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CounterParty (XCP) Technology

Counterparty (XCP) is a smart contracts protocol that uses Bitcoin's protocol and network for security and time-stamping capabilities. Famous coins built with XCP include BitCrystals by Spells of Genesis, and PepeCash (Pepe the Frog Internet Meme Cards and games).
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The applications of the future

This subreddit is for sharing and discussing blockchain based systems including crytocurrencies, games, data networks and other services.
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Zerocoin

Zerocoin cryptocurrency cryptographic privacy protocol
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What language does the Bitcoin protocol use for its Proof-of-Work concept and how does it force the computing to be done via the GPU.

Hello! I am trying to make my own overly simplified version of "Proof of work" but before I start I want to make sure I am on the right track. I want to know how one can "force" specify to the program that the computing shall be done via the GPU.
Thanks in advance,
submitted by TheMightyBeaver to learnprogramming [link] [comments]

Tutorial - Bitcoin protocol using (almost) raw python

Hello.
I’ve been trying to learn how the bitcoin protocol’s working “under the hood” and it seems that there’s a big level gap between different tutorials. Some are aimed for the relatively non-technical users, while the others are highly technical and complex. So after I spent some time going through various tutorials and documentation and was finally able to use the raw bitcoin protocol using (almost) native python code, I’ve decided to create my own video tutorial.
In this tutorial I’ve hoped to achieve something like a “codecademy” tutorial. Aimed for people with very basic understanding on the way the bitcoin protocol works.
So far I’ve created 2 videos at a length of 35 minutes and 45 minutes. The first one deals with messages and connecting to peers - I’ve constructed a Version message and sent it to another node on the network.
The second one deals with keys and addresses. I’ve created a private key and showed the steps that are required in order to go from that private key to bitcoin address.
I’m currently working on a third video which will explain how to create a transaction (This video is quite a challenge to make, But I’ll hope to complete it soon).
I’ve tried to create the type of tutorials that I was looking for while I was learning this topic, and I’ve purposely tried to keep the code as simple as possible. I must admit that this is my first attempt in making such a tutorial and I’m feeling somewhat insecure. I believe there’s a room for improvement and I’m willing to make some corrections. That’s why I’ll appreciate any type of comment you might have.
Here’s a link to the videos: https://www.youtube.com/playlist?list=PLH4m2oS2ratfeNpZAoVwPlQqEr3HgNu7S
And the code on github: https://github.com/Shultzi/Mybitcoin
Thank you.
submitted by shultziplumtzi to Bitcoin [link] [comments]

Tutorial - Bitcoin protocol using (almost) raw python

Hello.
I’ve been trying to learn how the bitcoin protocol’s working “under the hood” and it seems that there’s a big level gap between different tutorials. Some are aimed for the relatively non-technical users, while the others are highly technical and complex. So after I spent some time going through various tutorials and documentation and was finally able to use the raw bitcoin protocol using (almost) native python code, I’ve decided to create my own video tutorial.
-Explaining something is the best way to understand it.
In this tutorial I’ve hoped to achieve something like a “codecademy” tutorial. Aimed for people with very basic understanding on the way the bitcoin protocol works.
So far I’ve created 2 videos at a length of 35 minutes and 45 minutes. The first one deals with messages and connecting to peers - I’ve constructed a Version message and sent it to another node on the network.
The second one deals with keys and addresses. I’ve created a private key and showed the steps that are required in order to go from that private key to bitcoin address.
I’m currently working on a third video which will explain how to create a transaction (This video is quite a challenge to make, But I’ll hope to complete it soon).
I’ve tried to create the type of tutorials that I was looking for while I was learning this topic, and I’ve purposely tried to keep the code as simple as possible. I must admit that this is my first attempt in making such a tutorial and I’m feeling somewhat insecure. I believe there’s a room for improvement and I’m willing to make some corrections. That’s why I’ll appreciate any type of comment you might have.
Here’s a link to the videos: https://www.youtube.com/playlist?list=PLH4m2oS2ratfeNpZAoVwPlQqEr3HgNu7S And the code on github: https://github.com/Shultzi/Mybitcoin
Thank you.
submitted by shultziplumtzi to btc [link] [comments]

