Blockchain and Cryptocurrencies

Blockchain and Bitcoin 101
#709

https://www.youtube.com/watch?v=uvFqEofdAZ0 I think this video from Anton best explains it

Some blockchains use PoS model which uses collateral to pick the validators that validate the block instead of miners.

Hashgraph is proprietary tech so I don’t know much about it. I think infrastructure technology and software protocols must be open so other people can improve and work on it. Developing a closed protocols will never work except in a small circle of people that will adopt it and will never achieve the scale of Bitcoin or Ethereum.

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#710

Is there any research on hybride consensus work for “proof of work” and “proof of stack”?

#711

Here’s one thing I’m curious about that didn’t seem to get covered. Proof of work is talked about a lot for the miners and why they are incentivized to solve the puzzle and add blocks to the block chain. But what is the incentive for being a node? How is the process of initial verification for addition to the mempool carried out and is it at all rewarded or incentivized? And if so, how?

#712

Excellent training. I’m a newbie here, even with technology, so I’m enjoying the challenge.

#713

Nodes are not financially incentivized to run but there are many reasons to have them. Some SPV wallets have an option to choose tho what node to connect so you can use your node, which increases your privacy, full nodes often contain their wallets as well you can use.
There are other reasons, like running a lightning node, running your own explorer, development…

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#714

And what about the initial verification process done by the nodes for transactions. All (or most?) nodes must be in agreement that a transaction makes sense for it to go into the mempool. But how is that done? Is this an automatic process or are people running the nodes physically sitting there and evaluating transactions?

#715

A node is just a computer that is running the Bitcoin program. More importantly, it is connected to other computers (running the same program) to create a Network. A node has three jobs one is to follow the rule, second share information and third Keep a copy of confirmed transactions.

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#716

I am learning a lot of things with this course, it’s very interesting even tho, I have no idea about all this… but it’s really very good how you explain it all. Hope to keep on wth it

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#717

So, what you’re saying is: the validation of transactions performed by the nodes is done automatically via the Bitcoin or whatever other blockchain program they are running. Correct?

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#718

Correct, why would someone had to do this manually? That would make no sense. :slight_smile:

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#719

Well the motto is: “don’t trust, verify.” But the irony is that it appears all the verification every step of the way is done by the programs with no human auditing ever occurring. So we are still “trusting” that the software is properly validating everything along the way.

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#720

Yea, you either trust the person to do it, or let the software verify :grin:

#721

I really like the bite-size learning videos for the course it’s keeping me fully engaged.
In a short sentence, how would I best describe what Bitcoin and blockchain are, so my 80-year-old Nan can understand?

Thank you.

#722

Great idea Leeana. This is one of those fabulous innovative ideas!

#723

A new form of money not governed by a central authority?

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#724

Learning is done in a much easier way like this. its keeping me engaged and attentive!!

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#725

Some interesting links in here. Am liking the format for learning here everything seems to be in small easy to understand steps so far.

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#726

Very good point! That’s definitely one of the reasons I want to learn how to code blockchain…

#727

so far so good

the world keeps getting bigger and smaller!!!

the brain is starting to understand !!

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#728

Cryptocurrencies are new digital currencies on the internet. It permits transactions to be sent and received without any centralized authority or control. Blockchain is the technology/platform that makes this all function. In essence, blockchain is a today revered to as a digital rock run by a network of computers that can be removed and added. Transactions are made, recorded, tracked and the digital stamp can never be altered or manipulated.

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