BdxCoin - Blockchain 101 - 09-04-2014
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The document provides an introduction to blockchain and cryptocurrency concepts. It discusses that bitcoins do not physically exist but rather are transactions recorded on the blockchain. It also summarizes that the blockchain is a growing list of blocks that contain transaction records, and each block contains a cryptographic hash of the previous block to link it securely to the chain. The blockchain relies on mining to verify new blocks through proof-of-work to prevent alteration of transaction records.
BdxCoin - Blockchain 101 - 09-04-2014
- 2. Blockchain 101 Some tech flavors
- 3. Yay, crypto ! Bitcoins dont exist The blockchain is Mining Summary
- 4. because in cryptocurrency, theres crypto Yay, crypto !
- 5. What is a hash ? data1 data2 data1 5b41362bc82b7f3d56e... 5b41362bc82b7f3d56e... d98cf53e0c8b77c14a9...SHA-256
- 6. What is a Bitcoin address ? Private key Public key Wallet Allows to spend Bitcoins : Keep it secret ! Used to receive Bitcoins : You can share it !
- 7. My whole life is a lie - everyone in this room Bitcoins dont exist
- 8. There is no bitcoin balance stored Balances are computed from transaction history Bitcoins are transactions
- 9. Transaction : simplified transaction input output fee 5 BTC 4.99 BTC 0.01 BTC
- 10. Transaction : less simplified transaction ID inputs output fee 4 BTC 4.5 BTC 0.01 BTC 1 BTC change 0.49 BTC
- 11. Transactions are grouped in blocks transaction transaction transaction transaction Block reward transaction
- 12. Blocks are chained in... block block block block Blockchain !
- 13. time to turn off your heating system Blockchain is mining
- 14. Need to make sure blocks are not altered -> Lets hash them ! Avoiding double spending
- 15. Hash the block to make sure it wasnt altered Include hash of the previous block to make sure all the previous blocks werent altered ! Block hashing
- 17. A simple hash is very fast to make : one can fork the blockchain Problem :
- 18. Lets add some difficulty The block hash must meet certain requirements Difficulty regulates block generation speed Proof of Work
- 19. Miners try to find a valid block hash The first to find it broadcasts it, and gets the reward + the fees Without miners, no blockchain Mining
- 20. bitcoin.pdf en.bitcoin.it/wiki/Category:Technical live blockchain monitor : blockchain.info More tech details ?
- 21. Thank you !