Bitcoin: Magic, Fraud, or Sufficiently Advanced Technology? Part II: Technical Structure
Part I introduced some of the challenges in the way of the public understanding of how Bitcoin works, and summarized the strategic roles of the open source software model, peer-to-peer networking, and digital signatures. Part II concludes by discussing hashing and the essential roles it plays in the technical structure of Bitcoin, as well how the system....
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Arthur C. Clarke's third law famously states: "Any sufficiently advanced technology is indistinguishable from magic." What Bitcoin makes possible can at first seem almost magical, or just impossible (and therefore most likely fraudulent or otherwise doomed). The following describes the basic technical elements behind Bitcoin and how it brings them together in new ways to make seeming magic possible in the real world. Clarke's second law states: "The only way of discovering the limits of the possible is to venture a little way past them into the impossible." And this, we can see in....
Blocks are the data structures Bitcoin uses to permanently record data. This is common knowledge known by the initiated and in previous articles we've covered information related to these data structures. The block chain, isn't really a chain at all. Well, logically there is a chain but it might not be what you first expect. This article breaks down the structure of a block and provides insight to the moving parts "under the hood." Hopefully, by the end, some of the underlying technology is to understand. Also read: Bitcoin Transactions for Mere Mortals. Bitcoin for Mere Mortals: Block....
NFT strategy game Dragon War has confirmed a partnership with Magic Eden, Solana’s fast-growing NFT marketplace. As part of the deal, the play-to-earn project will make Magic Eden its preferred INO launchpad, with 5,000 non-fungible tokens (NFTs) set to go live on the site on May 16, 2022. For the past several weeks Dragon War […]
Magic Johnson unveiled a new NFT line this week. Sport and NFTs continue to challenge the limits of technology, with American franchises at the forefront of the trend into the virtual domain. The legendary basketball player is the most recent athlete to enter the digital art market with the release of “The anthology: Magic Johnson” […]
Any carnival conjuror can attest that once an audience learns the science behind the way in which a trick is performed, the luster quickly fades. The eminent futurist Sir Arthur Charles Clarke is credited with the observation that “any sufficiently advanced technology is indistinguishable from magic”. Of late there is a profusion of hype in circulation about a seemingly magical data structure called a “Blockchain”. Illusionists like Harry Houdini and his ilk can be a great source of entertainment, but when the trick involves a disappearing act on customer confidence, something is amiss.....