So, consider two transactions Tx1 and Tx2, in this case Tx2 spends the output of Tx1.

The output of Tx1 contains the receiver's Hash160 public key.

When the receiver wants to spend his Bitcoin, he creates Tx2, which references Tx1's output as input.

In the scriptSig part of Tx2, the receiver inserts his signature and his original public key, then broadcast this transaction to the network.

If the scriptSig passes verification, then Tx1 is spent by Tx2.

Did I explain this correctly?

Thanks. So, the spending transaction contains both the original public key and its hash160 version? If you want to spend your coins, you send your public key, signature along with the hash160 to miners, correct?

In a Bitcoin transaction, the TxIn contains the signature of the current redeemer and TxOut the hash160 of the next redeemer's public key. The hash160 is defined as ripemd160(sha256(data)). So, it's impossible to get the original hash of the public key. My question is, to verify a ECDSA signature, one must has the original public key. In which step does this original public key appear? Is this key also sent to other peer nodes? Does Bitcoin maintain a global database of public keys for every address?

Will update soon

We understand why you were concerned. Dash was called Xcoin as well when it was first released and underwent several name changes. We didn't realize Xcoin was already taken until other members notified us. This is a Pre-Ann thread after all.

Because it turned out that there is already another project called Xcoin, so we changed the project name into Crysto, pronounced crystal.

Thanks for pointing it out. Just made the correction.

Our designer is working on the new looking of the website. We will launch it when we get close to ANN

Thanks for the comments. Emin is definitely one of the top contributors of the blockchain world. He helped review our whitepaper and Crysto is inspired by his proposal, Bitcoin-NG. We will continue to gain his advice throughout the project development. As far as you're concerned, I recommend you evaluate us as a team instead of individual members.

We've adopted new name Crysto for our project  sorry for any confusion caused by the old name

Yes I got the point and thanks for your interest. The PhD candidate will get his degree in May. Also, our advisors are some of the top names in the cryptocurrency landscape. Rest assured that our best efforts will be put forth into this project.

Thanks for the interest. This is a Pre-Ann thread. We will update with more details soon!

Thanks for the suggestion. A lot of names have been taken so we just call it "X", which means the name is unknown yet We will change it to something different later.

Please post responsibly. None of us is freshman and many had received master or PhD

Hi, I'm Sky Guo. Today I'm honored to pre-announce our project, Crysto.

Crysto is a scalable, permissionless blockchain infrastructure, which adopts a hybrid consensus of proof-of-work and Byzantine fault tolerance. Its goal is to retain Bitcoin's open membership (permissionless) and bring transaction processing speed to thousands per second. The proof-of-work process, also called mining, elects a new group of leader nodes every few minutes, and the leader nodes validate incoming transactions through voting. Transactions are validated instantly after a majority of leader nodes approve them.

Our team is comprised of talents who attended world's leading universities and worked at top-rated multinational companies such as Microsoft, Amazon and Tencent. We have profound knowledge and experience in blockchain infrastructure, including Golang, network engineering, database system and cryptography.

Welcome to leave your thoughts below. Your feedback is valuable to us.

Highlights:

• Proof-of-work leader election
• Byzantine fault tolerance for instant transaction validation
• Instant transaction verification and dynamic block size
• Dynamic membership allowing nodes to freely join or exit
• UTXO model for better privacy protection and scalability
• Decoupling transaction processing from mining
• Low transaction fees

Website:
http://crysto.io
Whitepaper (draft):
http://crysto.io/wp-content/uploads/2017/03/crysto_whitepaper.pdf
Team:
http://crysto.io/index.php/team/
Blog:
http://crysto.io/index.php/blog/

Now Bitcoin is facing a possible fork between Bitcoin Unlimited and Bitcoin Core. The uncertainty about future is also one of the disadvantages

需要共识方面的突破。目前暂时还不可以，不过很快会出现

如今的竞争币行情，正如同哈耶克在上世纪所构想的去国家化的货币时代。哈耶克认为，货币应该满足以下四类作用：

　　1、用于购买，即由于各种商品的价格是用货币表明的，购买者根据价格支付一定量的货币可以完成交易，即使使用不同的货币，只要有一定的折合比率商人就会接受它并进行交割；

　　2、作为储备，用于未来的支付；

　　3、用作延期支付的标准，即人们以货币为计算单位签订各种契约，虽然在缔约期内通货价值的变动会使缔约各方或受益或受损，但由于借、贷常集于一方，所以市场力量不可能出现偏倒某一方的倾向，只要利息能适应预期的价格变动，这种临时的得益或损失最终都会趋于平息。

　　4、用作可靠的核算单位。

可见，消费者最终会选择能够满足所有条件的货币。货币的发行方必须能够约束自己才能不至被市场所抛弃。

以太现在被用来作为对冲比特币的风险。比特币跌以太就涨，反之亦然。门罗和达世都是满足隐私刚需的，所以今年一路开涨，接下来也会继续涨

Hey I'm unsure if distributed system programming falls into web development category but I'm looking for a developer who has solid knowledge in system replication, P2P network and fault tolerance,