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" While “Bitcoin” as a term with its commercial highs and lows has been thoroughly dissected by economists and investors, most, however, have failed to articulate the underlying technology behind it, i.e., Blockchain. "
Thus, how blockchain technology will revolutionise the legal services industry?
Law Enforcement is one of the industries that stand to gain the most from blockchain’s innovative technology. Throughout history, people have had to rely on their local governing bodies to arbitrate in case of dispute for, say, land or other assets and this model suffers from the inherent weaknesses of a centralized organization like bias and inaccuracy. It was estimated that businesses spend somewhere around $4 billion every year in order to verify property title deeds. This is where a data integrity project like Factom could help people by using their authentication solutions to secure physical documents on the Bitcoin Blockchain. For example, if the title deeds to land could be appended to the Bitcoin Blockchain using data integrity services provided by Factom, the owner is easy to determine until the end of time and the record is resistant to tampering. The areas where legal service industry will be revolutionized include Smart Contracts and Intellectual Property Rights Smart ContractsAlthough not part of Bitcoin, Smart Contracts are invariably linked to blockchain technology as they can revolutionize the way humans conduct business. Ethereum, the second largest cryptocurrency by market capitalization implemented smart contracts which are executed over the decentralized Ethereum infrastructure. With Ethereum it is possible to create contracts that self-execute when certain conditions are met. Intellectual Property RightsWith the advent of the internet, as media has become increasingly available to the masses because of file-sharing services, it has also become harder to maintain ownership of content to ensure that content creators are compensated fairly for their work. There are several interesting projects in the cryptocurrency space that are coming up with unique ways to combat intellectual property theft. SingularDTV is one the foremost intellectual property Blockchain solutions that are aiming to revolutionize content distribution in order to ensure more equitable outcomes for artists. In their unique model, artists can tokenize their upcoming projects to raise funds from investors who in turn get rewarded from sales of the final product. In the real world, this would work by artists creating a sort of initial coin offering for their newest project. Investors can buy shares in projects they find interesting and because of smart contracts, they can get paid in the future. For every dollar earned by the final product, a pro rata share goes to all of the investors. This model incentivizes users to be part of content creation and also to share the profits. Artists benefit as they retain the ownership of their work and also get paid more because no middlemen are involved. For more information check these links https://www.blockchain-council.org/blockchain/blockchain-technology-could-revolutionize-legal-services/https://news.law.fordham.edu/jcfl/2017/09/25/blockchain-and-the-legal-industry/ |
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Hi guys, during christmas I was thinking about a way to produce my own brainwallets. You find the code below https://github.com/curiosity81/brainwallet. Clearly, code can also be used to produce more secure brainwallets. E.g. hashing a string more than once and a brute force approach is virtually useless. A Brain Wallet is the one when user remembers their mnemonic phrase or the private key and never writes it down. That is, all is stored in the brain only for security reasons. So why have a brain wallet and still write you private key or mnemonic phrase down on a piece of paper? To me brain wallet is not good because it is difficult to manage in case the user forgets his/her mnemonic paraphrase or private key due to any mishap such as accidents, brain diseases/ damage or even mental stress, he /she will lose his/her crypto-coins and funds. |
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any altcoin very similiar to bitcoin？
same algorithm and same pow
I think bitcoin does not use pos
So I can research the altcoin and try to compile the code
Thanks
Alternate cryptocurrencies can be mined using the same hardware as for mining Bitcoins (mostly SHA-256 alt coins). While bitcoin mining is going to use FPGA and ASIC devices, scrypt based alt coins can be mined using GPU cards. Altcoins using SHA-256, the same hashing algorithm as Bitcoin include: • NMC – Namecoin • PPC – Peercoin • DVC – Devcoin • TRC – Terracoin • BTE – Bytecoin • IXC – Ixcoin • I0C – I0coin • FRC – Freicoin • XJO – Joulecoin • ZET – Zetacoin • ASC -AsicCoin • DEM – Deutsche eMark • UNO – Unobtanium • PT – Platinum Coin • BLC – Blakecoin • RKC – Reikicoin • TIT – Titcoin |
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Hi Folks, I made a movie about Bitcoin's underlying technique. Since English is not my native language, I would be glad if you watch the movie and give me some advice if necessary. Currently the film is accompanied by an automatic voice. I'll change that later as soon as I know that the text is somehow understandable. So, its still a draft: https://youtu.be/I6RoG2L7QswThanks for any feedback. A very educative video about bitcoin underlying techniques. it is very easy and simple to understand. Nice work |
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Trying to catch up with the news, so please bear with me.
