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Bitcoin has been in existence for more than a decade now, and its rise to popularity (or unpopularity, depending on who you talk to) didn’t happen overnight. The idea of having a storage of value that is not actual currency (not backed by the government and commercial banks) was as absurd as treating common pebbles […]
The proponents of cryptocurrency always harp on the point that it is very safe and secure and the blockchain technology that is used is virtually hacking proof. Let’s face it, even with the best technology you will have loopholes and there are people everywhere who wish to make a profit out of it. Every small […]
Noam Rotem and Ran Locar with their research team found a database leak in YouHodler. YouHodler, A Crypto lending site offered an easy way for its users to apply for crypto-loans or turn their crypto-holdings into fiat currencies. The breach has that more than 86 million records, including full customer names, email addresses, addresses, phone […]
Too Lazzzy to Read? Listen to this article👇 The dusting or dust attack refers to a relatively new type of malicious activity, in which hackers and scammers try to violate the privacy of Bitcoin and cryptocurrency users by sending small amounts of coins to their personal wallets. Then the transactional activity of these portfolios is […]
Too Lazzzy to Read? Listen to this article👇 In a nutshell, Bitcoin is a form of digital money. But unlike the traditional paper currency, the central bank does not control it. Each bitcoin unit is unique and cannot be copied or deleted and works on a distributed network supported by thousands of computers worldwide. In […]
Encryption is the process of converting clear information into the code to prevent unauthorized access to it. Governments, companies, and individuals use encryption methods to protect their personal data and prevent fraud. Recent studies show that about 50% of data and communications on the Internet are already encrypted over HTTPS. How does data encryption work? […]
The definition of a node can vary greatly depending on the context in which it is used. When it comes to computer or telecommunications networks, nodes can offer different goals, acting both as a point of redistribution and as a final point of communication. Typically, a node consists of a physical network device, but in […]
Blockchain technology is an ever-growing digital list of data records. This list includes many data blocks that are organized chronologically and are linked and protected by cryptographic tests. The first prototype of the blockchain technology dates from the early 1990s when computer scientist Stuart Haber and physicist W. Scott Stornetta used cryptographic methods in a […]
Digital currency, which is protected by cryptography and is usually used as a medium of exchange in a digital peer-to-peer (P2P) economic system is called cryptocurrency. The use of cryptographic methods is what provides complete protection for these systems against fraud and counterfeiting. The first cryptocurrency that was ever created was Bitcoin, presented by the […]
In the context of cryptocurrency, consensus algorithm is an essential element of each blockchain network, since they are responsible for maintaining the integrity and security of these distributed systems. The first cryptocurrency consensus algorithm that was created was Proof of Work (PoW), developed by Satoshi Nakamoto and implemented on Bitcoin as a method to overcome […]
Since the advent of Bitcoin in 2008, many other cryptocurrencies have been created as a peer-to-peer electronic money system, each of which had a specific mechanism. But one thing that almost all cryptocurrencies have is the blockchain, as the main element of their architecture. With few exceptions, blockchains are specifically designed for decentralization, operating as […]
In 2013, a document for Ethereum was written by Vitalik Buterin. This document describes an open distributed computing platform, accessible to the blockchain, which can execute smart contracts: applications that work exactly as planned, without any possibility of downtime, censorship, fraud or third-party interference. Ethereum allows developers to create and implement smart contracts, as well […]
The Proof of Stake consensus algorithm was introduced in 2011 on the Bitcointalk forum to solve the problems of the currently most used algorithm: Proof of Work. Although both have the same goal of reaching consensus in the blockchain, the process to achieve the goal is completely different. How does it work? The Proof Of […]
Before plunging into the 51% attack, it is very important to have a good knowledge of mining and blockchain based systems. One of the main strengths of Bitcoin and the underlying blockchain technology is the distributed nature of data collection and verification. The decentralized functioning of the nodes ensures compliance with the rules of the […]
Originally dated in 1993, the Proof of Work concept was designed to prevent denial of service attacks and other abuses of services such as network spam, requiring some work for the service user, which usually means time for computer processing. In 2009, Bitcoin presented an innovative way to use Proof of Work as a consistent […]
The ideas behind the blockchain were conceived back in 1991, but it was not until 2009, when Bitcoin was developed, that more attention was paid to this technology. Bitcoin was created by a person or group of people under the pseudonym Satoshi Nakamoto. Although Satoshi Nakamoto still doesn’t know for sure, their technological innovations have […]
A smart contract is computer software developed as an auto-fulfillment contract, which means that it starts certain actions after the predefined conditions have been met. A Smart contract can be used, for example, as digital agreements that interfere with the exchange of cryptocurrencies (or any other digital resource) between two parties. As soon as the […]
A genesis block is the first block ever recorded in its corresponding blockchain network, also sometimes referred to as Block 0 or Block 1. When a block is transferred to a blockchain, it refers to the previous block. However, in the case of a genesis block, the previous block is missing. Since there is no […]
Cryptocurrency mining is a process in which transactions between users are checked and added to the open book of the blockchain. The extraction process is also responsible for introducing new coins into the existing negotiable offer and is one of the key elements that allow cryptocurrencies to function as a decentralized peer-to-peer network, without the […]
The Merkle tree is a way to organize and structure large amounts of data to simplify processing. In the case of cryptocurrencies and blockchains, the Merkle tree is used to structure transaction data so that it does not require large resources. When a cryptocurrency transaction is executed in a Merkle tree, it is hashed and […]
Are you a cryptocurrency enthusiast and loves watching Youtube videos about Bitcoins and other cryptocurrencies? If yes, then be very alert about Youtube channels you visit. Youtube, being the home of millions of content creators and online video consumers is teeming with scammers and phishers. Google has for quite some time is now actively taking […]