Month: May 2020

Merkle tree is a fundamental part of blockchain technology. It is a mathematical data structure composed of hashes of different blocks of data, and which serves as […]

In this section, we are going to learn about the bitcoin forks and Segregated Witness (SegWit). Let us first discuss what Bitcoin Forks is. 1. […]

Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank, and do not require any trusted third parties to operate. […]

Double spending means spending the same money twice. As we know, any transaction can be processed only in two ways. One is offline, and another […]

Blockchain technology has enormous potential in creating trustless, decentralized applications. But it is not perfect. There are certain barriers which make the blockchain technology not […]

1. Blockchain DAO The DAO stands for Decentralized Autonomous Organization. As the name implies, it is an organization which is both autonomous and decentralized. Sometimes, it […]

Cryptocurrency is a type of digital asset which is used to exchange value between parties. It uses strong cryptography to secure financial transactions and control the creation of new […]

In the blockchain technology, bitcoin is the best-known implementation of the blockchain. There is a lot of development and the direction is based on the […]

There are four key concepts that you need to aware in Bitcoin. These are: Disintermediated Distributed Decentralized Trustless 1. Disintermediated When you send money to […]

A coinbase transaction is the first transaction in a block. It is a unique type of bitcoin transaction that can be created by a miner. The miners use it […]

Proof of Work(PoW) is the original consensus algorithm in a blockchain network. The algorithm is used to confirm the transaction and creates a new block to the […]

In this section, we are going to learn about the four basic components of bitcoin. These four elements will help us to understand the bitcoin […]

A distributed ledger is a type of database that is consensually shared, replicated, and synchronized among the members of a decentralized network. All the information on this ledger is […]

A blockchain is a concept of storing data digitally. This data comes in blocks. These blocks are chained together and make the data immutable. When a […]

In this section, we are going to learn how SHA-256 applies to build a block within a blockchain. We will discuss here in the context […]

A hash function takes an input string (numbers, alphabets, media files) of any length and transforms it into a fixed length. The fixed bit length […]

To understand the role of bitcoin miners, let us first understand Bitcoin Mining. 1. Bitcoin Mining Bitcoin mining is the process of adding transaction records […]

The brief description of the evolution of blockchain technology and its versioning from 1.0 to 3.0 are explained below. 1. Blockchain 1.0: Currency The idea of creating […]

1. What is Bitcoin? Satoshi Nakamoto introduced the bitcoin in the year 2008. Bitcoin is a cryptocurrency(virtual currency), or a digital currency that uses rules of cryptography for […]

The blockchain technology was described in 1991 by the research scientist Stuart Haber and W. Scott Stornetta. They wanted to introduce a computationally practical solution for time-stamping digital documents so […]