How a Bitcoin Backbone Gives Small Miners a Leg Up: Matt Corrallo's Relay Network
Bitcoin is designed as a peer-to-peer network, where nodes randomly connect to other nodes. Transactions and blocks are transmitted over this network by these nodes, until each node receives all the latest transactions and blocks. This works quite well, as the distributed model makes Bitcoin relatively censorship-resistant; there is no central point of....
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What's happening in the world of mining? As recent coverage suggests, the network is beginning to see a steadily rising hashrate as mines around the world get started and begin generating bitcoins. It's not just the big companies - small operations using state-of-the-art chips in super-efficient data centers are also moving to mine their share of bitcoins. And between all that activity, the bitcoin mining community continues to develop, grow and discuss the issues of the day. Gavin Andresen talks bitcoin "backbone" project. In a new post on the Bitcoin Foundation blog, chief scientist....
ConsenSys, a blockchain technology company, and Ethereum have developed BTC Relay, an Ethereum contract that allows Ethereum users to pay with bitcoin. Servicing as a bridge between Ethereum and bitcoin, BTC Relay is a tool for developers who want to verify bitcoin transactions for Ethereum and smart contract applications. Community members, called Relayers, provide BTC Relay with new bitcoin block headers generated by bitcoin miners. Ethereum app developers can make API calls to BTC Relay from smart contracts to verify bitcoin network activities. Anyone can join the Ethereum network and....
The backbone of the Bitcoin network is miners and full nodes. We have already seen a decrease in the amount of full nodes over the last 24 months as Bitcoin ASIC miners came on the scene in greater numbers. Bitcoin ASIC miners brought Bitcoin mining to more people as they were lower power than GPU rigs that had been the norm for quite some time prior. As the value of Bitcoin has risen over the last two years, we have seen more and more money invested into mining from both small home miners to large farms and even huge industrial multi megawatt installations. The current price drop has put....
A long-running effort to increase the time in which data for bitcoin's transaction blocks around the world has received an upgrade. Since bitcoin was released, an array of services or solutions have emerged to meet the needs of those using the digital currency. These include exchanges that allow bitcoin to be bought and sold for government-issued currencies; mining pools, which grew as miners sought to collectivize for greater profit; and new kinds of wallets that delivered better functionality and security. But, some of the needs of the distributed network are not readily apparent to....
Interview With Matt and Dan of Minersource. One of the questions I get asked the most from readers is "What vendors and manufacturers are safe to buy from?" With so many companies abusing their customers like Butterfly Labs and KNC, or starting out well like Bit-Tech and then disappearing, customers are wary of what and where to buy equipment. One of the places I recommend is Minersource. Manufacturers like Rockminer drop shipped me miners from Minersource for review. They always have fast shipping and safely packed miners. Minersource is a name you can see in many of my articles. They are....