The presentation was given during a session of the Cyber Security Club of BMS College of Engineering.
The slide helps to understand the basics of Cryptocurrency and the various technologies that support it.
This document provides an overview and introduction to Bitcoin, cryptocurrencies, and strategies for investing in Bitcoin. It explains what Bitcoin and cryptocurrencies are, how they work using blockchain technology, and why Bitcoin has value. The document also discusses different ways to obtain and invest in Bitcoin, such as long-term buying and holding versus short-term trading. Throughout, it emphasizes doing research and only investing what you can afford to lose given the risks involved.
Now is a very good time to take an interest in Bitcoin and invest in it. It has been going strong for 10 years and its popularity has soared. In order to make the best returns on Bitcoin investments you need to understand what it really is and how it works.
You also need to know the best way to obtain Bitcoins and the best investment strategies. This guide will show you all of this and more. Many people think that Bitcoin is a scam but it certainly isn’t.
However there have been some scams in the cryptocurrency world and you will find out how to avoid these and stay safe in this guide.
This document discusses common myths about Bitcoin and provides clarification on several points:
- Bitcoin transactions are public, not anonymous, though some methods can obscure identities.
- Waiting for confirmations is unnecessary with trusted peers or small transactions, as the risk of fraud is very low even with just one confirmation.
- Coins are not represented by strings of 1s and 0s but rather transactions recorded on a public ledger.
- Validating transactions does not require massive computing power - it can be done efficiently on a standard computer. Mining solves simple, not complex, problems to earn rewards.
- Blocks are not "solved" but found randomly through repeated hashing; the difficulty ensures one
IRJET- Bitcoin – A New Currency in the ERA of InvestmentIRJET Journal
1. The document discusses Bitcoin, a decentralized digital currency that uses blockchain technology to record transactions through a public ledger maintained by a network of users.
2. It describes how traditional payment methods like cash and digital cash have limitations that are addressed by Bitcoin, which uses cryptographic signatures and time-stamping to prevent double spending without a central authority.
3. Micropayment channels allow many small transactions to occur off the blockchain through a series of cryptographically signed updates to balances, settling on the blockchain only periodically, which helps address scalability issues as the number of Bitcoin users and transactions grows.
Blockchain and applications is a masterclass with a range of concepts around blockchain, cryptocurrencies and useful applications for the technology.
From Bitcoin to Ethereum, how a blockchain works, what is a smart-contract, what applications can be built on top of different technologies ant protocols.
The document provides an introduction to cryptocurrency, explaining some key concepts:
- Cryptocurrency uses cryptography to allow for digital currency transactions over the internet without a central authority. This aims to build a decentralized cash system like physical money transfers.
- Blockchain technology is used to securely record all transactions in a way that maintains authenticity and prevents double spending. Transactions are grouped into blocks and added to the blockchain in a linear order.
- Miners on the cryptocurrency network verify transactions by solving complex math puzzles. The first miner to solve a puzzle is rewarded with new coins, incentivizing them to secure the network. Specialized computer hardware has become necessary to mine as puzzles increase in difficulty.
Bitcoin : A fierce Decentralized internet currencyShivek Khurana
- Bitcoin is a decentralized cryptocurrency that uses blockchain technology to enable peer-to-peer transactions without intermediaries like banks. It was created in 2008 by the anonymous person or group known as Satoshi Nakamoto.
- The Bitcoin protocol uses digital signatures, hashing, and a proof-of-work system where miners validate transactions and are rewarded with new bitcoins. Transactions are grouped into blocks that are added to the blockchain in a decentralized manner.
- Bitcoin allows for low-cost or free global transactions, with no banks or transaction limits, providing an alternative payment method outside the traditional banking system. However, understanding the technical details of the Bitcoin protocol requires knowledge of cryptography, digital architecture, and other technical fields
This document provides an overview and introduction to Bitcoin, cryptocurrencies, and strategies for investing in Bitcoin. It explains what Bitcoin and cryptocurrencies are, how they work using blockchain technology, and why Bitcoin has value. The document also discusses different ways to obtain and invest in Bitcoin, such as long-term buying and holding versus short-term trading. Throughout, it emphasizes doing research and only investing what you can afford to lose given the risks involved.
Now is a very good time to take an interest in Bitcoin and invest in it. It has been going strong for 10 years and its popularity has soared. In order to make the best returns on Bitcoin investments you need to understand what it really is and how it works.
You also need to know the best way to obtain Bitcoins and the best investment strategies. This guide will show you all of this and more. Many people think that Bitcoin is a scam but it certainly isn’t.
However there have been some scams in the cryptocurrency world and you will find out how to avoid these and stay safe in this guide.
This document discusses common myths about Bitcoin and provides clarification on several points:
- Bitcoin transactions are public, not anonymous, though some methods can obscure identities.
- Waiting for confirmations is unnecessary with trusted peers or small transactions, as the risk of fraud is very low even with just one confirmation.
