Bitcoin Exchange Script Released To the Public

Bitcoin Exchange Script Released To the Public

Everyone in the Bitcoin community is concerned with the increasing number of hacking attempts on the Bitcoin exchanges. As recent as it gets, in January this year, hackers reportedly stole $5 million worth of Bitcoins from the BitStamp exchange. Even in shock and frustration, investors had no authority to look up to. So, what if I told you of a new development that hopes to ease your concerns regarding the above problem? Sounds good, right? Recently, the world's first trustless cryptocurrency exchange, Mercury Exchange, was launched. The primary purpose of this exchange is to remove the....


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Thinking in Transactions

This post is also in issue 18. Every Bitcoin transaction runs a small program that describes under which conditions the transaction is valid. This surprising behavior can be exploited to construct a variety of contracts on top of bitcoin. In this article you will learn how basic transaction scripts work in principle. A new transaction is valid if the transaction scripts of its own input field and the transaction script of its predecessing transaction validates to true. Figure: An output tx is valid only if a script program results in a boolean TRUE. The script is composed of two scripts....

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