The growth of Bitcoin and Blockchain technology has been so rapid, that even those who haven’t heard of cryptocurrency or know about its working, are looking to invest and explore this field. This Blockchain tutorial blog will essentially provide you with all the fundamental knowledge you need regarding Bitcoin and Blockchain in the following sequence: …
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Double-spending is the risk that a digital currency can be spent twice. It is a potential problem unique to digital currencies because digital information can be reproduced relatively easily by savvy individuals who understand the blockchain network and the computing power necessary to manipulate it. Physical currencies do not have this issue because they cannot …
Double-Spending Explained Last Updated: 21st December 2018 Double-spending is a problem in which the same digital currency can be spent more than once. In other words, double-spending is an instance in which a transaction uses the same input as another transaction that has already been broadcast on the network. This is a flaw that is …
When used correctly, Bitcoin’s base layer transactions on the blockchain are irreversible and final. It’s no exaggeration to say that the entirety of bitcoin’s system of blockchain, mining, proof of work, difficulty etc, exist to produce this history of transactions that is computationally impractical to modify. In the literature on electronic cash, this property was …
The bitcoin white paper, published in 2008, introduced the world to the first working peer-to-peer electronic cash system. The document’s pseudonymous author, Satoshi Nakamoto, delivered the first bitcoin client via SourceForge in 2009 and bitcoin was born. At the heart of bitcoin’s success was its ability to solve the problem of double-spending that had plagued …
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The content of this page was updated in July 2019, with an excerpt from the book Token Economy by Shermin Voshmgir. Blockchain builds on the idea of P2P networks and provides a universal data set that every actor can trust, even though they might not know or trust each other. It provides a shared and trusted ledger …
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In recent years, there is a lot of buzz on Blockchain. Many have described this as a most disruptive technology of the decade. Especially, the financial markets could be the most affected ones. The technology is being adapted into many verticals like Healthcare, Medicines, Insurance, Smart Properties, Automobiles, and even Governments. However, so far the …
What is Blockchain? BLOCKCHAIN can be defined as a chain of blocks that contains information. The technique is intended to timestamp digital documents so that it’s not possible to backdate them or temper them. The purpose of blockchain is to solve the double records problem without the need of a central server. The blockchain is …
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The Blockchain technology is gaining popularity and getting worldwide acceptance. Blockchain-aided cryptocurrencies have revolutionized the usage of digital currency. Undeniably, cryptocurrencies have gained global recognition; it is redefining the way we use the money, and slowly the world is moving towards digital currency. There are various places where we make the use of digital currency …
How Blockchain is solving the Problem of Double-Spending in the Finance Sector? Read More »
Bitcoin is gaining rapid popularity and adoption across the globe. It is redefining the way we use the money by being the world’s first fully functional digital currency. You might be surprised to know that even before Bitcoin, there were attempts to create a sustainable digital monetary system. But all those attempts failed because an …
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