- Coins are not represented by strings of 1s and 0s but rather transactions recorded on a public ledger.
- Validating transactions does not require massive computing power - it can be done efficiently on a standard computer. Mining solves simple, not complex, problems to earn rewards.
- Blocks are not "solved" but found randomly through repeated hashing; the difficulty ensures one
IRJET- Bitcoin – A New Currency in the ERA of InvestmentIRJET Journal
1. The document discusses Bitcoin, a decentralized digital currency that uses blockchain technology to record transactions through a public ledger maintained by a network of users.
2. It describes how traditional payment methods like cash and digital cash have limitations that are addressed by Bitcoin, which uses cryptographic signatures and time-stamping to prevent double spending without a central authority.
3. Micropayment channels allow many small transactions to occur off the blockchain through a series of cryptographically signed updates to balances, settling on the blockchain only periodically, which helps address scalability issues as the number of Bitcoin users and transactions grows.
Blockchain and applications is a masterclass with a range of concepts around blockchain, cryptocurrencies and useful applications for the technology.
From Bitcoin to Ethereum, how a blockchain works, what is a smart-contract, what applications can be built on top of different technologies ant protocols.
The document provides an introduction to cryptocurrency, explaining some key concepts:
- Cryptocurrency uses cryptography to allow for digital currency transactions over the internet without a central authority. This aims to build a decentralized cash system like physical money transfers.
- Blockchain technology is used to securely record all transactions in a way that maintains authenticity and prevents double spending. Transactions are grouped into blocks and added to the blockchain in a linear order.
- Miners on the cryptocurrency network verify transactions by solving complex math puzzles. The first miner to solve a puzzle is rewarded with new coins, incentivizing them to secure the network. Specialized computer hardware has become necessary to mine as puzzles increase in difficulty.
Bitcoin : A fierce Decentralized internet currencyShivek Khurana
- Bitcoin is a decentralized cryptocurrency that uses blockchain technology to enable peer-to-peer transactions without intermediaries like banks. It was created in 2008 by the anonymous person or group known as Satoshi Nakamoto.
- The Bitcoin protocol uses digital signatures, hashing, and a proof-of-work system where miners validate transactions and are rewarded with new bitcoins. Transactions are grouped into blocks that are added to the blockchain in a decentralized manner.
- Bitcoin allows for low-cost or free global transactions, with no banks or transaction limits, providing an alternative payment method outside the traditional banking system. However, understanding the technical details of the Bitcoin protocol requires knowledge of cryptography, digital architecture, and other technical fields
This document presents a roadmap for the development of Bitz digital currency. It discusses problems with Bitcoin such as its complexity, controversy and centralization. It also notes issues with many alternative cryptocurrencies being pump-and-dump schemes or outright fraud. The roadmap covers technical development, branding, adoption strategies, legal framework, and financing to create a simple, trusted digital currency for mainstream users.
The main motivation for publishing this paper is to create a model able to predict bitcoin’s price behavior or, more modestly, able to identify its future values within a confidence interval. Such models exist today for other assets and our thinking is to apply them to bitcoin.
Coin Vs Token What is the exact difference between them?- It is a hot topic among the crypto newbies. With Coin we can buy tokens but not vice versa, know much more @http://bit.ly/2Qb8OTV #coins #tokens #CoinVsToken #Developcoins #cryptocurrency #Blockchain
1) The document discusses using machine learning to predict Bitcoin exchange rates, which are volatile without regulation.
2) It tests support vector machines (SVM), neural networks, and random forests on features like mining difficulty, trades per minute, and past trade volumes to predict prices.
3) SVM produced the lowest error for time series prediction, while neural networks and random forests showed higher errors. The models predict future feature values and use those to predict prices.
Cryptocurrency is a digital currency that uses cryptography to secure transactions made on a decentralized network. It allows for peer-to-peer transactions without an intermediary like a bank. The first cryptocurrency, Bitcoin, was created in 2008 by the pseudonymous Satoshi Nakamoto and used a blockchain system to record transactions. There are now over 1,000 cryptocurrencies in existence, with Bitcoin, Ethereum, and other "altcoins" being the most popular and valuable.
The document provides an introduction to Bitcoin and blockchain technology. It discusses how blockchain creates an immutable and distributed digital ledger through the use of cryptography and consensus across a decentralized network. It notes that while blockchain dates back to the 1970s, it is a novel combination of existing technologies that has created new opportunities for digital currencies, smart contracts, and other applications.
This document provides an introduction to Bitcoin and how it uses elliptic curve cryptography to securely process transactions in a decentralized manner. It first defines key terms like decentralized and peer-to-peer, and provides background on Bitcoin and cryptography. It then explains how Bitcoin works, including how transactions are created and validated via the blockchain. Finally, it describes how Bitcoin uses elliptic curve cryptography, specifically the Elliptic Curve Digital Signature Algorithm (ECDSA), to generate keys and authenticate transactions, providing the core security for the Bitcoin system.