How do you interact with the Bitcoin protocol using Visual Basic?

submitted by datalemur to Bitcoin [link] [comments]

Tutorial - Bitcoin protocol using (almost) raw python /r/Bitcoin

Tutorial - Bitcoin protocol using (almost) raw python /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Tutorial - Bitcoin protocol using (almost) raw python /r/btc

Tutorial - Bitcoin protocol using (almost) raw python /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Protocol changes require a long-term approach. If you want Bitcoin Cash's price to rise immediately, stop using ABC. Decentralized development gives this community more confidence. No protocol change required.

In order to properly value and understand the importance of protocol changes at this early stage in Bitcoin Cash, you need to keep the correct perspective in mind:
 
This protocol isn't just being developed for the next pump or for something five or ten years from now. Bitcoin Cash needs to work on a multi-decade, multi-generational time-frame. Updates should start to be less frequent as the protocol matures. To get these implementation points right is to prevent the need of fixing them in the future.
 
What we do now is critical.
 
 
Temporary developer funding needs and youth-driven egos are outweighed by the gravity of what we need to build: decentralized peer-to-peer electronic cash for every human on planet earth. This includes the rich, the poor, black, white, red, and every shade in-between. This needs to work for everyone, at scale, over a very long time period.
 
When you take a selfless long-term perspective, it's clear that miners need to switch away from ABC immediately. This is a short term threat and there will be many others, but for now the action to take is clear.
 
Removing ABC is just as likely to make the price rise as any other protocol change due to increased confidence this would give the community.
 
I humbly ask that someone in the Chinese community translate this and re-post in those forums.
submitted by Annapurna317 to btc [link] [comments]

Bitcoin (BTC)A Peer-to-Peer Electronic Cash System.

Bitcoin (BTC)A Peer-to-Peer Electronic Cash System.
  • Bitcoin (BTC) is a peer-to-peer cryptocurrency that aims to function as a means of exchange that is independent of any central authority. BTC can be transferred electronically in a secure, verifiable, and immutable way.
  • Launched in 2009, BTC is the first virtual currency to solve the double-spending issue by timestamping transactions before broadcasting them to all of the nodes in the Bitcoin network. The Bitcoin Protocol offered a solution to the Byzantine Generals’ Problem with a blockchain network structure, a notion first created by Stuart Haber and W. Scott Stornetta in 1991.
  • Bitcoin’s whitepaper was published pseudonymously in 2008 by an individual, or a group, with the pseudonym “Satoshi Nakamoto”, whose underlying identity has still not been verified.
  • The Bitcoin protocol uses an SHA-256d-based Proof-of-Work (PoW) algorithm to reach network consensus. Its network has a target block time of 10 minutes and a maximum supply of 21 million tokens, with a decaying token emission rate. To prevent fluctuation of the block time, the network’s block difficulty is re-adjusted through an algorithm based on the past 2016 block times.
  • With a block size limit capped at 1 megabyte, the Bitcoin Protocol has supported both the Lightning Network, a second-layer infrastructure for payment channels, and Segregated Witness, a soft-fork to increase the number of transactions on a block, as solutions to network scalability.

https://preview.redd.it/s2gmpmeze3151.png?width=256&format=png&auto=webp&s=9759910dd3c4a15b83f55b827d1899fb2fdd3de1

1. What is Bitcoin (BTC)?

  • Bitcoin is a peer-to-peer cryptocurrency that aims to function as a means of exchange and is independent of any central authority. Bitcoins are transferred electronically in a secure, verifiable, and immutable way.
  • Network validators, whom are often referred to as miners, participate in the SHA-256d-based Proof-of-Work consensus mechanism to determine the next global state of the blockchain.
  • The Bitcoin protocol has a target block time of 10 minutes, and a maximum supply of 21 million tokens. The only way new bitcoins can be produced is when a block producer generates a new valid block.
  • The protocol has a token emission rate that halves every 210,000 blocks, or approximately every 4 years.
  • Unlike public blockchain infrastructures supporting the development of decentralized applications (Ethereum), the Bitcoin protocol is primarily used only for payments, and has only very limited support for smart contract-like functionalities (Bitcoin “Script” is mostly used to create certain conditions before bitcoins are used to be spent).

