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Category Archives: Crypto Concepts

Smart Contracts

“A smart contract is a computer program that directly controls some kind of digital asset… The smart contract approach says instead of a legal contract, immediately transfer the digital asset into a program, the program automatically will run code, validate a condition, and determine whether the asset should go to one person or back to…

Consensus Mechanisms

In cryptography, there is a theory that states that anything that can be done with a central party, can also be done without a central party. This refers to voting, auctions, banking, etc. For example, OpenBazaar is a decentralized version of eBay, Bisq is a decentralized version of Coinbase, and Bitcoin itself is a decentralized…

Forks

“A ‘hard fork’ occurs when a new rule is introduced, one that is no longer compatible with old software. If you do not join the upgraded version of the blockchain, you do not get access to the new system’s user base and transactional traffic. Think PlayStation 3 and PlayStation 4: In a hard fork, you…

Introduction to the Blockchain Technology and Cryptocurrencies

“Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences…

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