The US has the highest number of Bitcoin ATM installations across the globe. One can perform crypto transactions with a Bitcoin ATM. Thanks to the extensive network of crypto ATM kiosks, you can conveniently approach the ATM and convert your cash into Bitcoin or other Cryptocurrencies. You can quickly locate a Bitcoin ATM in Mesa, Arizona, through a smartphone search.
Bitcoin is a decentralized digital currency that uses cryptography to secure online transactions without relying on central authorities. It works by maintaining a distributed ledger called the blockchain that records all transactions. Transactions are authenticated through digital signatures and verified by the network through proof-of-work mining to prevent double spending. While providing pseudonymity, Bitcoin transactions are publicly visible on the blockchain, compromising user privacy. Zerocoin was proposed to add an anonymous currency layer on top of Bitcoin through the use of cryptographic commitments and zero-knowledge proofs to obscure the link between minting and spending of digital coins.
Report on Bitcoin- The cryptocurrency (November 2017)AJSH & Co LLP
Bitcoin is a decentralized digital currency that can be sent from user to user on a peer-to-peer network without an intermediary. It is not backed by any government or central bank. The document discusses how Bitcoin works through mining and validating transactions on a distributed public ledger called the blockchain. While it provides benefits like anonymity, low fees and freedom from central authorities, it also has risks like volatility in value, loss of wallet access, and lack of widespread acceptance.
Learn to trade cryptocurrency and bank huge daily profit. This slide exposes you to cryptocurrency trading basics.
You will learn;
What is Cryptocurrency?
How to Open a Bitcoin Wallet
How to fund your Bitcoin wallet
How to Open a Cryptocurrency Trading Account
How to fund your Trading account
How to place a Trade
How to set Stop loss and take profit
Market Analysis Technique
Trading rules and guidelines
Ultimately, you will discover how to become a cryptocurrency trading professional and build a profitable cryptocurrency trading career.
1. Bitcoin is a decentralized digital currency that uses cryptography to secure transactions. It was created in 2009 by the mysterious Satoshi Nakamoto.
2. Blockchain technology underlies Bitcoin and other cryptocurrencies. It is a continuously growing list of transaction records linked through cryptography.
3. Mining is the process by which transactions are verified and added to the public blockchain ledger. Miners use specialized computer hardware to solve complex math problems, and are rewarded with new Bitcoin.
This document provides an introduction to electronic cash (eCash) schemes. It describes two main types of eCash systems: check-based systems and cash-based systems. Check-based systems use electronic checks that are signed, while cash-based systems aim to mimic physical cash and provide user anonymity. The document outlines the basic setup for a cash-based system involving a user, shop, and bank. It also discusses how blind signature schemes can be used to allow a bank to sign electronic coins without learning the identity of the coin's owner, thus preserving user anonymity. Finally, it summarizes Brands' eCash scheme, which provides a concrete example of a cash-based eCash system based on blind signatures and commitment schemes
The document provides information about a blockchain masterclass event including:
- The agenda covers an overview of blockchain technology, different types of blockchains, smart contracts, and a project example of carTRUST.
- The presenters are introduced - Volker Skwarek will discuss the technical implementation of blockchains, Marcus Olszok will showcase the carTRUST project, and Jan Christoph Ebersbach will provide a blockchain basics presentation.
- Background is given on CHAINSTEP, the organization hosting the event, including their goal of bringing blockchain to the real economy through consultancy, training, and customer projects.
The document provides an introduction to Bitcoin and its underlying blockchain technology. It explains that Bitcoin uses a decentralized peer-to-peer network and blockchain to allow for secure digital transactions without the need for a central authority. The blockchain consists of a linked chain of blocks containing transaction records. New blocks are generated through a proof-of-work process to validate transactions and maintain the network. This allows Bitcoin to operate as a decentralized cryptocurrency without any central control.
1-0 – What Is Cryptocurrency?
What is cryptocurrency? I’m sure many of you are curious of this so called
“21st
-century money of the future and due to its increasing recognition and
security, the cryptocurrency market looks bright ahead.
By the end of this e-book, you’ll certainly know more about cryptocurrency
than most people out there.For this first chapter, we will be covering 5 topics:
Bitcoin has some promising technical aspects but faces significant scalability issues that threaten its core properties over time. While it currently works as a decentralized system, the need to process vast amounts of data means nodes will consolidate into "supernodes" that effectively function like centralized banks. This transition would compromise Bitcoin's anonymity and censorship-resistance as identities become linked and certain transactions could be blocked. Overall Bitcoin shows innovation but may not retain its present security model if it aims to seriously compete with mainstream payment networks in transaction volume.
Short presentation about bitcoin in particular and crypto currencies in general.
Its mainly a description of whats money and what is bitcoin
why bitcoin will dominate
Cryptocurrency is a digital currency that uses cryptography for security. It allows for decentralized control without a central authority like a bank. The first cryptocurrency, Bitcoin, was created in 2009 by Satoshi Nakamoto as a way to conduct financial transactions without intermediaries. Cryptocurrencies use blockchain technology which achieves consensus in a decentralized network to prevent double spending. They have the potential to revolutionize the global economic system by taking control away from central authorities and giving individuals freedom and power over their money.
