Criptovalute, Blockchain e BitCoin un Overview

Ciao a tutti, ecco un interessante articolo scritto con l’amico Andrea Romeri sulle Criptovalute, la Blockchain,  il BitCoin ed Ether:

Bitcoin is a digital currency (or cryptocurrency) based on blockchain technology:

  • It is required to download a specific software to create a digital wallet
  • This software generate a unique code (address) to be provided to others in order to receive (or send) payments
  • It is required to purchase a Bitcoin to allow a transaction, via specific
    providers (it is possible to purchase via fiat currency or other Altcoins) and storing them into a digital wallet
  • The Bitcoin network authenticates the transaction, leveraging blockchain tecnologies
  • It is possible to perform a transaction once authorized via a distribuited consensus system

Bitcoin is the first decentralized digital currency (or cryptocurrency) created in 2009. It follows the ideas set out in a paper by Satoshi Nakamoto. Bitcoin’s purpose is to establish trust and allow transactions across a global ledger, specifically with no need for a third party, offering the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority. There are no physical bitcoins, only balances kept on a public ledger in the cloud:

  • Trust is created through P2P peer collaboration and cryptography without a centralized authority. Every transaction is shared across millions of computers
  • Blocks are calculated and mined every 10 minutes with an updated list of transactions. These are linked together to form a chain of time-stamped blocks that represent the whole history of the blockchain. This is a tactic against hackers, who would have to compromise all blockchain blocks from the genesis
  • Thus, Because bitcoin users check the validity of a transaction assessing all of the previous ones, to manipulate a specific block, the computer should not only solve the complex math problem associated with the transaction, but also those associated with subsequent blocks Bitcoin “miners” contribute their computational resources in order to make the system work. In exchange, they receive a payment in Bitcoin
  • Balances are kept using public and private keys, which are long alphanumeric string linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key is only used to authorize Bitcoin transmissions and it is secret and known only by the sender
  • Bitcoin to Bitcoin transactions are made by digitally exchanging anonymous, encrypted hash codes across a P2P network. This network monitors and verifies the transfer of Bitcoins between users. Each Bitcoins are stored in a program called a digital wallet, which also holds each address the user sends and receives Bitcoins from, as well as a private key known only to the user
  • In short, Bitcoins can be spent by initiating a transfer request from a Bitcoin address in the customer’s wallet to a Bitcoin address in the vendor’s wallet

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