Do I understand it correctly that BTC and BCH use the same address space and the same principles of building a blockchain out of transactions but they differ in how transactions are signed now, making them mutually invalid?
In the light of the above, if I decide to spend my pre-fork BTC txout into BCH, I just need to issue a BCH-signed transaction for that txout, right?
After I do that, will this txout be still unspent from BTC network point of view (since my BCH transaction is invalid in BTC and won't go into BTC blockchain)?
As far as the users of Bitcoin/Bitcoin Cash are concerned there is very little noticeable difference on the frontend when using either currency. The main difference between these coins is the fact that, given equal hashrate, BCC protocol allows for more transactions per second which translates to faster payments and lower fees. Bitcoin is being forked into two different currencies, each sharing a common transaction history from before the fork. Bitcoin Cash is the chain supported by the miners who wanted larger blocks, and the regular Bitcoin chain is the one supported by the core developers. On the day of the fork, every BTC address suddenly had a twin existing on the BCH network. If, at the time of the fork, an address had 0.45 Bitcoin, then its twin on the BCH network had 0.45 Bitcoin Cash after the fork. |
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I've seen a few transactions in the blockchain that are n-of-m transactions using the OP_CHECKMULTISIG output script. Is there a common place these are coming from? How does one send one of these transactions?
Are you referring to n of m transactions or m of n transaction ? If it is m of n transactions checkout this link to understand more https://en.bitcoin.it/wiki/Multisignature |
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Which one will be the solution to the bitcoin scalability problem (Dream of instant payments with low fees)? Lightning Network: off-chain protocolIt would feature a P2P system for making micropayments of digital cryptocurrency through a scale-free network of bidirectional payment channels without delegating custody of funds or trust to third parties. [1]SegWit2x: block size limitwas a failed contentious hardfork outlined in the New York Agreement that intended to double the block size limit. The hardfork has been denounced as an attempt made by CEOs and owners of large Bitcoin businesses to introduce changes to the currency's protocol and development cycle with ulterior motives. [2]To me lightning network will be of good choice than segwit2mb because it is a layer two protocol that allows bitcoin users to create a network of bi-directional payment channels and perform instant off-chain transactions through these channels. Using lightning will reduce pressure on the blockchain while enabling much more transaction capacity (limited only by the number of channel open and channel close transactions that can fit in the blockchain). In terms of transaction, lightning network allowing participants to transfer money to each other without having to make all their transactions public on the blockchain (which would make transactions “lightening fast”). |
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Hi All,
I try to understand how bitcoin works .
In general, it is clean for me. But i can not understand for what transaction scripts are needed? Why was this introduced?
It seems for any transaction the script is same, so , why it is used here?