This document presents a roadmap for the development of Bitz digital currency. It discusses problems with Bitcoin such as its complexity, controversy and centralization. It also notes issues with many alternative cryptocurrencies being pump-and-dump schemes or outright fraud. The roadmap covers technical development, branding, adoption strategies, legal framework, and financing to create a simple, trusted digital currency for mainstream users.
The main motivation for publishing this paper is to create a model able to predict bitcoin’s price behavior or, more modestly, able to identify its future values within a confidence interval. Such models exist today for other assets and our thinking is to apply them to bitcoin.
Coin Vs Token What is the exact difference between them?- It is a hot topic among the crypto newbies. With Coin we can buy tokens but not vice versa, know much more @http://bit.ly/2Qb8OTV #coins #tokens #CoinVsToken #Developcoins #cryptocurrency #Blockchain
1) The document discusses using machine learning to predict Bitcoin exchange rates, which are volatile without regulation.
2) It tests support vector machines (SVM), neural networks, and random forests on features like mining difficulty, trades per minute, and past trade volumes to predict prices.
3) SVM produced the lowest error for time series prediction, while neural networks and random forests showed higher errors. The models predict future feature values and use those to predict prices.
Cryptocurrency is a digital currency that uses cryptography to secure transactions made on a decentralized network. It allows for peer-to-peer transactions without an intermediary like a bank. The first cryptocurrency, Bitcoin, was created in 2008 by the pseudonymous Satoshi Nakamoto and used a blockchain system to record transactions. There are now over 1,000 cryptocurrencies in existence, with Bitcoin, Ethereum, and other "altcoins" being the most popular and valuable.
The document provides an introduction to Bitcoin and blockchain technology. It discusses how blockchain creates an immutable and distributed digital ledger through the use of cryptography and consensus across a decentralized network. It notes that while blockchain dates back to the 1970s, it is a novel combination of existing technologies that has created new opportunities for digital currencies, smart contracts, and other applications.
This document provides an introduction to Bitcoin and how it uses elliptic curve cryptography to securely process transactions in a decentralized manner. It first defines key terms like decentralized and peer-to-peer, and provides background on Bitcoin and cryptography. It then explains how Bitcoin works, including how transactions are created and validated via the blockchain. Finally, it describes how Bitcoin uses elliptic curve cryptography, specifically the Elliptic Curve Digital Signature Algorithm (ECDSA), to generate keys and authenticate transactions, providing the core security for the Bitcoin system.
The US has the highest number of Bitcoin ATM installations across the globe. One can perform crypto transactions with a Bitcoin ATM. Thanks to the extensive network of crypto ATM kiosks, you can conveniently approach the ATM and convert your cash into Bitcoin or other Cryptocurrencies. You can quickly locate a Bitcoin ATM in Mesa, Arizona, through a smartphone search.
Bitcoin is a decentralized digital currency that uses cryptography to secure online transactions without relying on central authorities. It works by maintaining a distributed ledger called the blockchain that records all transactions. Transactions are authenticated through digital signatures and verified by the network through proof-of-work mining to prevent double spending. While providing pseudonymity, Bitcoin transactions are publicly visible on the blockchain, compromising user privacy. Zerocoin was proposed to add an anonymous currency layer on top of Bitcoin through the use of cryptographic commitments and zero-knowledge proofs to obscure the link between minting and spending of digital coins.
Report on Bitcoin- The cryptocurrency (November 2017)AJSH & Co LLP
Bitcoin is a decentralized digital currency that can be sent from user to user on a peer-to-peer network without an intermediary. It is not backed by any government or central bank. The document discusses how Bitcoin works through mining and validating transactions on a distributed public ledger called the blockchain. While it provides benefits like anonymity, low fees and freedom from central authorities, it also has risks like volatility in value, loss of wallet access, and lack of widespread acceptance.
Learn to trade cryptocurrency and bank huge daily profit. This slide exposes you to cryptocurrency trading basics.
You will learn;
What is Cryptocurrency?
How to Open a Bitcoin Wallet
How to fund your Bitcoin wallet
How to Open a Cryptocurrency Trading Account
How to fund your Trading account
How to place a Trade
How to set Stop loss and take profit
Market Analysis Technique
Trading rules and guidelines
Ultimately, you will discover how to become a cryptocurrency trading professional and build a profitable cryptocurrency trading career.
1. Bitcoin is a decentralized digital currency that uses cryptography to secure transactions. It was created in 2009 by the mysterious Satoshi Nakamoto.
2. Blockchain technology underlies Bitcoin and other cryptocurrencies. It is a continuously growing list of transaction records linked through cryptography.
