Nuggets tagged bitcoin - [remove filter]
Sept. 6, 2016 (11 months, 2 weeks ago)
Noted Bitcoin experts have produced a highly technical resource that is a comprehensive introduction to Bitcoin. The authors explain in technical detail how the underlying Bitcoin protocol and technology operates. Bitcoin also has a number of technical and security limitations which are also discussed. One of the more significant limitations is that the cryptographic algorithms in Bitcoin are hardcoded and fixed within in the protocol. If the underlying cryptography in Bitcoin is one day broken the logical solution would be to change the protocols, but the authors go into a detailed technical overview of why this is not feasible.
Feb. 24, 2016 (1 year, 5 months ago)
Bitcoin is a decentralized cryptocurrency providing an open, self-regulating alternative to classical currencies. Bitcoin uses a peer-to-peer network where users submit transactions without intermediaries. Bitcoin miners collect transactions, solve computational puzzles (proof-of-work) to reach consensus, and add the transactions to a distributed public ledger known as the blockchain. The original Bitcoin paper argues that transaction processing is secure and irreversible as long as the largest colluding group of miners represents less than 50% of total computing capacity and at least about one hour has elapsed. Critically this transaction latency limits Bitcoin's suitability for real-time transactions, furthermore recent work has exposed vulnerabilities to transaction reversibility, double-spending, and strategic mining attacks. This paper introduces ByzCoin, a novel protocol that leverages scalable collective signing to commit Bitcoin transactions irreversibly within seconds.