Tag: Saylor Academy
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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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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 