2. Bitcoin’s core features

For a more beginner’s introduction to Bitcoin, please visit Binance Academy’s guide to Bitcoin.

Unspent Transaction Output (UTXO) model

A UTXO transaction works like cash payment between two parties: Alice gives money to Bob and receives change (i.e., unspent amount). In comparison, blockchains like Ethereum rely on the account model.
https://preview.redd.it/t1j6anf8f3151.png?width=1601&format=png&auto=webp&s=33bd141d8f2136a6f32739c8cdc7aae2e04cbc47

Nakamoto consensus

In the Bitcoin network, anyone can join the network and become a bookkeeping service provider i.e., a validator. All validators are allowed in the race to become the block producer for the next block, yet only the first to complete a computationally heavy task will win. This feature is called Proof of Work (PoW).
The probability of any single validator to finish the task first is equal to the percentage of the total network computation power, or hash power, the validator has. For instance, a validator with 5% of the total network computation power will have a 5% chance of completing the task first, and therefore becoming the next block producer.
Since anyone can join the race, competition is prone to increase. In the early days, Bitcoin mining was mostly done by personal computer CPUs.
As of today, Bitcoin validators, or miners, have opted for dedicated and more powerful devices such as machines based on Application-Specific Integrated Circuit (“ASIC”).
Proof of Work secures the network as block producers must have spent resources external to the network (i.e., money to pay electricity), and can provide proof to other participants that they did so.
With various miners competing for block rewards, it becomes difficult for one single malicious party to gain network majority (defined as more than 51% of the network’s hash power in the Nakamoto consensus mechanism). The ability to rearrange transactions via 51% attacks indicates another feature of the Nakamoto consensus: the finality of transactions is only probabilistic.
Once a block is produced, it is then propagated by the block producer to all other validators to check on the validity of all transactions in that block. The block producer will receive rewards in the network’s native currency (i.e., bitcoin) as all validators approve the block and update their ledgers.

The blockchain

Block production

The Bitcoin protocol utilizes the Merkle tree data structure in order to organize hashes of numerous individual transactions into each block. This concept is named after Ralph Merkle, who patented it in 1979.
With the use of a Merkle tree, though each block might contain thousands of transactions, it will have the ability to combine all of their hashes and condense them into one, allowing efficient and secure verification of this group of transactions. This single hash called is a Merkle root, which is stored in the Block Header of a block. The Block Header also stores other meta information of a block, such as a hash of the previous Block Header, which enables blocks to be associated in a chain-like structure (hence the name “blockchain”).
An illustration of block production in the Bitcoin Protocol is demonstrated below.

https://preview.redd.it/m6texxicf3151.png?width=1591&format=png&auto=webp&s=f4253304912ed8370948b9c524e08fef28f1c78d

Block time and mining difficulty

Block time is the period required to create the next block in a network. As mentioned above, the node who solves the computationally intensive task will be allowed to produce the next block. Therefore, block time is directly correlated to the amount of time it takes for a node to find a solution to the task. The Bitcoin protocol sets a target block time of 10 minutes, and attempts to achieve this by introducing a variable named mining difficulty.
Mining difficulty refers to how difficult it is for the node to solve the computationally intensive task. If the network sets a high difficulty for the task, while miners have low computational power, which is often referred to as “hashrate”, it would statistically take longer for the nodes to get an answer for the task. If the difficulty is low, but miners have rather strong computational power, statistically, some nodes will be able to solve the task quickly.
Therefore, the 10 minute target block time is achieved by constantly and automatically adjusting the mining difficulty according to how much computational power there is amongst the nodes. The average block time of the network is evaluated after a certain number of blocks, and if it is greater than the expected block time, the difficulty level will decrease; if it is less than the expected block time, the difficulty level will increase.