Script is the name of the Bitcoin protocol’s scripting system that processes and validates transactions. Script is a clever, stack-based instruction engine, and it makes all transactions from simple payments to complex oracle overseen contracts possible. All bitcoin transactions have scripts embedded into its inputs and outputs. The scripts use a very simple programming language, which is evaluated from left to right using a stack. The language is designed such that it guarantees all scripts will execute in a limited amount of time. When a transaction is validated, the input scripts are concatenated with the output scripts and evaluated. To be valid, all transaction scripts must evaluate to true. A good analogy for how this works is that the output scripts are puzzles that specify in which conditions can those bitcoins be spent. The input scripts provide the correct data to make those output scripts evaluate to true. https://bitcore.io/api/lib/script |
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There may not be one single dominant blockchain network in the future, thus, will blockchain start to interoperate in 2018  It is likely blockchain starts to inter-operate next year because 2018 will be the year when major financial institutions will adopt digital assets, and marks the birth of hybrid blockchains. To make the broad use of digital assets truly mainstream, however, I think we’ll need the many blockchain networks that currently exist to inter-operate. The truth is there will not be one single dominant blockchain network in the future as there isn’t any dominant internet or email provider globally today. Looking at the use of email address which is being inter-operated that is we can all email family, friends and colleagues from Gmail to Yahoo to Outlook seamlessly and instantly. Likewise, value should move across all ledgers in exactly the same way irrespective of the blockchain network, PayPal wallet or traditional bank account involved. https://www.coindesk.com/death-ico-4-2018-predictions/ |
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So I have been trying to understand the process on how transactions get verified but have a few questions that I was hoping you guys could answer. My current understanding of a transaction is like this: I send 1 bitcoin from my public key (signed with my private key) to another public key. This is then sent to the mempool of the nearest node and then if it meets the requirements of a valid transaction this is broadcast to all other nodes on the network. If I add a high fee to my transaction it will be picked up by a miner and added to a block quickly, if I select a low fee or no fee it risks staying in the mempool. If it is not picked up by a miner after a certain amount of time it will be returned to my wallet. Question 1: How does the miner verify my transaction in the mem pool? Does the miner's software automatically reference all the existing transactions on the blockchain to ensure that my account has 1 bitcoin to send? Questions 2: Are only valid transactions added to a block to be verified? Question 3: It is my understanding that a block needs an even number of transactions in a block in order to hash down to a merkle root. If transactions are in fact verified in a block and not in the mempool, is an additional transaction added to the block when one is discarded so that there are an even number of transactions to hash down to a merkle root? Question 4: Do miners create their own custom software or are all miners running the exact same software? If anyone could help me understand the exact path a transaction goes through from start to finish I would really appreciate it. I looked around for answers, but most didn't go into enough detail. EDIT: Please move this to the newbie forum. Sorry for posting in the wrong section  The node will look at a transaction as it arrives and then run many of checks to verify it. Each node builds its own transaction pool, which are mostly the same. The conditions can change and evolve over time and a present list can be checked through the AcceptToMemoryPool, CheckTransaction and CheckInputs functions in the bitcoin client. |
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What are the basic requirements for developing a blockchain?
1.Know basic commands line code (C++). 2.You will need to access your computers console. 3.Invest in a book called Mastering by Andreas Anasopolous this man has a wealth of knowledge and YouTube videos and an online class at the university of Nicosia. 4.You will also need Git Hub there's lots of chain codes there. 5.Remember there are different kind of blockchains for example Ethereum is different than Bitcoin and say Open Ledger is an exchange but also a community and you can create coins in there if you can figure it out. 6. http://davidderosa.com/basic-blockchain-programming7.Go to http://bitcoin.org there is lots of resources there you will need and say http://bitcoin.com/en/development there you will find developer communities and be able to get advice from other Dev’s along your way. 8.Read all about it and practice with yourself alone with the Internet dev peeps. |
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Dear All newbies,,,
Bitcoin is running up again. Buy now! this is the change for you to make money.
YES!!!! bitcoin is always running up everyday and the more people invest into bitcoin the more bitcoin gains its strength for worldwide acceptance. |
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I found this interesting take on bitcoin transaction type trends from 2015: https://tradeblock.com/blog/analysis-of-bitcoin-transaction-size-trendsAs this is from 2 years ago, I am wondering: a. Are there any newer transaction types? b. What is the average size of each of transaction type? c. Is there a site/way to see the number of each transaction type included in each block? As at 2015/2016, there are five standard transactions which are accepted by the standard client which include Basic, P2SH or Pay-to-Script-Hash, Multisig, RETURN and Non-standard – although some miners will accept a non standard transaction for a price. The most popular type of transaction is the TX_PUBKEY, or Pay to Public Key Transaction (P2PKH) with over 89% of total transaction as at 2015. The latest transaction type as at 2017 is SegWit which is the name used for an implemented soft fork change in the transaction format of the cryptocurrency Bitcoin which has also been implemented on currencies such as Litecoin, DigiByte, Vertcoin and Groestlcoin. The formal title "Segregated Witness (Consensus layer)" had Bitcoin Improvement Proposal number BIP141. It is intended to mitigate a blockchain size limitation problem that reduces Bitcoin transaction speed. It does this by splitting the transaction into two segments, removing the unlocking signature ("witness" data) from the original portion and appending it as a separate structure at the end. The original section would continue to hold the sender and receiver data, and the new "witness" structure would contain scripts and signatures. The original data segment would be counted normally, but the "witness" segment would, in effect, be counted as a quarter of its real size. |
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“INS says seven of the top-20 fast-moving consumer goods companies in the world have shown significant interest in the platform; it cites Unilever and Mars as two examples. Beyond the top-20, the company has also “gained a total of 500 manufacturers interested in listing or having signed memoranda of understanding expressing their strong commitment to the project once it goes fully operational,” a company spokesperson told VentureBeat.“
Can blockchain really replace supermarkets in the near future?
