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Bitcoin Block Count

Bitcoin - Wikipedia

Bitcoin - Wikipedia

Unspent outputs of transactions denominated in any multiple of satoshis [3] :ch. 5 12.5 bitcoins per block (approximately every ten minutes) until mid 2020, [7] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued. ^ The symbol was encoded in Unicode version 10.0 at position U+20BF ₿ BITCOIN SIGN in the Currency Symbols block in June 2017. [2] Bitcoin is a worldwide cryptocurrency and digital payment system [8] :3 called the first decentralized digital currency , as the system works without a central repository or single administrator. [8] :1 [9] It was invented by an unknown person or group of people under the name Satoshi Nakamoto [10] and released as open-source software in 2009. [11] The system is peer-to-peer , and transactions take place between users directly, without an intermediary. [8] :4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain . Bitcoins are created as a reward for a process known as mining . They can be exchanged for other currencies, [12] products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. [13] Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. [14] The word bitcoin first occurred and was defined in the white paper [15] that was published on 31 October 2008. [16] It is a compound of the words bit and coin . [17] The white paper frequently uses the shorter coin. [15] There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to Continue reading >>

Block - Bitcoin Wiki

Block - Bitcoin Wiki

Transaction data is permanently recorded in files called blocks. They can be thought of as the individual pages of a city recorder's recordbook (where changes to title to real estate are recorded) or a stock transaction ledger. Blocks are organized into a linear sequence over time (also known as the block chain ). New transactions are constantly being processes by miners into new blocks which are added to the end of the chain and can never be changed or removed once accepted by the network (although some software will remove orphaned blocks). number of bytes following up to end of block Each block contains, among other things, a record of some or all recent transactions , and a reference to the block that came immediately before it. It also contains an answer to a difficult-to-solve mathematical puzzle - the answer to which is unique to each block. New blocks cannot be submitted to the network without the correct answer - the process of " mining " is essentially the process of competing to be the next to find the answer that "solves" the current block. The mathematical problem in each block is extremely difficult to solve, but once a valid solution is found, it is very easy for the rest of the network to confirm that the solution is correct. There are multiple valid solutions for any given block - only one of the solutions needs to be found for the block to be solved. Because there is a reward of brand new bitcoins for solving each block, every block also contains a record of which Bitcoin addresses or scripts are entitled to receive the reward. This record is known as a generation transaction, or a coinbase transaction, and is always the first transaction appearing in every block. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 bloc Continue reading >>

Decline In Empty Blocks Has Increased Bitcoins Transaction Capacity

Decline In Empty Blocks Has Increased Bitcoins Transaction Capacity

Decline in Empty Blocks Has Increased Bitcoins Transaction Capacity Empty blocks have turned into a controversial topic in the Bitcoin community over the past few months. This renewed attention on the topic has been sparked by the number of nearly-empty blocks mined by Antpool recently . An empty block is one that only contains a coinbase transaction . This may seem counterproductive, but there are incentives in place that make mining empty blocks a practical endeavor from the perspective of a miner. According to Bitcoin Core contributor Matt Corallo , there are three main reasons as to why empty blocks have been mined in the past. The first issue had to do with a mining pool letting the network know that a new block had been found. This was especially problematic when a miner in China was trying to let nodes on the other side of the Great Firewall know about a newly mined block. Other nodes would essentially be notified of a new blocks existence but would still need to download the entire block over a slow connection. Block relay time between peers was also a problem in the past, but Corallos FIBRE network has mostly negated this issue. FIBRE is a protocol used to relay blocks around a network of nodes with essentially no delay. Lastly, it takes time for a miner to figure out which transactions are in a block and validate them. The process of validating the previous blocks transactions and removing them from the mempool is the main culprit behind the majority of the empty blocks that are still being mined on the network. In 2015 and early 2016, empty blocks were quite common on the network. According to data from Bitfury , a total of 264 empty blocks were mined in November 2015. At an average of 1,994 transactions per block (the average transaction count in completely Continue reading >>

What Is The Bitcoin Mining Block Reward?

What Is The Bitcoin Mining Block Reward?