What are orphan blocks?

In a PoW blockchain network, if the block time is too low, it would increase the likelihood of nodes producingorphan blocks, for which they would receive no reward. Orphan blocks are produced by nodes who solved the task but did not broadcast their results to the whole network the quickest due to network latency.
It takes time for a message to travel through a network, and it is entirely possible for 2 nodes to complete the task and start to broadcast their results to the network at roughly the same time, while one’s messages are received by all other nodes earlier as the node has low latency.
Imagine there is a network latency of 1 minute and a target block time of 2 minutes. A node could solve the task in around 1 minute but his message would take 1 minute to reach the rest of the nodes that are still working on the solution. While his message travels through the network, all the work done by all other nodes during that 1 minute, even if these nodes also complete the task, would go to waste. In this case, 50% of the computational power contributed to the network is wasted.
The percentage of wasted computational power would proportionally decrease if the mining difficulty were higher, as it would statistically take longer for miners to complete the task. In other words, if the mining difficulty, and therefore targeted block time is low, miners with powerful and often centralized mining facilities would get a higher chance of becoming the block producer, while the participation of weaker miners would become in vain. This introduces possible centralization and weakens the overall security of the network.
However, given a limited amount of transactions that can be stored in a block, making the block time too longwould decrease the number of transactions the network can process per second, negatively affecting network scalability.

3. Bitcoin’s additional features

Segregated Witness (SegWit)

Segregated Witness, often abbreviated as SegWit, is a protocol upgrade proposal that went live in August 2017.
SegWit separates witness signatures from transaction-related data. Witness signatures in legacy Bitcoin blocks often take more than 50% of the block size. By removing witness signatures from the transaction block, this protocol upgrade effectively increases the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second. As a result, SegWit increases the scalability of Nakamoto consensus-based blockchain networks like Bitcoin and Litecoin.
SegWit also makes transactions cheaper. Since transaction fees are derived from how much data is being processed by the block producer, the more transactions that can be stored in a 1MB block, the cheaper individual transactions become.
https://preview.redd.it/depya70mf3151.png?width=1601&format=png&auto=webp&s=a6499aa2131fbf347f8ffd812930b2f7d66be48e
The legacy Bitcoin block has a block size limit of 1 megabyte, and any change on the block size would require a network hard-fork. On August 1st 2017, the first hard-fork occurred, leading to the creation of Bitcoin Cash (“BCH”), which introduced an 8 megabyte block size limit.
Conversely, Segregated Witness was a soft-fork: it never changed the transaction block size limit of the network. Instead, it added an extended block with an upper limit of 3 megabytes, which contains solely witness signatures, to the 1 megabyte block that contains only transaction data. This new block type can be processed even by nodes that have not completed the SegWit protocol upgrade.
Furthermore, the separation of witness signatures from transaction data solves the malleability issue with the original Bitcoin protocol. Without Segregated Witness, these signatures could be altered before the block is validated by miners. Indeed, alterations can be done in such a way that if the system does a mathematical check, the signature would still be valid. However, since the values in the signature are changed, the two signatures would create vastly different hash values.
For instance, if a witness signature states “6,” it has a mathematical value of 6, and would create a hash value of 12345. However, if the witness signature were changed to “06”, it would maintain a mathematical value of 6 while creating a (faulty) hash value of 67890.
Since the mathematical values are the same, the altered signature remains a valid signature. This would create a bookkeeping issue, as transactions in Nakamoto consensus-based blockchain networks are documented with these hash values, or transaction IDs. Effectively, one can alter a transaction ID to a new one, and the new ID can still be valid.
This can create many issues, as illustrated in the below example:
  1. Alice sends Bob 1 BTC, and Bob sends Merchant Carol this 1 BTC for some goods.
  2. Bob sends Carols this 1 BTC, while the transaction from Alice to Bob is not yet validated. Carol sees this incoming transaction of 1 BTC to him, and immediately ships goods to B.
  3. At the moment, the transaction from Alice to Bob is still not confirmed by the network, and Bob can change the witness signature, therefore changing this transaction ID from 12345 to 67890.
  4. Now Carol will not receive his 1 BTC, as the network looks for transaction 12345 to ensure that Bob’s wallet balance is valid.
  5. As this particular transaction ID changed from 12345 to 67890, the transaction from Bob to Carol will fail, and Bob will get his goods while still holding his BTC.
With the Segregated Witness upgrade, such instances can not happen again. This is because the witness signatures are moved outside of the transaction block into an extended block, and altering the witness signature won’t affect the transaction ID.
Since the transaction malleability issue is fixed, Segregated Witness also enables the proper functioning of second-layer scalability solutions on the Bitcoin protocol, such as the Lightning Network.