YES it can be possible for blockchain to replace supermarkets. This means that distribution chain from the manufacturer to wholesalers to retailers and finally to the final consumers will be distorted making business transaction to be only between the manufacturer and the final consumers. The only advantage this will have is that it will prevent hoarding of goods by the wholesalers and the retailers and the disadvantage i foresee is the delay of goods and services as a result of delay in transactions' confirmation. (My opinion) |
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Do you see any specific trends for 2018, apart from just a rising crypto market cap? I'm thinking about focusses on e.g. Scalability, mass-adoption use-cases, more controlled ico's. What do you think is going to mark the market for 2018?
yes i see a specific trend of massive adoption of cryptocurrencies in 2018 most especially in my country where fewer number of people are dealing/trading/investing with cryptocoins and making a huge profit from it. |
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Hello
I realized recently that making fake transactions are possible. I know no one can undo any transactions, either.
I want to know is there any way to detect that a certain unconfirmed transaction is fake or not, right after sending?
This is a big problem for me because of so many unconfirmed transactions that i'm getting nowadays.
If you are unsure whether your bitcoin address has received funds and/or do not have your bitcoin wallet at hand you can still check by using a Blockchain Explorer, as all bitcoin addresses are publicly visible on the bitcoin blockchain you can look them up if you are aware of the address or the transaction id. Lists of Blockchain explorersBlockcypher https://live.blockcypher.com/Namecoin https://namecoin.org/explorers/Coinsutra https://coinsutra.com/best-bitcoin-block-explorers/ |
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First of all, I suppose you should differ cryptocurrencies based on protocol behind then. Basically we could to separate protocols by next features: 1) Block validators motivation way based on consensus 2) Transaction and data storing rules One of them give us way to exchange value in a private way (ZCash, Monero, Dash), another provide VM for smart-contracts. Some of them allow anyone to mine cryptocurrency, another require stakes to "forge" coins. I think great way to understand most of them: select some which is most interested for you from list below and we will discuss more about them: Top 100 Cryptocurrencies in few wordsName | Sym. | Description
----------------|-------|------------------------------------------
Bitcoin | BTC | Digital gold
Ethereum | ETH | Programmable contracts and money
Bitcoin Cash | BCH | Bitcoin clone
Ripple | XRP | Enterprise payment settlement network
Litecoin | LTC | Faster Bitcoin
Dash | DASH | Privacy-focused Bitcoin clone
NEO | NEO | Chinese-market Ethereum
NEM | XEM | Batteries-included digital assets
Monero | XMR | Private digital cash
Ethereum Classic| ETC | Ethereum clone
IOTA | MIOTA | Internet-of-things payments
Qtum | QTUM | Ethereum contracts on Bitcoin
OmiseGO | OMG | Banking, remittance, and exchange
Zcash | ZEC | Private digital cash
BitConnect | BCC | Madoff-like investment fund
Lisk | LSK | Decentralized applications in JavaScript
Cardano | ADA | Layered currency and contracts
Tether | USDT | Price = 1 USD
Stellar Lumens | XLM | Digital IOUs
