10 Years of Bitcoin and Blockchain Technology

Bitcoin was conceived out of need in the result of the 2008 money related emergency, and as is commonly said, ‘need is the mother of innovation’. After the disappointment of various banks and money related organizations which must be safeguarded by governments to the detriment of the citizens, bitcoin was conceived. The world required a cash for the computerized age …

Bitcoin White Paper Explained :Technical View 3

This is a continuation of Part 2 where we analyzed the original bitcoin paper until 7. Reclaiming disk space. Let’s take it from there. 7. Reclaiming disk space Each transaction size varies depending on the number of Inputs/Outputs. A good rule of thumb for transaction size calculation is: n_inputs*180B + n_outputs*34B + 10B + (+-n_inputs) According to tradeblock.com the average transaction size since 2014 is around 520 Bytes. There are …

Bitcoin White Paper Explained :Technical View 2

This is a continuation of Part 1 where I analyzed the original bitcoin paperuntil Proof Of Work (PoW). Let’s take it from there. The article states we need proof-of-work if we are implementing the timestamp server in a peer-to-peer basis. Let’s first see what it is and we will get again to the question in hand. 4. Proof of work In Part 1 we saw that a …

Bitcoin white paper explained :Technical View 1

Doesn’t 2008 seem like a distant memory? The noise around blockchain might easily trick us into either deliberately bucking the trend or jumping blindly into investing (time or money) into a world where you would have to pick from among many different options. How could you make an educated decision at all if you didn’t understand all of its characteristics? You would be taking other …