Hashcoin is the world's first digital commodities technology platform with real-time payment confirmations, decentralised digital rights management and deeds of ownership across multiple media applications.
How does Hashcoin work?
This is a question that often causes confusion. Here's a quick explanation!
The basics for a new user
As a new user, you can get started with Hashcoin without understanding the technical details. Once you have installed a Hashcoin wallet on your computer or mobile phone, it will generate your first Hashcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Hashcoin addresses should only be used once.
Balances - block chain
The block chain is a shared public ledger on which the entire Hashcoin network relies. All confirmed transactions are included in the block chain. This way, Hashcoin wallets can calculate their spendable balance and new transactions can be verified to be spending hashcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
Transactions - private keys
A transaction is a transfer of value between Hashcoin wallets that gets included in the block chain. Hashcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network within the following 10 seconds, through a process called mining.
Processing - mining
Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
Going down the rabbit hole
This is only a very short and concise summary of the system. If you want to get into the details, you can read the original paper that describes the system's design, and explore the Hashcoin wiki.
http://hashcoin.technology/Mining pools :
http://hashcoin.technology/minehttp://CryptoArmy.orgWindows Wallet: http[Suspicious link removed]
★ Exchanges ★
TBA
More to come!