EOS | EOS | Decentralized applications on WebAssembly
Hshare | HSR | Blockchain switchboard
Waves | WAVES | Decentralized exchange and crowdfunding
Stratis | STRAT | Decentralized applications in C#
Komodo | KMD | Decentralized ICOs
Ark | ARK | Blockchain switchboard
Electroneum | ETN | Monero clone
Bytecoin | BCN | Privacy-focused cryptocurrency
Steem | STEEM | Reddit with money voting
Ardor | ARDR | Blockchain for spawning blockchains
Binance Coin | BNB | Pay Binance exchange fees
Augur | REP | Decentralized prediction market
Populous | PPT | Invoice trading futures
Decred | DCR | Bitcoin with alternative governance
TenX | PAY | Cryptocurrency credit card
MaidSafeCoin | MAID | Rent disk space
BitcoinDark | BTCD | Zcoin close
BitShares | BTS | Decentralized exchange
Golem | GNT | Rent other people's computers
PIVX | PIVX | Inflationary Dash clone
Gas | GAS | Pay fees on Neo
TRON | TRX | In-app-purchases
Vertcoin | VTC | Bitcoin clone
MonaCoin | MONA | Japanese Dogecoin
Factom | FCT | Decentralized record keeping
Basic Attention | BAT | Decentralized ad network
SALT | SALT | Cryptocurrency-backed loans
Kyber Network | KNC | Decentralized exchange
Dogecoin | DOGE | Serious meme bitcoin clone
DigixDAO | DGD | Organisation manages tokenized gold
Veritaseum | VERI | Vaporware
Walton | WTC | IoT Blockchain
SingularDTV | SNGLS | Decentralized Netflix
Bytom | BTM | Physical assets as tokens
Byteball Bytes | GBYTE | Decentralized database and currency
GameCredits | GAME | Video game currency
Metaverse ETP | ETP | Chinese Ethereum plus identity
GXShares | GXS | Decentralized Chinese Equifax
Syscoin | SYS | Decentralized marketplace
Siacoin | SC | Rent disk space
Status | SNT | Decentralized application browser
0x | ZRX | Decentralized exchange
Verge | XVG | Privacy Dogecoin
Lykke | LKK | Digital asset exchange
Civic | CVC | Identity and Authentication App
Blocknet | BLOCK | Decentralized exchange
Metal | MTL | Payments with rewards program
Iconomi | ICN | Digital asset investment funds
Aeternity | AE | Decentralized apps (prototype)
DigiByte | DGB | Faster Bitcoin
Bancor | BNT | Token Index Funds
Ripio Credit | RCN | Co-signed Cryptocurrency Loans
ATMChain | ATM | Advertising network
Gnosis | GNO | Decentralized prediction market
VeChain | VEN | Supply chain item IDs
Pura | PURA | Cryptocurrency
Particl | PART | Privacy marketplace and chat
KuCoin Shares | KCS | Profit-sharing exchange fees
Bitquence | BQX | Mint for cryptocurrency investments
FunFair | FUN | Decentralized casino
ChainLink | LINK | External data for contracts
Power Ledger | POWR | Airbnb for electricity
Nxt | NXT | Cryptocurrency and marketplace
Monaco | MCO | Cryptocurrency credit card
Cryptonex | CNX | Zerocoin clone
MCAP | MCAP | Mining investment fund
Storj | STORJ | Rent disk space
ZenCash | ZEN | Privacy-focused Bitcoin clone
Nexus | NXS | Bitcoin clone
Neblio | NEBL | Decentralized application platform
Zeusshield | ZSC | Decentralized insurance
Streamr DATAcoin| DATA | Real-time data marketplace
ZCoin | XZC | Private digital cash
NAV Coin | NAV | Bitcoin with private transactions
AdEx | ADX | Advertising exchange
Open Trading | OTN | Decentralized exchange
SmartCash | SMART | Zcoin clone with rewards
Bitdeal | BDL | Bitcoin clone
Loopring | LRC | Decentralized exchange
Edgeless | EDG | Decentralized casino
FairCoin | FAIR | Bitcoin that rewards savers
I will like you to discuss more on bitcoin, bitcoin cash, litecoin and tron. Thanks |
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