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Bitcoin Node Types and Roles
Four possible functions: Wallet, Miner, Full Blockchain database, network routing All nodes include the routing function to participate in the network A Full Node maintains an up-to-date and complete copy of the blockchain Full nodes can autonomously and authoritatively verify any transaction without external reference
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Bitcoin Key Innovations
Bitcoin includes 4 key innovations that are brought together in a unique and powerful combination: A decentralized peer-to-peer (P2P) network (the bitcoin protocol) A public transaction ledger (the blockchain) A set of rules for independent transaction validation and currency issuance (consensus rules) A mechanism for reaching global decentralized consensus on the valid blockchain (Proof-of-Work algorithm)…
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Yield Farming Intro
Involves lending or staking crypto to get rewards in the form of transaction fees or interest. https://www.cnbctv18.com/cryptocurrency/yield-farming-in-defi-all-you-need-to-know-12011392.htm Liquidity Providers (LPs): users who provide their cryptocurrencies for the functioning of the DeFi Platform. CoinmarketCap ranks crypto yield farming Article from 7/2021: https://www.coinbureau.com/guides/yield-farming/ good explanations, examples of dApps.
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Atomic Swaps
(From Token Economy by Shermin Voshmgir) “Atomic swaps allow for P2P cross-chain trading and can be directly executed between separate blockchain networks, wallet to wallet, without a trusted intermediary like an exchange.” Hash Time-Locked Contracts (HTLC) are used. Ensures that both parties fulfill requirements. They remain in control of their private keys and tokens when…
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Interplanetary File System
ipfs.io It is a protocol and a P2P network for storing and sharing data. Initially released in 2/2015 It is a decentralized system. Each user-operator holds a portion of the overall data. Any user in the network can serve a file by its content address, and other peers in the network can find and request…
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Bitcoin Whitepaper
Bitcoin was introduced on October 31, 2008. A white paper was published on that date titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’.It was authored by Satoshi Nakamoto. To this day no one knows who this is, if it’s one person or many.
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