Bitcoin for Mere Mortals: Blocks
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....
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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 […]
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....
A year into the boom of NFTs, they are no longer just mere cultural assets but building blocks of Web3. Used for Metaverse experiences, games, and decentralized applications, NFTs are now at the center stage of the blockchain industry. As programmers explore what the new world of NFT-centered projects has to offer, they seek secure […]
Blocks on the Bitcoin blockchain have a maximum size of 1 MB. Proof of work difficulty is calibrated so 1 block is created every 10 minutes. It is generally accepted a miner would want to maximise the number of transactions it includes in a block as it collects the transaction fees. Logically, with the growing popularity of Bitcoin, the average block size is getting closer to its limit. In this environment, it is surprising to see a number of empty blocks being mined. An empty block is not entirely empty, it has 1 transaction : the coinbase transaction which allocates the mining reward to....