The Bitcoin block reward refers to the new bitcoins distributed by the network to miners for each successfully solved block. Satoshi Nakamoto, Bitcoins creator, set the block reward schedule when he created Bitcoin. It is one of Bitcoins central rules and cannot be changed without agreement between the entire Bitcoin network. The block reward started at 50 BTC in block #1 and halves every 210,000 blocks. This means every block up until block #210,000 rewards 50 BTC, while block 210,001 rewards 25. Since blocks are mined on average every 10 minutes, 144 blocks are mined per day on average. At 144 blocks per day, 210,000 blocks take on average four years to mine. Total circulation will be 21,000,000 coins. Itll be distributed to network nodes when they make blocks, with the amount cut in half every 4 years. first 4 years: 10,500,000 coins next 4 years: 5,250,000 coins next 4 years: 2,625,000 coins next 4 years: 1,312,500 coins etc - Satoshi Nakamoto The block reward is the only way that new bitcoins are created on the network. Satoshi explained this in an early email post in 2009: Coins have to get initially distributed somehow, and a constant rate seems likethe best formula. The block reward creates an incentive for miners to add hash power to the network. The block reward is what miners try to get using their ASICs, which make up the entirety of the Bitcoin network hash rate. ASICs are expensive, and have high electricity costs . Miners are profitable when their hardware and electricity costs to mine one bitcoin are lower than the price of one bitcoin. This means miners can mine bitcoins and sell them for a profit. The more hash power a miner or mining pool has, the greater the chance is that the miner or pool has to mine a block. As miners add more hash rate, more sec Continue reading >>

10+ Monitoring Websites That Help Track The Bitcoin Network

10+ Monitoring Websites That Help Track The Bitcoin Network

10+ Monitoring Websites That Help Track the Bitcoin Network The Bitcoin universe is vast, and theres a lot going on with the network under the hood. Luckily for bitcoiners, theres a wide variety of monitoring tools available online to capture the statistics of the Bitcoin networks past and present data. Some cryptocurrency proponents even try to use monitoring website statistics to help predict the future. An Introduction to Bitcoin Trading and Technical Charts Today were going to discuss the many sites across the web that offer Bitcoin network statistical data. Many of these online tools are useful to track and chart the protocols daily action as well as give answers to questions concerning the cryptocurrencys behavior. This includes various blockchain explorers, node counters, and many more interesting analytical tools that provide a different perspective on the Bitcoin ecosystem. Blockchain explorers are useful to Bitcoin users as they help identify all the transactions that take place since the inception of the cryptocurrencys distributed ledger. In the early days there were only a few blockchain explorers in existence but now theres a lot as the Bitcoin environment has grown. Blockchain otherwise known as Blockchain.info is one of the oldest blockchain explorers to date. Using blockchains website users can enter a bitcoin address to view its contents, transaction identifiers, and more to get visibility to all the transactions within the network. Blockchain will give you information on the fee paid per transaction, the block height the transaction was included in, how many confirmations took place, and more. Blockchain.info also has a vast amount of statistics and charts on the website. Bitcoiners can visualize block details, mining data, currency statistics, and v Continue reading >>

Bitcoin Mining Profit Calculator

Bitcoin Mining Profit Calculator

Average time per block (solo mining): 16.1 years Difficulty after 365 days: 5.65670875359e+12. AntMiner U2 USB Bitcoin Miner (2 Gh/s, 1.0 W/Gh) Projected daily difficulty, daily net revenue (revenue minus power cost),and cumulative profit. This calculator estimates profits from bitcoin mining by forecastingcosts and future market conditions.If this calculator helped you earn money, or avoid losing money,please consider making a donation ! Bitcoin is a digital, cryptographic,peer-to-peer currency.The money supply is increased automatically by the network byrewarding newly minted bitcoins to users who contribute the computingpower necessary to solve the difficult cryptographic problems requiredto produce the global transaction log.This process is called mining. Future revenues are calculated assuming difficulty changes occurat regular intevals (e.g., 14 days) and that the difficulty aftereach such change is a fixed percentage increase over the previousdifficulty (e.g., 5%).The exchange rate is held fixed, so the assumption is that allBTC revenues are held and exchanged for USD at the end of thetime horizon.Hence, if you expect the exchange rate to rise or fall, enter thevalue you expect at the end of the time horizon. The starting difficulty is taken to be the current difficulty.The USD exchange rate is taken to be the daily volume-weighted average exchange rate reported by Bitstamp .These values are updated periodically throughout the day.The remaining default values are fixed.The default difficulty growth rate is taken to be 5\%, which was approximately the average two-week difficulty increase between February 2016 and August 2017.The cost of electricity is taken to be $0.15 per kWh.The hashrate, cost, and power consumption of the hardware are taken tobe those of an An Continue reading >>