3. Mining is the process by which transactions are verified and added to the public blockchain ledger. Miners use specialized computer hardware to solve complex math problems, and are rewarded with new Bitcoin.
This document provides an introduction to electronic cash (eCash) schemes. It describes two main types of eCash systems: check-based systems and cash-based systems. Check-based systems use electronic checks that are signed, while cash-based systems aim to mimic physical cash and provide user anonymity. The document outlines the basic setup for a cash-based system involving a user, shop, and bank. It also discusses how blind signature schemes can be used to allow a bank to sign electronic coins without learning the identity of the coin's owner, thus preserving user anonymity. Finally, it summarizes Brands' eCash scheme, which provides a concrete example of a cash-based eCash system based on blind signatures and commitment schemes
The document provides information about a blockchain masterclass event including:
- The agenda covers an overview of blockchain technology, different types of blockchains, smart contracts, and a project example of carTRUST.
- The presenters are introduced - Volker Skwarek will discuss the technical implementation of blockchains, Marcus Olszok will showcase the carTRUST project, and Jan Christoph Ebersbach will provide a blockchain basics presentation.
- Background is given on CHAINSTEP, the organization hosting the event, including their goal of bringing blockchain to the real economy through consultancy, training, and customer projects.
The document provides an introduction to Bitcoin and its underlying blockchain technology. It explains that Bitcoin uses a decentralized peer-to-peer network and blockchain to allow for secure digital transactions without the need for a central authority. The blockchain consists of a linked chain of blocks containing transaction records. New blocks are generated through a proof-of-work process to validate transactions and maintain the network. This allows Bitcoin to operate as a decentralized cryptocurrency without any central control.
1-0 – What Is Cryptocurrency?
What is cryptocurrency? I’m sure many of you are curious of this so called
“21st
-century money of the future and due to its increasing recognition and
security, the cryptocurrency market looks bright ahead.
By the end of this e-book, you’ll certainly know more about cryptocurrency
than most people out there.For this first chapter, we will be covering 5 topics:
Bitcoin has some promising technical aspects but faces significant scalability issues that threaten its core properties over time. While it currently works as a decentralized system, the need to process vast amounts of data means nodes will consolidate into "supernodes" that effectively function like centralized banks. This transition would compromise Bitcoin's anonymity and censorship-resistance as identities become linked and certain transactions could be blocked. Overall Bitcoin shows innovation but may not retain its present security model if it aims to seriously compete with mainstream payment networks in transaction volume.
Short presentation about bitcoin in particular and crypto currencies in general.
Its mainly a description of whats money and what is bitcoin
why bitcoin will dominate
Cryptocurrency is a digital currency that uses cryptography for security. It allows for decentralized control without a central authority like a bank. The first cryptocurrency, Bitcoin, was created in 2009 by Satoshi Nakamoto as a way to conduct financial transactions without intermediaries. Cryptocurrencies use blockchain technology which achieves consensus in a decentralized network to prevent double spending. They have the potential to revolutionize the global economic system by taking control away from central authorities and giving individuals freedom and power over their money.
Bitcoin is a peer-to-peer electronic cash system that allows users to send money directly to each other over the internet without needing a trusted third party. It solves the double spending problem through proof-of-work and decentralization. Bitcoin scales to handle increasing transaction volumes through parallel processing and increasing computational resources. It uses economic incentives rather than cryptography alone to secure the network.
Easy-to-understand illustration of the system.
Bitcoin is a virtual currency that can be used on the Internet.
From the name of virtual currency, I'm a little worried, "Isn't the money disappearing in some way?"
How Does Bitcoin Work? Under the Hood for Dummies | ProvenCryptoOpti Network
Bitcoin works through a shared public ledger called the blockchain that records all confirmed transactions. The blockchain allows wallets to calculate balances and verifies new transactions through cryptography. Transactions transfer value between Bitcoin wallets and require signatures for security. Mining is the process of confirming transactions through distributed consensus - computers process transactions together into cryptographic blocks to prevent corruption.
All сrypto-friendly neobanks: 8 ICO-backed new playersVladislav Solodkiy
This document provides an overview of crypto-friendly neobanks compared to traditional fintech neobanks, summarizing:
- It covers 8 crypto-friendly neobanks that have raised over $45 million total from ICOs with plans to raise $150 million more, around half of what traditional neobanks raised in 2016.
- None have launched yet and are focused on retail customers rather than small/medium businesses, unlike existing needs in the crypto world.
- They aim to reinvent existing digital banking solutions instead of building on traditional neobanks' successes and partnerships, and lack experience launching regulated banks.
Bitcoin the most popular cryptocurrency is being accepted widely across the globe. The technology associated with bitcoin is a rich technology for the verification of transaction. Blockchain technology offers fast, fraud resistant, efficient, cost effective way to operate peer to peer transaction..
The document discusses Bitcoin and blockchain technology. It begins by outlining how a small number of large institutions control much of the world's financial assets, phone calls, insurance policies, and media. It then asks if decentralization could provide alternatives to these centralized systems. The document goes on to discuss how blockchain technology allows data to be stored across thousands of computers worldwide, preventing disruption. It also examines how blockchain could eliminate the need for middlemen like banks and insurance companies through decentralization.
