Showing posts from April, 2022

Mark Tencaten - Understanding the Types of Cryptocurrencies

Bitcoin had little competition when it was originally released in 2009 in the emerging world of digital currency. By 2011, however, competitors had begun to use the blockchain technology that bitcoin was built on to build their platforms and currencies, resulting in the emergence of other varieties of cryptocurrency. Suddenly, there was a rush to develop more crypto. MarkTencaten explains that there are dozens of different forms of cryptocurrency today. While each is designed to give a distinct feature or function, the majority are based on the same principles as bitcoin: ·        A central authority, such as a bank does not issue, regulate, or back cryptocurrency. ·        A blockchain (distributed ledger) and peer-to-peer review are used to construct them. ·        Cryptography is a complex computer code that encrypts (secures) Bitcoin and other currencies. ·        Cryptocurrencies are often stored as assets in digital wallets, such as blockchain wallets, which allow us

Mark Tencaten | Learn more about Bitcoin and how it is different from Blockchain

  All the attempts made in the past to generate digital money failed. The most pressing issue with the failure was trust. How can anyone believe that if someone invents a new currency named the # dollar, he won't give himself a million dollars or steal others' # dollars? Bitcoin was formulated to overcome this issue by utilizing a special type of database called a "blockchain." A person who is in charge of most regular databases, like a SQL database, can make changes to the entries (e.g., they can transfer a million # dollars into their account). Blockchain is unique in this case since no one is in charge; instead, the individuals who utilize it are the ones who run it. Bitcoins can't be forged, stolen, or doubly spent, so those who own them can be confident that they're worth the value. How Bitcoin originated A groundbreaking article titled "Bitcoin" appeared on a less familiar internet forum in late 2008, around the time of the financial cris

Mark Tencaten - How Crypto Transactions are added to the Blockchain

Blockchain is a technique of storing data in such a way that it is difficult or impossible to modify, hack, or cheat this system. A blockchain is a digitalized record of transactions replicated and shared across the blockchain's complete network of computer systems. Each block in the chain contains several transactions, and each time a new transaction takes place on the blockchain, proof of that transaction is added to the record of each participant. Distributed Ledger Technology (DLT) is a decentralized database that is administered by multiple individuals. Blockchain is a distributed ledger technology in which transactions are recorded using a hash. Hash is an immutable cryptographic signature. This implies that if a single block in the blockchain is changed, it will be instantly clear that the blockchain has been tampered with. Hackers will have to update every block in the chain across every distributed version of the chain if they intend to corrupt a blockchain system. Cry