The Resolution Of The Bitcoin Experiment

The Resolution Of The Bitcoin Experiment

Ive spent more than 5 years being a Bitcoin developer. The software Ive written has been used by millions of users, hundreds of developers, and the talks Ive given have led directly to the creation of several startups. Ive talked about Bitcoin on Sky TV and BBC News . I have been repeatedly cited by the Economist as a Bitcoin expert and prominent developer . I have explained Bitcoin to the SEC, to bankers and to ordinary people I met at cafes. From the start, Ive always said the same thing: Bitcoin is an experiment and like all experiments, it can fail. So dont invest what you cant afford to lose. Ive said this in interviews , on stage at conferences, and over email. So have other well known developers like Gavin Andresen and Jeff Garzik. But despite knowing that Bitcoin could fail all along, the now inescapable conclusion that it has failed still saddens me greatly. The fundamentals are broken and whatever happens to the price in the short term, the long term trend should probably be downwards. I will no longer be taking part in Bitcoin development and have sold all my coins. Why has Bitcoin failed? It has failed because the community has failed. What was meant to be a new, decentralised form of money that lacked systemically important institutions and too big to fail has become something even worse: a system completely controlled by just a handful of people. Worse still, the network is on the brink of technical collapse. The mechanisms that should have prevented this outcome have broken down, and as a result theres no longer much reason to think Bitcoin can actually be better than the existing financial system. Think about it. If you had never heard about Bitcoin before, would you care about a payments network that: Had wildly unpredictable fees that were high and ri Continue reading >>

Developer Reference - Bitcoin

Developer Reference - Bitcoin

BETA: This documentation has not been extensively reviewed by Bitcoin experts and so likely contains numerous errors. Please use the Issue and Edit links on the bottom left menu to help us improve. Click here to close this disclaimer. X The Developer Reference aims to provide technical details and API informationto help you start building Bitcoin-based applications, but it is not aspecification . To make the best use ofthis documentation, you may want to install the current version of BitcoinCore, either from source or from a pre-compiled executable . Questions about Bitcoin development are best asked in one of the Bitcoin development communities .Errors or suggestions related todocumentation on Bitcoin.org can be submitted as an issue or posted to the bitcoin-documentation mailing list . In the following documentation, some strings have been shortened or wrapped: []indicates extra data was removed, and lines ending in a single backslash \are continued below. If you hover your mouse over a paragraph, cross-referencelinks will be shown in blue. If you hover over a cross-reference link, a briefdefinition of the term will be displayed in a tooltip. The Bitcoin.org Developer Documentation describes how Bitcoin works tohelp educate new Bitcoin developers, but it is not a specificationandit never will be. Bitcoin security depends on consensus . Should your program diverge from consensus , its security is weakened or destroyed. The cause of thedivergence doesnt matter: it could be a bug in your program, it couldbe an error in this documentation which youimplemented as described, or it could be you do everything right butother software on the network behaves unexpectedly . The specific cause will not matter to the users of your softwarewhose wealth is lost. The only correct sp Continue reading >>