Here block chain technology is being explained with the help of a very common use case of this technology i.e. in banking how money transfer from one account to other in conventional way VS how money transfer in block chain
How-to Invest In Cryptocurrency In 5 Easy StepsMiguel Leite
The cryptocurrency market is in a hype state as we speak. Everyone wants in, everyone is talking about big gains, big fluctuation, some scams and, in general, great opportunities.
Newcomers need help navigating this gold rush and that’s why we at Coinvision have created this quick 5 step tutorial.
How To Get Rich With Bitcoin Even If
You Have No Clue About Technology
The surprising wealth-building secret of a
globe-trotting vagabond
The incredible story of how I missed the boat on Bitcoin,
still got rich, and how you can do the same...
Bitcoin is a cryptocurrency and decentralized payment system that was created in 2009 by an unknown person under the name Satoshi Nakamoto. Transactions occur directly between users without an intermediary and are recorded on a public distributed ledger called the blockchain. New bitcoins are generated by miners who verify transactions and are rewarded with new bitcoins. The blockchain records all transactions and grows continuously as new blocks are added, allowing anyone to trace transactions back to the original creation of bitcoins.
The document discusses Encode Club, an education program focused on web3 and blockchain. It provides an 8 week online hackathon, 10 week accelerator program, and 8 event education series. Encode Club offers conceptual seminars, technical workshops, AMAs with experts, hackathons with prizes, and an accelerator to help startups. It also connects members with jobs, internships, funding, and an investment community. The goal is to educate and support people interested in building in the web3 space.
The document provides an overview of the history and development of cryptocurrency and blockchain technology. It discusses how Bitcoin was launched in 2008 via a whitepaper by Satoshi Nakamoto. It describes how Silk Road helped popularize Bitcoin's use for anonymous online transactions. The document also explains key blockchain concepts like decentralized transaction ledgers, digital signatures, mining, and smart contracts. It notes how Ethereum generalized blockchains and enabled programmable transactions via smart contracts. In closing, it briefly outlines some business applications of blockchain and ongoing standardization work at ITU-T.
This document provides an overview of cryptocurrencies and Bitcoin. It defines cryptocurrency and describes how Bitcoin works as a decentralized digital currency using cryptography to regulate currency generation and verify fund transfers without a central bank. Key aspects covered include currency vs Bitcoin, Bitcoin expansion, cryptography basics like hashing and digital signatures, blockchain data structures, mining and proof-of-work consensus, and incentives to maintain the Bitcoin network.
Introduction to Bitcoin & Blockchain @ darefest16Sam Wouters
A brief introduction on what Bitcoin and the blockchain really are, why they exist, how they work and what we can do with them.
Interested in learning more? Check out my website or book me as a speaker: http://samwouters.com/
Twitter: https://twitter.com/SDWouters
LinkedIn: https://www.linkedin.com/in/samwouters
This document provides an overview of cryptocurrency and blockchain technology. It begins with a brief history of bitcoin and blockchain, starting with Satoshi Nakamoto's 2008 white paper. It then discusses how blockchain works, using bitcoin as an example to explain key concepts like decentralized ledgers, digital signatures, mining, and how the blockchain prevents double spending. The document also notes other cryptocurrencies like Ethereum and how it introduced smart contracts. In closing, it provides a SWOT analysis of blockchain and outlines some ITU-T activities related to distributed ledger technology.
Temple of Asclepius in Thrace. Excavation resultsKrassimira Luka
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
2. So, What is a Currency ?
What makes a piece of paper valuable?
3. The currency(say a dollar bill) has value because
everyone accept them as a medium of exchange.
The currency we use has value because the RBI
says and guarantees that it will pay the bearer the
said amount.
Similarly, Cryptocurrency derives its value when
people accept it as a mode of payment.
5. So , What is Bitcoin? Or, For that matter any
Cryptocurrency
Bitcoin is a basically a huge “ledger” that depends on cryptography for
verification and implementation of transactions.
Its a “Digital", "Decentralized” Currency that means No Banks to issue coins
or Verify transaction or maintain balance of users and prevent fraud etc.…
You get the idea, right?
So how does Bitcoin work if there is no centralized authority to maintain the
system.
Its depends on a decentralized peer-to-peer networking for maintaing the
ledgers. We will get to that in some time.
7. LEDGER
ALICE PAYS BOB ₹100
BOB PAYS CHARLIE ₹50
YOU PAY CHARLIE ₹20
.
.
.
.
ALICE
BOB
CHARLIE
YOU
8. Protocol
• Ledger is public and is accessible to all
• Anyone can go and add a line to the ledger
• At the end of every month everyone comes together and settle up
Problem with this system –
Since, anyone can add a line how can we trust that someone might not
cheat?
