November 2018
Intermediate to advanced
528 pages
13h 21m
English
Content preview from Blockchain By Example
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What is Bitcoin?
As outlined in the previous chapter, Bitcoin is a peer-to-peer electronic cash system based on blockchain technology. Technically speaking, Bitcoin is a protocol maintaining the blockchain data structure and ensuring consensus between different network parties (senders, recipients, miners, and so on). This protocol defines the ruleset for validating transactions, Bitcoin mining, and avoiding counterfeiting or double spending.
Bitcoin is referenced as a cryptocurrency because it uses cryptography to control the creation and transfer of money. Specifically, it uses digital signatures (based on ECDSA public key encryption) to process and verify the transactions, and cryptographic hash functions (SHA-256) to secure the blockchain ...
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