Bitcoins Implementation Of Blockchain

Bitcoins Implementation Of Blockchain

Bitcoin is the first to implement the concept of Blockchain We have already covered the basics of Blockchain in our previous post . Blockchain is a digital distributed ledger where data in each block is immutable and the blocks are ordered by timestamp. Today, the concept of Blockchain is being applied to not just hundreds of crypto-currencies but also to many use-cases in the Banking and Finance industry and each has its own implementation. In fact Blockchain has been extended to every industry -supply chain management, real estate, retail to name a few. In my opinion, one should always start with Bitcoin, to learn a practical implementation of Blockchain. Bitcoin is the first and time-tested implementation used by millions. Rest all blockchain implementations are still in proof of concept phase. Block Structure Bitcoin. Number in brackets is the size in bytes. Each individual cell is 1 byte. Hence a field of 4 bytes occupies 4 cells. Fields from Version till Nonce form the block header (Total 80bytes) To learn more on Bitcoin read one of my initial post . Every block in the Bitcoin network has the exact same structure as per the above diagram. Each newly created block is chained to the last added block of the blockchain and stores its digital finger print. Let us examine the fields of a Block - Magic number (4 bytes): This is an identifier for the Blockchain network. It has a constant value of 0xD9B4BEF9. It indicates a) Start of the block b) Data is from production network. You can read more on this concept on wiki . Block size(4 bytes): Indicates how large the block is. Since the very beginning till as of today (Dec 2016) each block is fixed to 1 MB. However a proposal might soon have the consensus of the core development team (who can change protocol rules) and th Continue reading >>

Bitcoin Unlimited Dev: Bug Caused By Miscounting Of Bytes

Bitcoin Unlimited Dev: Bug Caused By Miscounting Of Bytes

Bitcoin.com pool has lost 13.21 BTC or over $12,000 USD due to a bug in BitcoinUnlimited software, which caused it to mine a block bigger than 1MB. Bitcoin.com, an information portal, which also provides mining pool services has lost out on 13.2 BTC due to a bug in the Bitcoin Unlimited software, which is used on the pool. Bitcoinist spoke with Bitcoin Unlimited developer Andrew Stone a.k.a.theZerg to figure out what really happened: Andrew Stone (AS): The bug was caused by a miscounting of the bytes in the coinbase. Basically the coinbase informational string was counted but the rest of the coinbase txn was not. This happened because the coinbase txn is added separately after the normal transaction selection loop. [The bug described by Stonecaused the pool to mine an invalid block which was rejected by the rest of the network due to its size, which was bigger than the allowed 1MB. The invalid block resulted in Bitcoin Core nodes banning the BU peers that gave them this invalid block.] Bitcoinist: According to some, Bitcoin core nodes banned the BU nodes that gave them this block. What does this mean? AS: With Regard to the banned nodes, when you send a Core node a > 1MB block, it bans you for 24 hours. We have been aware of this issue for some time. [Following the bug, one can see that the Bitcoin Unlimited node count is down, according to some websites . However, this may be related to the so-called ban by Bitcoin core nodes.] Bitcoinist: Since then, the BU node count has dropped by more than 25%. Do you think this is temporary? AS: This is complete speculation but Im guessing that the BU node count did not actually drop by 25%. Im guessing that the software polling the network did not see the nodes due to this ban. [Some Simple Payment Verification (SPV) clients who Continue reading >>

Coin Dance | Bitcoin Block Details

Coin Dance | Bitcoin Block Details

Emergent Consensus: / 1000 Core / Non-EC: 1000 / 1000 SegWit2x: 68 / 1000 Other: 0 / 1000 "O2ZG>xVu(Mined by BW.COM)/BW Pool/NYA/ !mmE&08M1{P1esU3/slush/ yJ2Zc/BTC.COM/mm-e ;RV^>} p+.[N g OI$ A],G=A\ /BTC.TOP/mmV_>\njzGxTkb /ViaBTC/Mined by huicheng01/,mm_ 7G]jJyDW>~b'J mm 7f0 k eGBH3/slush/ AXh)AW|/BTC.TOP/[email protected]+cbp-  <~\Y[?PU mmP>f}s[U-4We;1//slush/ A-A&/BTC.TOP/mm!j>a K1I~FB/ ~:g 0m; .R-_b[u7i|"u9B|h/BTCC/ /ViaBTC/Mined by 5277/,mm'{pVAs <pno#kUL\ mm*OS/}NDgja_-e =:_/slush/ /ViaBTC/Mined by wanggang3/,mmS"0q#W=y9Q5\5{FWg A8pA7 A/BTC.TOP/mm bFd%,?(0QY[?i:d ,mmSW[email protected]|8EDPi GpuMined by dawei8888 ,mm / e tp3_^1S,NG>K!wMined by bjx05 Z xK#r{x@O1?_czYb `a t/BTCC/ ] 2Zb/BTC.COM/mm8I|iti=%y#V XE^ h(XUU ,mm /.$Nz9~XtMined by dengshikai 0 2Zg/BTC.COM/mmpT[TLX ,_%6 ,5$4 AwA/BTC.TOP/mmL|)'II'8C( 8x/OTq% /mined by gbminers/,mmrjix+ [email protected]SLv' J) eXR*iO f2Ze/BTC.COM/mm:^J_!QOrrW.aJ e p2ZBO TI(Mined by BW.COM)/BW Pool/NYA/ /ViaBTC/Mined by 15242222264/,mm4 >"1e) ,YRsmU Mined by AntPoolh[ Z2mm-pQxRKvF4 Kmr#}Z /ViaBTC/Mined by farnham/,mm]WP&1):Wi:Q_jJmZ 2Zc/BTC.COM/mm?}A~2>=)w?/M!}M9e 2Zc/BTC.COM/mmDLUh |+X-?7a " kWU )6hgbW~rS31,1mm<5iR}xkZC /mined by gbminers/,mm26" =^kiSXH+&dGA` /ViaBTC/Mined by blk101/,mmSI /X zA VUL?kI A}FA}Y/BTC.TOP/mm<)jZ>4\ 3WU mms_GeKtgXl k1Zg Continue reading >>