Lightning Network

Lightning Network is a second-layer micropayment solution for scalability.
Specifically, Lightning Network aims to enable near-instant and low-cost payments between merchants and customers that wish to use bitcoins.
Lightning Network was conceptualized in a whitepaper by Joseph Poon and Thaddeus Dryja in 2015. Since then, it has been implemented by multiple companies. The most prominent of them include Blockstream, Lightning Labs, and ACINQ.
A list of curated resources relevant to Lightning Network can be found here.
In the Lightning Network, if a customer wishes to transact with a merchant, both of them need to open a payment channel, which operates off the Bitcoin blockchain (i.e., off-chain vs. on-chain). None of the transaction details from this payment channel are recorded on the blockchain, and only when the channel is closed will the end result of both party’s wallet balances be updated to the blockchain. The blockchain only serves as a settlement layer for Lightning transactions.
Since all transactions done via the payment channel are conducted independently of the Nakamoto consensus, both parties involved in transactions do not need to wait for network confirmation on transactions. Instead, transacting parties would pay transaction fees to Bitcoin miners only when they decide to close the channel.
https://preview.redd.it/cy56icarf3151.png?width=1601&format=png&auto=webp&s=b239a63c6a87ec6cc1b18ce2cbd0355f8831c3a8
One limitation to the Lightning Network is that it requires a person to be online to receive transactions attributing towards him. Another limitation in user experience could be that one needs to lock up some funds every time he wishes to open a payment channel, and is only able to use that fund within the channel.
However, this does not mean he needs to create new channels every time he wishes to transact with a different person on the Lightning Network. If Alice wants to send money to Carol, but they do not have a payment channel open, they can ask Bob, who has payment channels open to both Alice and Carol, to help make that transaction. Alice will be able to send funds to Bob, and Bob to Carol. Hence, the number of “payment hubs” (i.e., Bob in the previous example) correlates with both the convenience and the usability of the Lightning Network for real-world applications.

Schnorr Signature upgrade proposal

Elliptic Curve Digital Signature Algorithm (“ECDSA”) signatures are used to sign transactions on the Bitcoin blockchain.
https://preview.redd.it/hjeqe4l7g3151.png?width=1601&format=png&auto=webp&s=8014fb08fe62ac4d91645499bc0c7e1c04c5d7c4
However, many developers now advocate for replacing ECDSA with Schnorr Signature. Once Schnorr Signatures are implemented, multiple parties can collaborate in producing a signature that is valid for the sum of their public keys.
This would primarily be beneficial for network scalability. When multiple addresses were to conduct transactions to a single address, each transaction would require their own signature. With Schnorr Signature, all these signatures would be combined into one. As a result, the network would be able to store more transactions in a single block.
https://preview.redd.it/axg3wayag3151.png?width=1601&format=png&auto=webp&s=93d958fa6b0e623caa82ca71fe457b4daa88c71e
The reduced size in signatures implies a reduced cost on transaction fees. The group of senders can split the transaction fees for that one group signature, instead of paying for one personal signature individually.
Schnorr Signature also improves network privacy and token fungibility. A third-party observer will not be able to detect if a user is sending a multi-signature transaction, since the signature will be in the same format as a single-signature transaction.

