NFTs for Good: What’s Next in Blockchain Philanthropy?
#Blockchain 101 Ep 86 What are the drawbacks of blockchain?
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Blockchain 101 Ep 78 What is Ethereum Special extended version
There are many positive aspects of blockchain but its drawbacks are also evident. The information on a blockchain is public and transparent which prevents any private alterations. However, this also means that once an individual’s account is known, all of his holdings and transactions are exposed, eliminating privacy. The information on a blockchain is unalterable […]
Blockchain 101 Ep 75 – What is Ethereum?
Ethereum is also known as ETH. At the end of 2013, Vitalik issued the White Paper for Ethereum and began presale in July 2014. At that time, this move was known as "token crowdfunding" by the crypto community. In the presale period of 42 days, through the sale of 60102216 Ether, Ethereum’s team managed to […]
Blockchain 101 Ep 67 – What is a Replay Attack?
Ethereum is a programmable and easy-to-use blockchain platform. It allows anybody to write their own smart contracts or issue tokens. Similar to Bitcoin, Ethereum is decentralized. Updating of the ledger is carried out by the entire network. The ledger is open, transparent and immutable. The difference from Bitcoin is that Ethereum’s blockchain is codable. It […]
Blockchain 101 Ep 65 What is the difference between soft fork and hard fork?
If Bitcoin experiences a fork, the biggest risk faced by an average user Is a replay attack. What is it? When Bitcoin split into different versions, such as BTC1, 2 or 3 etc, each Bitcoin holder will retain his holdings and receives an equal amount of the forked cryptocurrency. The address, private key and algorithm […]
Blockchain 101 Ep 63 – What is a blockchain fork?
For hard forks, after the change in Bitcoin protocol, old nodes will reject blocks created by new nodes since it does not conform to the rules. Miners will follow the original rule, creating a new block on the latest verified block. For soft forks, old nodes won’t detect the change in Bitcoin protocol and continue […]
Blockchain 101 Ep 62 What is Segregated Witness SegWit?
In a centralized system, to perform software upgrades, you simply need to click on “Upgrade” in the app store. However, in a decentralized blockchain system, upgrading is not an easy task and might even create a blockchain fork due to disagreements. In short, A fork occurs when disagreements arise when the blockchain undergoes upgrades. As […]
Blockchain 101 Ep 60 – What is scalability?
SegWit is a solution to increase the scalability of blockchain and has already been successfully implemented on Litecoin and Bitcoin. Currently, every block not only records every transaction detail, it also includes details such as the timestamp, Bitcoins transferred, or the transaction’s digital signature, to verify the legitimacy of each transaction. Digital signatures are required […]
Blockchain 101 Ep 59 – What is Asymmetrical Cryptography?
When Bitcoin was first created, Satoshi Nakamoto did not intentionally limit the block size, with the largest block reaching up to 32MB. At that time, the average block size is around 1 to 2 KB. Some thought that an excessive block size limit is a waste of computing resources and susceptible to DDOS attacks. Therefore, […]
Asymmetrical cryptography uses the same pair of keys for encryption and decryption. Differing from symmetric key algorithms, asymmetrical cryptography requires the use of public keys and private keys. A set or pair of keys consists of a public key and a private key. Messages encrypted using the public key can only be decrypted by the […]