IMPORTANT TOPICS IN BLOCK CHAIN TECHNOLOGIES

IMPORTANT TOPICS IN BLOCK CHAIN TECHNOLOGIES

• Intro To Blockchain And Cryptocurrency
• Internet of money
• Cryptography: consensus verification, proof of work
• Public vs. private Blockchain technology
• Valuation and Bitcoin
• Data blocks

Cryptography: consensus verification, proof of work

Blockchain technology, example of Bitcoin, it is very difficult to understand. This is mainly because the key is often lost between the complexity of a detailed non-essential. This article attempts to bridge the gap between literature general public, which is completely non-informative for the IT professional and very professional literature is informative, but often dominant. It was written for people with some technological background but without in-depth knowledge of this field.

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The subject of the article was distributed technology permits what, because it was the area where the system blocks such as Bitcoin, really big business. When it comes to other targets, such as distributed data warehouses, transaction anonymity check, data obfuscation, books distributed, micropayments, high-performance, digital contracts and so on, cryptographic system blocks are essentially random. Solution of this problem is well known in the outside line and space, so that they do not focus.

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The main novelty by Satoshi Nakamoto presented in his article, the use of so-called evidence of work (POW), a distributed consensus senseless and resolve problems of double-spending. POW is not a new idea, but the way Satoshi combining these and other concepts are - on cryptographic signatures, key chains and P2P networks - is received approvals distributed system that kriptocurrency the application was very basic and innovative.

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Proof of employment is required to perform the calculations costly, also known as mining, the reason is clear later on, in order to facilitate transactions in the block. Understand the link between the computing and network permission disproportionate in the distributed system implements of crypto currency is a serious psychological ploy. In this article, I wanted to help people who are trying to.

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As absurd consensus distributed the primary technology innovation block-ROM, starting with an understanding of what it is. As suggested denomination, puzzles made up of three parts: (1) treaty (2) is divided, and (3) what. The following clarification by the three terms I synthesize, so it illustrates a problem that occurs when all three together. In the process, we will see how dispersed the book, which is based on the POW, solves this problem.

Consider what happens when we talk to each other. When I say "please download the salt", I know that I want to express the desire to receipt salt. When you hear this word also understand that this means they are. However, it was again. You expressly understand that I understand that this means, and I also understand that you understand that I understand it. We imagine that in a country where English is not widely spoken. I guess I will not say their word, not because they suddenly stop it, you know, they think, but because I guarantee no consensus on the importance of each of our in - I do not know, you know what I mean.

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The balance of consensus on the importance of the language that is defined as a state of both said X means Y, we both know that X is Y we say, we both know we both know it, and so on, ad infinitum. In other words, it requires people to make the knowledge public.

With money picture is very similar, but the permit should include not only the contractors but the rest of the social group that is using the currency of the course. To receive money in to pay for services or valuables I have to admit, what I describe as the money, but know with reasonable assurance that it will be all the other known as such.

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Terms of the money supply can only exercise, there is crucial. If the person receiving the frog in exchange for valuable things - we collect frogs. If people would take a piece of paper with a hand-drawn picture of a giraffe, giraffes relative attractiveness. The reason for this is that the choice of limited resources as an important tool exchange is that it generally represents the motivating factor in the social relief system that we are all familiar. non-modest money will not motivate people to perform services or produce goods. So they prepared giraffes by hand as the money will not. Our understanding of this is intuitive and limitations of what can be used as money.

This simplistic and far from rigorous account, but was aimed at clarifying which costs enough digital. Note that (3) there is a general knowledge about what it means money, while (2) requires a general knowledge of the situation given the fact that token money in accordance with the agreement referred to in (3). Logistics usually have days with this kind of self-reference statement, but they will not be disturbed because they feel. But we revolted.