Cryptocurrency Blog

Blockchain technology supports the Bitcoin network. It is extremely secure and now many organizations across the world are seriously looking at it for not just financial transactions but for their supply chain processes as well. In this article we will discuss the 3 pillars of the blockchain technology behind Bitcoin. The Decentralization Pillar Before the invention of blockchain most transactions over the Internet involved a central server. This server stored all of the essential data that supported the service that it provided. A good example of this is the banking system. Your bank stores your money and when you need to pay someone you have to use them and they charge you for this. Client server technology is everywhere online. When you use a search engine to find something your query ends up on a central server which dispatches the information that you asked for. The problem with client server is that there are a number of vulnerabilities: 1.       T...

A protocol is a set of rules. It describes the proper protocol for certain actions and behaviors. David Johnston, the Governor General of Canada, broke protocol when he touched Queen Elizabeth II on the steps of Canada House on Trafalgar Square in London. The Queen was 91 years old at the time and the Governor General touched her arm to protect her from falling on the steps. It is protocol to not touch a member of Britain’s royal family. There are protocols to most things in our lives. When it comes to cryptography, protocols are built into the programming. These are referred to as security protocols. They are also called cryptographic or encryption protocol. The protocol sets up the behavior of the algorithms in the software. In the tangible world, you protect your assets in safes and behind locked doors. In the virtual world, you also need to lock up your valuables. In the case of bitcoin, the lock and key are implemented through cryptographic protocols. The security ...

A bitcoin wallet is software that connects you to the bitcoin network. This is the first step in acquiring bitcoin. You know how it is when you send someone an email. You have to have an email address, a password, and a way of connecting to the network. It can be webmail or a program such as Thunderbird or Outlook. You open up your email program and send an email to someone, using the email address that they gave you. The email is sent using your email address. If someone gets your password, they can log into your email account and send out messages pretending they are you. With bitcoin, you also need software to connect to the network. Your wallet is the software that allows you to connect to the bitcoin network. You have a public key and a private key instead of an email address and a password. You have to protect your private key because if anyone gets access to your wallet, they can clean it out. Think of it as leaving a tangible wallet stuffed with cash out where any...