4. Economics and supply distribution

The Bitcoin protocol utilizes the Nakamoto consensus, and nodes validate blocks via Proof-of-Work mining. The bitcoin token was not pre-mined, and has a maximum supply of 21 million. The initial reward for a block was 50 BTC per block. Block mining rewards halve every 210,000 blocks. Since the average time for block production on the blockchain is 10 minutes, it implies that the block reward halving events will approximately take place every 4 years.
As of May 12th 2020, the block mining rewards are 6.25 BTC per block. Transaction fees also represent a minor revenue stream for miners.
submitted by D-platform to u/D-platform [link] [comments]

Because of the decentralized nature of Bitcoin, no single player using the protocol has full knowledge about or influence over the rest of the players. It's a fairly important point about the protocol to understand.

Bitcoin is a money market defined by a constantly changing number of buyers and sellers. These market participants have different Bitcoin strategies with different time horizons, and each participant has limited knowledge about the rest of the participants in the Bitcoin ecosystem.
On the buy side - you have your one-time buy and holders, Sat-Stackers, day-traders, technologists, remittance payments, institutional traders, gamblers, gamers, etc... the list goes on and on... All of these buyers use Bitcoin for different reasons.
This demand pressure is constantly interacting with sell pressure...
On the sell side - you have people who want to cash out for any number of reasons: maybe a long-time holder is selling back to fiat for a personal or financial reason, maybe a family who received a remittance payment in Bitcoin needs to convert Bitcoin to their local currency, maybe someone is selling to pay taxes, daytraders are sellers too
This incomplete knowledge of other people's motives is the essence of the invisible hand, and this is why Bitcoin is a perfect kind of money as it uses a market clearinghouse system to constantly find equilibrium and reconcile the differing time horizons of every actor into the current price of entering into the system.
submitted by the420chronicler to Bitcoin [link] [comments]

This is why BTC sees negative adoption. If the UX on the protocol sucks, it doesn't matter how great your wallet is. Use Bitcoin Cash instead for fast/affordable transactions.

This is why BTC sees negative adoption. If the UX on the protocol sucks, it doesn't matter how great your wallet is. Use Bitcoin Cash instead for fast/affordable transactions. submitted by maplesyrupsucker to btc [link] [comments]

Only BSV is BitCoin. Craig is using Law to get Bitcoin name from BTC, a forked protocol of real BitCoin, BSV. BTC Core Scammers are scared to death

Only BSV is BitCoin. Craig is using Law to get Bitcoin name from BTC, a forked protocol of real BitCoin, BSV. BTC Core Scammers are scared to death submitted by BSVForever to bitcoincashSV [link] [comments]

Bitcoin Segwit bug fix could lock wallet users out of their funds. The patch comes as a response to a recently disclosed exploit for wallets that use the Segwit protocol.

Bitcoin Segwit bug fix could lock wallet users out of their funds. The patch comes as a response to a recently disclosed exploit for wallets that use the Segwit protocol. submitted by zhell_ to bitcoincashSV [link] [comments]

Calvin Ayre on Twitter: "As I have long said. Craig will win all his cases, only BSV will be able to use the name Bitcoin and the Bitcoin database. BSV has already won the platform war technically and IP law will now wipe out the altcoin protocol forks. Its only a matter of time now."