9. How to prevent such cheating?
The idea is when say Bob adds a line “Alice pays Bob ₹ 100” then Alice should be
able to add a signature next to it saying that she has seen it and approves it.
To prevent this we use something called a public key/private key pair
which generate something called a “Digital Signature”.
But, again what is preventing someone to simply copy that signature and
authorize any message they want. After all copying bits of data is pretty easy.
10. A public key is something(string of bits) that is visible to everybody whereas a
private key is something you want to keep to yourself.
Public Key : 0010101…
Private Key : 1101010…
11. The way it works is that for each transaction or say message we
have a signature that is produced with the help of your private key
and that signature is dependent on the message.
That means , changing the message even slightly can change the
signature a lot.
The fact that it requires your private key to produce the signature
says that only you can create the signature.
And since the signature changes even with a slight change in
message ensures that no one can simply copy your signature.
13. The sign function has private key as parameter
that means that only you can produce the
signature.
And the verify function uses your public key to
check that the message was generated by the
private key associated with the public key and that
it is valid for the given message.
14. But there is still a slight problem with this
system. Any Guesses?
Even though no one can forge your signature or create
a new message but one can simply copy the
transaction and use it again and again.
To prevent this we add a sequence number(or a
unique id) to each message which prevents duplication
of transaction.
15. Protocol
• Ledger is public and accessible to all
• Anyone can add line
• ONLY SIGNED TRANSACTIONS ARE VALID
But there is still a problem.
Infuriating right?
What if someone stacks up a lot of debt and simply refuses to pay
up at the end of the month
16. Solution -
At the beginning of every month , every money into the system and
make the first few entries of the ledger “Alice gets ₹10000” and
everyone is allowed to spend only a maximum of that much.
NO OVERSPENDING
To implement this we need to know the full
history of transactions up to that point.
18. But the question that is still not answered is how
do we achieve “Decentralization”?
We can’t host it at a website , that would meaning
trusting a central system or a couple of systems.
19. To make things simpler we can consider a
poker analogy here
Suppose you and your friends have to play a poker game but none of you
have got money.
So someone from the group volunteer to keep a ledger.
But this person can cheat and manipulate the ledger entry in his favour.
So, to remove this trust issue all the players maintain a ledger and at the end
of every hand all of them compare their ledgers and find any discrepancies.
Simple, right?
21. What is this Ledger ?
Each Ledger can be thought as a chain of blocks.
Each block containing data about a certain transaction like –
1. Account # of Sender
2. Account # of Receiver
3. Amount of Bitcoin to send
and things like that …
These blocks are connected in a chain format hence is called
“BlockChain”
22. But is this system really practical?
How can you be sure that everyone that is listening received and
believes the same transaction.
How can you be sure that everyone is recording the same transaction
and in same order.
What if there are two conflicting ledgers?
Whom to trust?
23. Solution given in Bitcoin paper
The Bitcoin protocol states that you should trust whichever ledger has
the most computational work put into it.
To add a block each person maintaing a ledger has to solve a special
kind of maths problem based on a Cryptographic Hash Function
The network automatically changes the difficulty of the problem with
each adding block
24. What’s a Cryptographic hash function?
• We input a variable string the hash function returns a fixed string of
bits.
• Changing the input slightly can completely change the hash
• Its totally infeasible to get the input if the output is given i.e., Its
irreversible
25. LEDGER
ALICE PAYS BOB ₹100
BOB PAYS CHARLIE ₹50
YOU PAY CHARLIE ₹20
1025455765
.
.
.
.
Proof of Work
SHA256
00000000000000000000000000000000
00000000000000000000000000001001
00110101011001100110001000110000
01100001001100110011000001100101
00110010001101100110010100111000
00110011011000100011001001100001
01100011001101010110001000111001
01100101001100100011100101100101
00110001011000100011000100110110
00110001011001010011010101100011
00110001011001100110000100110111
00110100001100100011010101100101
00110111001100110011000000110100
00110011001100110011011000110010
00111001001100110011100001100010
00111001001110000011001000110100
26. Now for someone to find that special no for which some no of starting bits is zero
is very difficult.
For say 60 zeroes the special no would be 1 in 2^60.
That means they would have to grow through approx.
11,52,92,15,04,60,68,46,976 nos to find a special no for which we have 60
starting zeroes. This requires a lot of computational effort and the special no is
what is called a proof of work.
Once the number is know its really quick to verify simply run the hash and check.
This is what Bitcoin does, you can verify that someone went through a large
amount of work without doing that work again.
