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![]() | As the Bitcoin hash rate reaches new all-time highs, there’s never been a better time to discuss blockchain security and its relation to the hashing power and the Proof of Work (PoW) that feed the network. The Bitcoin system is based on a form of decentralized trust, heavily relying on cryptography. This makes its blockchain highly secure and able to be used for financial transactions and other operations requiring a trustless ledger. submitted by BlockDotCo to u/BlockDotCo [link] [comments] Far from popular belief, cryptography dates back to thousands of years ago. The same root of the word encryption — crypt — comes from the Greek word ‘kryptos’, meaning hidden or secret. Indeed, humans have always wanted to keep some information private. The Assyrians, the Chinese, the Romans, and the Greeks, they all tried over the centuries to conceal some information like trade deals or manufacturing secrets by using symbols or ciphers carved in stone or leather. In 1900 BC, Egyptians used hieroglyphics and experts often refer to them as the first example of cryptography. Back to our days, Bitcoin uses cryptographic technologies such as:
Here is a graphic example to make things more clear: – Extract from the MOOC (Massive Open Online Course) in Digital Currencies at the University of Nicosia. Furthermore, hash functions are used as part of the PoW algorithm, which is a prominent part of the Bitcoin mining algorithm and this is what is of more interest to understand the security of the network. Mining creates new bitcoins in each block, almost like a central bank printing new money and creates trust by ensuring that transactions are confirmed only when enough computational power is devoted to the block that contains them. More blocks mean more computation, which means more trust. With PoW, miners compete against each other to complete transactions on the network and get rewarded. Basically they need to solve a complicated mathematical puzzle and a possibility to easily prove the solution. The more hashing power, the higher the chance to resolve the puzzle and therefore perform the proof of work. In more simple words, bitcoins exist thanks to a peer to peer network that helps validate transactions in the ledger and provides enough trust to avoid that a third party is involved in the process. It also exists because miners give it life by resolving that computational puzzle, through the mining reward incentive they are receiving. For more info, contact Block.co directly or email at [email protected]. Tel +357 70007828 Get the latest from Block.co, like and follow us on social media: ✔️YouTube ✔️Medium ✔️Telegram ✔️GitHub |
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AsicBoost is a method to speed up Bitcoin mining by a factor of approximately 20%. The performance gain is achieved through a high-level optimization of the Bitcoin mining algorithm which allows for drastic reduction in gate count on the mining chip. AsicBoost is applicable to all types of mining hardware and chip designs.Dr. Timo Hanke, March 31, 2016
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When mining bitcoin, the hashcash algorithm repeatedly hashes the block header while incrementing the counter & extraNonce fields. Incrementing the extraNonce field entails recomputing the merkle tree, as the coinbase transaction is the left most leaf node. The block is also occasionally updated as you are working on it. Litecoin is a clone of Bitcoin with a faster transactions Ethereum Classic: 2015 : ETC: Dagger-Hashimoto: This is the same Etherium, but developers have a conflict, and they divided coin, the price is much cheaper Dogecoin: 2013 : DOGE: Scrypt: Completely copied algorithm with Litecoin with some modifications. Structure of a Bitcoin block. The SHA-256 hash algorithm used by Bitcoin. The SHA-256 hash algorithm takes input blocks of 512 bits (i.e. 64 bytes), combines the data cryptographically, and ... START BITCOIN MINING NOW 200 GH/s Startup Bonus. ... For every blockchain algorithm that we offer, we’re providing some of the highest performing mining systems that exist. Diverse Mining Portfolio. Choose from 6 major mining algorithms that span over 10+ mineable cryptocurrencies. Bitcoin is the currency of the future & Alpha Mining is the largest cloud mining company on the market. Mine bitcoin through the cloud, get started today!
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This video illustrates the concepts of Hashing, Encryption, Blockchain and Bitcoin Mining by the use of straightforward Python code. It is from a free Webina... Bitcoin and cryptocurrency mining explained with the Byzantine Generals Problem. We use it to explain the essence of cryptocurrency mining. https://www.udemy... Get an additional $10 in Bitcoins from Coinbase when purchasing through my referral link http://fredyen.com/get/Bitcoins Raspberry Pi: http://amzn.to/2l6yrW7... Bitcoin Mining Algorithm Example - https://toplowprice.com/bch2WV Purchase hashrate contract, getet mining payouts hourly, withdraw income to your wallet I W... Mining Bitcoin with pencil and paper - Duration: 7:52. Ken Shirriff 1,233,674 views. 7:52. Get Started with Python Bitcoin Program : Programming Bitcoin with Python ...