Calvin Ayre on Twitter: submitted by thacypha to bitcoinsv [link] [comments]

Because of the decentralized nature of Bitcoin, no single player using the protocol has full knowledge about or influence over the rest of the players. It's a fairly important point about the protocol to understand. (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Jimmy Nguyen on Twitter: "A case study for why busineses need a stable protocol. Business idea: using Bitcoin's nLocktime, build app to provide users easy escrow service which unlocks coins at specified block height (estimated date/time)

Jimmy Nguyen on Twitter: submitted by thacypha to bitcoinsv [link] [comments]

How to create and use Non-Fungible Tokens (NFTs) on the Bitcoin Cash (BCH) blockchain using the Simple Ledger Protocol (SLP)

How to create and use Non-Fungible Tokens (NFTs) on the Bitcoin Cash (BCH) blockchain using the Simple Ledger Protocol (SLP) submitted by MichaelTen to Bitcoincash [link] [comments]

Bitcoin protocol

Bitcoin protocol
Bitcoin protocol uses what's called the Elliptic Curve Digital Signature Algorithm (ECDSA) to create a new set of private keys and corresponding public keys.

Learn more about the Hamdan Token Click Here: www.hamdantoken.io

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submitted by hamdantokenofficial to u/hamdantokenofficial [link] [comments]

Bitcoin can now be used to generate DAI on DeFi protocol Maker

Bitcoin can now be used to generate DAI on DeFi protocol Maker submitted by SaneFive to MakerDAO [link] [comments]

Bitcoin Expert Andreas Antonopoulos Acknowledges that Ethereum based DeFi Protocols can be used to Earn Passive Income

Bitcoin Expert Andreas Antonopoulos Acknowledges that Ethereum based DeFi Protocols can be used to Earn Passive Income submitted by Pandora_Key to ethtrader [link] [comments]

We are developing applications, blockchain tools, video games and creating great alliances with Colombian companies to make use of the currency. GMcoin was developed in manizales and in a real blockchain with the BITCOIN-NG protocol and totally interchangeable with other cryptom currencies such as

We are developing applications, blockchain tools, video games and creating great alliances with Colombian companies to make use of the currency. GMcoin was developed in manizales and in a real blockchain with the BITCOIN-NG protocol and totally interchangeable with other cryptom currencies such as submitted by Gm_holding to u/Gm_holding [link] [comments]

Bitcoin can now be used to generate DAI on DeFi protocol Maker

Bitcoin can now be used to generate DAI on DeFi protocol Maker submitted by serenity2021 to ethtrader [link] [comments]

Overview anonymous coins

At the core of anonymous cryptocurrency development projects is one common idea - to save and improve the advantages of the Bitcoin system and remove its main drawbacks.

Anonymous cryptocurrencies are decentralized payment systems based on P2P network technology, having their own payment unit, using cryptographic protocols to protect the confidentiality of transactions.
The list of the most significant and popular anonymous crypto is:
● Dash is a fork of the Bitcoin protocol, uses CoinJoin technology: the InstantSend, PrivateSend services reliably protect all payment transactions of users. The hashing algorithm used is X11. To verify the process involved consensus PoW and PoS, which allows to receive remuneration to miners and network nodes. Mining is becoming more focused on ASIC.
● ZCash - works on the basis of Zerocoin, ZeroCash protocols using the zkSNARK coding system. Cryptographic algorithm for mining - Equihash when using Proof-Of-Work, focused on GPU miners.
● Monero is a fork of Bytecoin created on the CryptoNote protocol, in which the anonymity of transactions is provided with a ring signature and stealth address. Mining based on the CryptoNight algorithm.
This list is not exhaustive. Another, less well-known part of anonymous coins, is a project created by a branch from the main one.
It is worth paying attention to the promising coin mined now at the mining pools - CUTcoin (CUT), using the Monero code base (CryptoNote protocol) with certain improvements of the rewritten CryptoNight algorithm.
Official website: https://cutcoin.org/ Social networks: https://twitter.com/cutc0in, https://t.me/cutc0inchat.
Total information:
Emission of coins: 200 000 000 CUT.
Premine: 4 000 000 (2%) CUT.
PoW mining: ~ 15 000 000 CUT in 60 days ~ 720 blocks per day.
The reward for the genesis block: ~ 372 CUT.
Coins left for PoS consensus: ~ 185 000 000 CUT.
Main features of the coin:
- concealed, non-tracked transactions;
- reliable guarantee of confidentiality and stability thanks to the RingCT protocol;
- the first stage of mining is provided by the PoW algorithm. After 15,000,000 coins, the Proof-of-Stake approval algorithm will be used to ensure maximum decentralization, energy efficiency and rewards for all coin holders;
- short intervals between blocks: block generation occurs faster;
- high-margin cryptocurrency.
CUTcoin uses the CryptoNote application layer protocol, which differs favorably from the sha-256 and scrypt cryptographic algorithms. Tasks that it solves:
  1. Changing the structure of cryptocurrency for the impossibility of tracking transactions. The basis of this algorithm is a ring signature mechanism: on the one hand, the sender's data is hidden, on the other, disposable addresses of the recipient are used, so that the transaction can’t be traced.
Hiding the sender is achieved by including more references of other operations in the blockchain, to make it more confusing, and the title is longer. A one-time address is a mixture of parts of a real address and a random key.
  1. Using mining for memory, rather than processing power, makes mining profitable and affordable on ordinary computers, not ASICs. Due to the popular algorithm - CryptoNight, which is a hash function in the CryptoNote code, the ability to reduce differences in equipment performance, as well as the complexity of the network load, is realized. It has a number of advantages: short time intervals between blocks; a combination of CPU + GPU for greater efficiency; profitability; less load on processors and video card; mining safety from hacking.
submitted by CUTcoin to cutc0in [link] [comments]

