Segregated Witness (SegWit) is a protocol upgrade for Bitcoin that enhances its scalability and transaction efficiency. Introduced in 2017, SegWit addresses several limitations of the original Bitcoin protocol, including transaction malleability and block size constraints. Understanding SegWit What is SegWit? SegWit stands for “Segregated Witness,” referring to the separation of signature data from transaction data.
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Tag: BitCoin
Understanding Bitcoin Transaction Structure: Legacy and Witness Versions
Posted onBitcoin transactions are the backbone of the Bitcoin network, facilitating the transfer of value. Understanding their structure is essential for anyone interested in blockchain technology. This article delves into the details of both legacy and witness (SegWit) transaction structures. Basics of Bitcoin Transactions A Bitcoin transaction comprises inputs and outputs. Inputs are sources of funds,
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Proving Ownership of BTC Multisig Addresses
Posted onProving ownership of a Bitcoin (BTC) address is a crucial aspect in various scenarios. The post Proof of Ownership for BTC Addresses introduced the proof for non-multisig addresses. This guide explores how to prove ownership for different multisig BTC address types, including algorithm specifications and step-by-step methods. What is a Multisig Address? A Bitcoin multisig
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Multisig 101
Posted onMultisig, short for “multisignature,” is a cryptographic mechanism that requires multiple signatures to authorize and execute a transaction. What is Multisig Multisig ensures that multiple parties must collaborate and approve a transaction before it can be deemed valid. It provides an additional layer of security requiring multiple parties’ signatures to spend or transfer the crypto
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Consensus Algorithm 101
Posted onConsensus algorithms play a crucial role in the functioning of decentralized networks, such as blockchain-based systems. They help maintain the integrity, security, and reliability of these networks by ensuring that all participants agree on the state of the system. In this post, we will explore the concept of consensus algorithms, their importance, and some of
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Double-Spending 101
Posted onDouble-spending is a critical issue that any digital currency must address to ensure its viability and security. In this post, we’ll explore the concept of double-spending, the problems it poses, and how blockchain technology overcomes these challenges. What is Double-Spending? Double-spending occurs when a user spends the same digital currency unit more than once. In
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51% Attack 101
Posted onOne of the most significant threats to public blockchain networks is a 51% attack, where a single entity gains control over the majority of the network’s mining power. In this blog post, we will discuss the concept of a 51% attack, its potential consequences, and measures to prevent it. What is a 51% Attack? A
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Proof of Work (PoW) 101
Posted onBlockchain technology is based on the idea of decentralization, transparency, and security. One of the key challenges in blockchain technology is reaching consensus on the state of the ledger. Consensus mechanisms ensure that all nodes in the network agree on the current state of the blockchain. Proof of Work (PoW) is a consensus mechanism that
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Ethereum 101
Posted onEthereum is a decentralized blockchain platform that enables developers to build and deploy decentralized applications (dApps) on the blockchain. Ethereum was created in 2014 by Vitalik Buterin and has since become one of the most popular blockchain platforms in the world. In this article, we’ll provide a development history of Ethereum, an overview of its
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Decentralization 101
Posted onDecentralization is a concept about control and management. It refers to that the control and decision-making in a distributed network are transferred away from a centralized entity (individual, organization, or group thereof). The resources in a decentralized network are owned and shared by network members. This concept is particularly significant in the world of blockchain
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Cryptographic token 101
Posted onCryptographic tokens, or crypto tokens, are tradable digital units of assets that reside on blockchains. These tokens have become increasingly popular in recent years due to the rise of cryptocurrencies and the growing interest in non-fungible tokens (NFTs). Both fungible and non-fungible tokens play a significant role in the world of blockchain technology and digital
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NFT 101
Posted onWhat is NFT? Non-Fungible Token (NFT) is a kind of blockchains. What distinguishes NFTs from fungible , and ownership of the NFT is often associated with a license to use the underlying asset. There are standards or convensions for NFTs on blockchain. For example, ERC-721 is a standard for representing non-fungible digital assets on the
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Cryptocurrency 101
Posted onA cryptocurrency (or Blockchain networks for secure and transparent transactions. Blockchains play a crucial role in maintaining the integrity and immutability of transactional data for cryptocurrencies, making them a reliable and efficient medium of exchange. Decentralized blockchain networks form the backbone of many cryptocurrencies, ensuring a high level of security and preventing fraudulent activities such
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Bitcoin 101
Posted onBitcoin is the world’s first cryptocurrency on the Bitcoin blockchain network. BTC has gained significant popularity since its inception in 2009. It functions as a decentralized, peer-to-peer electronic cash system, allowing users to make transactions without the need for a central authority. Bitcoin History Bitcoin’s story begins with the release of a whitepaper by an
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The Impact of Blockchain and Crypto Technologies on Global Financial Markets
Posted onWelcome to the groundbreaking world of cryptocurrency and blockchain technologies! These cutting-edge technologies are shaking up the global financial environment and paving the path for a more transparent and decentralized future. Consider blockchain technology to be a digital counterpart of a ledger book. It is a secure and immutable digital ledger that records all transactions
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