27. Each Block(a set of transactions) will have a Proof of work attached to it.
ALICE PAYS BOB ₹100
BOB PAYS CHARLIE ₹50
YOU PAY CHARLIE ₹20
1025455765
ALICE PAYS BOB ₹10
BOB PAYS CHARLIE ₹250
YOU PAY CHARLIE ₹200
13436291730
ALICE PAYS BOB ₹1000
BOB PAYS CHARLIE ₹950
1274934702
BLOCKS
28. To add an standard order to these blocks we will store the hash of
previous block in its header
ALICE PAYS BOB ₹100
BOB PAYS CHARLIE ₹50
YOU PAY CHARLIE ₹20
1025455765
ALICE PAYS BOB ₹10
BOB PAYS CHARLIE ₹250
YOU PAY CHARLIE ₹200
13436291730
ALICE PAYS BOB ₹1000
BOB PAYS CHARLIE ₹950
1274934702
Prev Hash Prev Hash
29. This way if we go back and change the value of any block or swap the
order of two block, it would change the hash of that block and the
block next to it and so on.
So to make any changes we would have to redo all the work of finding a
new proof of work for all the upcoming blocks, which would be totally
impractical and infeasible
30. Order of Transaction matters.
Say if a person has 2 transactions of $50 but the total balance in his
account is $50 dollars.
Then who gets the money depends highly upon the order of the arrival
of the blocks.
Moreover, in case of Bitcoin ,since there is no centralized authority the
delays in network can lead to diff individuals receiving the blocks in diff
orders which poses a big problem
31. To overcome this, each new transaction block is put into a memory
pool
And to add a new block to the main blockchain one needs to solve a
mathematical problem.
Whoever solves the problem first gets to add his block to the chain,.
And the new chain is broadcasted to all listeners.
32. What if two persons solve the problem at
precisely the same time?
The chain “forks”(the blockchain will temporarily have two heads)
Nodes will accept the first block they’ve seen, until eventually another
block is mined, making one of the chains longer, and resolving the chain
fork (nodes that were using the wrong block will throw it out and switch
to the correct one; transactions from the losing block that aren’t also in
the winning block will be put back in the mempool, the temporary
storage, so they have another chance to confirm, this time on the correct
chain).
After three confirmations, the block is almost guaranteed to remain
permanent. Three confirmations is another way of saying that the block is
three levels deep and has been accepted by the network for certain.
33. ALICE PAYS BOB ₹100
BOB PAYS CHARLIE ₹50
YOU PAY CHARLIE ₹20
1025455765
ALICE PAYS BOB ₹10
BOB PAYS CHARLIE ₹250
YOU PAY CHARLIE ₹200
13436291730
ALICE PAYS BOB ₹1000
BOB PAYS CHARLIE ₹950
1274934702
ALICE PAYS BOB ₹100
BOB PAYS CHARLIE ₹50
YOU PAY CHARLIE ₹20
1025455765
If this block gets 3 confirmations it is
assumed that this is the correct block.
The other block is discarded and put
back into the memory pool.
34. The forking is useful in one more scenario
Say Alice wants to cheat Bob and send the block to Bob saying
“Alice Pays Bob $100”.
This transaction was recorded by just Bob and not all.
To do this Alice has to find a valid proof of work before all the other miners.
But Bob will still hear the broadcast from other miner.
That main chain will continue to grow with each block being mined.
To keep up with his wrong block Alice would have to find the blocks before all the
miners in the network
For this to be possible, Bob would require at least 50% computational power of all
the network combined.
Which quiet frankly is simply not feasible
35. One more question that begs our attention is
that how is money created?
Every time a volunteer solves a puzzle to add a block to the chain.
He is rewarded with some coins out of thin air.
Solving these problems is called mining as this is how money enters the
system.
With every 2,10,000 blocks the reward is cut into half.
For e.g.-
Bitcoin initial mining reward – 50 BTC
Bitcoin current mining reward – 12.5 BTC
That means there will never be more than 21 million bitcoins
36. Some Facts
• As of June 2019 the main bitcoin ledger is 226.6 gigabytes in size.
• Out of the total available 21 million coins, 14 million have already been
mined.
• Bitcoin has a mean block time of about 10 mins while for Ethereum its 10-
20 seconds.
• Even after all the 21 million Bitcoins are mined, miners will still able to earn
as they will get a transaction fee for each transaction.
• As the no of miners increase that means the no of transaction each miner
is able to add reduces. This increases the transaction fee as that way a
miner would prioritize your block over others
• Each Bitcoin can be broken into smaller pieces.
i.e., 1 BITCOIN = 100000000 Satoshi
37. How to miners work?
• The miners in the start used their normal processors to mine bitcoin
• Later, it was discovered that the High End Graphic Card speed up the
process due there highly parallelised number crunching capabilities
• Now a day special ASIC chips are used which even though highly
speed up the process, consume a lot of electricity.
• Since as the increase in number of miner decreases the chance of a
individual miner to find the nonce first.
• Miners work in a group, called miner pools.
• Each miner is awarded proportionate to their contribution
But for a moment,Let us just forget everything everything about Bitcoin and start with a simple community ledger.(Say Apartment Ledger)
Ofcourse,in case of Bitcoin the money is not put in the system using real dollars.
The same principle can be used in Cryptocurrency.
So if you want to send or receive money you have to announce to everyone on the table so that everyone can update their ledgers