If you’ve ever wondered how cryptocurrencies work, these two videos have all the answers.
I’ve seen these videos before, but I never understood what was going on in them.
Bitcoin (and other crypto currencies) is a sort of decentralized ledger that allows people and companies to track the ownership of a currency, a list of transactions (whether a single transaction, a large number of transactions, or a series of payments), and a set of public key pairs used to verify the validity of those transactions. The blockchain is a decentralized database of all of those public key pairs. The first half of the video explains how the blockchain works.
To get a better understanding of the blockchain, we’ll start with how it works. The blockchain is created by taking the blockchain and connecting it to a public ledger. The public ledger is a small piece of the blockchain that is attached to the blockchain, and you’d have to connect the blockchain with your computer to make sure the public ledger is secure, and it’s easy to tamper with your computer’s internal encryption keys.
The blockchain itself is really neat, so I’ll get into it in a bit. In short, when you go to sign a transaction that is done on the blockchain (i.e., a file) you send a hash of that file to the public ledger. This hash is called a “key” or a “public key.” The public key is used to validate a transaction and sign it. So the public key is the same key used to validate the signature of any transaction on the blockchain.
So when you sign a transaction, you use your public key to make sure it’s valid and sign it. Then you use your private key to send a hash of your file to the blockchain ledger. The blockchain ledger is then able to verify that you sent the hash to the public ledger and also to check the validity of the signature of the transaction. You can keep track of all transactions on the blockchain and the public ledger at any given time.
The idea behind blockchain is a lot harder to understand than Bitcoin because the blockchain isn’t an actual ledger. Instead, it’s a place where “blocks” are put, each of which contains a transaction, a hash of a previous block, and a hash of a new block.
However, the way the blockchain works is not really secret. The public ledger is the place most people use to track any transactions, including transactions on cryptocurrency. The public ledger is only accessible to people who “submit” a transaction to the blockchain. Once a person submits a transaction, their public address is recorded in the blockchain, along with which block it was submitted to. If a user is listed in the public ledger, he can see the transaction he submitted to the blockchain.
The blockchain is the way that people interact with the blockchain. This is the way that the Ethereum blockchain is created. It’s the only way to make up for the block losses that happen with the Ethereum blockchain.
So with the blockchain, we can track the amount of money given to a user, all transactions on the blockchain, as well as the addresses that were used to send the money. This can be used to see if the person who gave money to the transaction is legit (and thus is likely to be honest) or if he’s a scammer. The most interesting thing about the blockchain is the fact that it is not just a ledger of who owns what.