Bitcoin - Proof of work - YouTube How to Use Bitcoin to Design Fair Protocols Bitcoin Protocol Tutorial #8: Incentive Bitcoin Tech Update with Andrew Poelstra Bitcoin: Protocollo e moneta digitale [S1:E1] - YouTube

Protocol is a new media company from the publisher of POLITICO. We focus on the people, power and politics of tech, with no agenda and just one goal: to arm decision-makers in tech, business and public policy with the unbiased, fact-based news and analysis they need to navigate a world in rapid change. The Bitcoin Protocol. In terms of the transaction creation and validation process, the Bitcoin Protocol can be stated as below: A new transaction is broadcast to all participating nodes in the ... Commonly referred to as the Bitcoin Peer-To-Peer (P2P) Protocol, this current version is well defined method and used by the majority of Bitcoin nodes in the network to communicate. The P2P Protocol can be changed and there are plans among miners to modify the implementation in future. It is conceivable that at a certain point, several different inter-node communications protocols may be in ... Bitcoin.com users can pay for things faster than before with bitcoin cash by leveraging the software’s Instantpay feature. Additionally, our wallet users can also house Simple Ledger Protocol ... •Bitcoin is the name of a p2p protocol Allows a network of computers to govern all the rules of Bitcoin •Bitcoin is a unit of account Like Euro, Danish Kroner, or gold coins •Bitcoin is a payment System You can send value between accounts in the Bitcoin network . Properties of Common Digital Payment Systems •No Counterfeiting YOU can't increase money supply at will •No Double ...

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Bitcoin - Proof of work - YouTube

Bitcoin Protocol Paper Playlist: http://www.youtube.com/watch?v=UieiMU-ImvI&list=PLQVvvaa0QuDcq2QME4pfeh0cE71mkb_qz&feature=share All Bitcoin Videos Playlist... In this interview, I talk to Andrew Poelstra, the Director of Research at Blockstream. We discuss the upcoming upgrades to the Bitcoin protocol, including Schnorr signatures, Taproot and ... In a sense, this would be using Bitcoin by proxy. However, the issue here remains that this is relying on a company, or group of companies, to store the Bitcoin safely and produce tokens. In this Bitcoin protocol paper tutorial, the incentive section is covered. The question is, why take part in the network and help with transactions? Also, why choose to be a part of the network ... Bitwage is building a bitcoin payroll system that breaks down borders and enables anyone around the world to engage in a global workforce. This Plug and Play Accelerator company uses the Bitcoin ...

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