Bitcoin Transactions for Mere Mortals
Even though, terms like 'mining' and 'blocks' are used in Bitcoin they may not be the best metaphors. For practical users, Bitcoin is better thought of as a network of private accountants. The accountants compete against one another in the world's fastest guessing game to maintain a ledger. When an accountant makes a correct guess they get to write a new page and receive a wage. The Bitcoin protocol enforces strict rules on the accountants. New pages follow a template. The accountant records a little "for office use only" information and fills the rest of the page with Bitcoin transactions....
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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....
BIPs (Bitcoin Improvement Proposals) are design documents for introducing features or information to Bitcoin's community. Since Bitcoin has no formal structure, this has become the standard for communicating new ideas. The first BIP was submitted by Amir Taaki on August 19th, 2011. BIPs are as text files and are the responsibility of the author to document. There are three kinds of BIP: Standards Track BIP. Changes to the network protocol, block or transaction validation, or anything affecting interoperability. Informational BIP. Design issues, general guidelines. This type of BIP is NOT....
Who would have thought it was possible to game one’s way to a retirement plan? Of course, throngs of pro gamers are making big bucks winning tournaments and signing corporate sponsorships, but for the rest of us mere mortals, gaming is an activity that takes money out of our bank accounts, not the reverse. An […]
Fees are a DeFi user’s nightmare. How can you pay less? This is a repost of Finance Redefined's latest installment, where Cointelegraph unpacks the latest developments in DeFi. The newsletter is delivered to subscribers every Wednesday.DeFi was reasonably quiet in terms of major fundamental developments, instead letting prices do the talking. Many tokens rallied, both the popular and the almost forgotten. Save for a few hiccups due to Bitcoin’s shaky price action, we are still well into DeFi season.This price action, unfortunately, means that using DeFi is pretty much impossible. Ethereum....
About a decade ago, no one knew what DeFi was. More so, a good number of mortals did not envisage a $1 trillion market capitalization for the crypto space. Today though, a lot has changed and decentralized finance seems to be the future of finance. While there are many decentralized crypto projects in the space, […]