Tag: bitcoin for developers course
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Asymmetric Cryptography
Allows for secure communication without having to agree on a secret key or code to encrypt and decrypt messages. Alice and Bob are always used as the two people communicating in these scenarios Both have 2 keys – a PRIVATE and a PUBLIC key. The private key is a random number. In bitcoin, the private…
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What is a satoshi?
Satoshi as unit of bitcoin 1 satoshi or sat = .00000001 BTC (1*10^-8) So, 0.02 BTC = 2 million satoshi 0.00210028 BTC = 210,028 satoshi 1 BTC = 100 million satoshi The concept of individual bitcoins does not exist in the Bitcoin program The satoshi (not named in the program actually) is the unit that…
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Hexadecimal Notation
I have been going through the Bitcoin For Developers course on the Saylor Academy website. I took one computer science class many, many years ago. I needed a primer on hexadecimal notation. Each hex digit represents 4 bits (binary digits) also known as a nibble Example: an 8 bit byte can have values ranging from…
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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)…
CryptoNotes 