypto related activities which involve some technical background.

ELI5 : What is Proof of Trust (PoT)? by @Cryptobill
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, use...
ELI5 What is geomining? [Cryptocurrencies] by @Cryptobill
Geomining is a cryptocurrency consensus mechanism where the participants' geographic locations are used as a proof of value. Though the concept may seem vague at first, it is ac...
ELI5 Cryptocurrency by @Cryptobill
If you're just getting started in the world of cryptocurrencies then the amount of information may seem overwhelming. Blockchains, forks, stablecoins, mining, staking, complex e...
ELI5 Bitcoin to USD conversion by @Cryptobill
Bitcoin itself does not offer a US Dollar for Bitcoin exchange system. If you've just arrived in the world of cryptocurrencies, this may cause some confusion. Bitcoin is a co...
ELI5 What’s a stablecoin? by @Cryptobill
Since the beginning of cryptocurrency history, most crypto assets have been known to experience enormous oscillations against the US Dollar (or some other legacy currency). This...
ELI5 Semi-formal Cryptocurrency Development by @Cryptobill
We've previously discussed formal software verification as related to crypto programming. Today we'd like to discuss an intermediary concept called semi-formal cryptocurrency de...
ELI5 Atomic Swaps by @Cryptobill
Atomic swaps provide a way for two cryptocurrencies to be exchanged using one blockchain and without a trusted 3rd party involved. In computer lingo, "atomic" means something th...
ELI5 Cryptocurrency Sharding by @Cryptobill
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 me...
ELI5 Zero Knowledge (ZKP) cryptocurrency proofs? by @Cryptobill
In cryptographic theory, a zero knowledge proof is a method by which you can convince someone, who does not necessarily trust you, that you possess a piece of knowledge (proof) wit...
What is a Cryptocurrency Tumbler or Mixer? Is it legal? by @Cryptobill
A cryptocurrency tumbler is a system which mixes transactions in order to make it difficult to trace the origin of the funds. Although in fiat money markets this would be seen a...