Blockchain - How To Check If The Block Chain Is Up To Date Using Bitcoind Or Json-rpc? - Bitcoin Stack Exchange

Blockchain - How To Check If The Block Chain Is Up To Date Using Bitcoind Or Json-rpc? - Bitcoin Stack Exchange

How to check if the block chain is up to date using bitcoind or json-rpc? I read the full api method list and did not seem to find one. I suppose there is no command specifically for that purpose, so what is the general way of doing this? I would consider checking the time stamp of the last generated block, but the getblock method is not really explained in much detail. Some people answer that I should compare the block count with one of an online block chain monitor. That is not really a practical solution. The Bitcoin-Qt client has a way of knowing when syncing is done (the V-sign vs the syncing icon), so why doesn't bitcoind? How does the Bitcoin-Qt get this information? possible duplicate of When downloading the blockchain for the first time, how do I know when it's done? BinaryMage Apr 4 '13 at 0:50 In short: run bitcoind getinfo, compare the number after 'block count:' to the number here . BinaryMage Apr 4 '13 at 0:53 @BinaryMage That question does not make clear that it is about the daemon in the headline. I would have ignored it if I had seen it when I was looking for an answer. Steven Roose Apr 4 '13 at 18:50 Check out my edit. Steven Roose Apr 4 '13 at 18:54 I use a python script that grabs and compares it to the output of bitcoind getblockcount. As others have said, there is no absolute way of telling if your blockchain is up to date. import httplib2 from bitcoinrpc.authproxy import AuthServiceProxy access = AuthServiceProxy('#########') try: blockCount = access.getblockcount() except Exception as e: print "Problems connecting to bitcoin wallet:" else: try: response, trueBlockCount = httplib2.Http().request("except Exception as e: print "Unable to get true blockcount from blockexplorer:"+str(e) else: if (int(trueBlockCount) - 5) > blockCount : print "blockch Continue reading >>

Block Parsers: How To Read The Bitcoin Block Chain

Block Parsers: How To Read The Bitcoin Block Chain

Block Parsers: How to Read the Bitcoin Block Chain Join our community of 10 000 traders on Hacked.com for just $39 per month. A Block Parser reads the Bitcoin block chain. There is no encryption of the data stored in the block chain. Bitcoin is a pseudonymous system. Meaning, ECDSA key pairs are used to abstract the identity of users. However, the binary data in the block chain can be read. The block chain is a transaction database. Every full node participating in the Bitcoin network has the same copy. The Bitcoin protocol dictates its structure and is the means through which each node maintains a duplicate copy. Overall, the block chain is just a data structure for storing blocks . The block chain stores blocks in a series, beginning with the genesis block . Also read, What is Bitcoin? Is Googles 4th Most Searched What is? Term of 2014 This example is a minimal approach. In all, 138 lines of Python code are used to build this block parser. In some places, encoding and endianness are unfamiliar or backwards. Despite these minor formatting issues, below is a beginner approach to a Bitcoin block parser. The project began with building the tools required to parse the binary data. The protocol dictates the tools that will be necessary. import structdef uint1(stream):return ord(stream.read(1))def uint2(stream):return struct.unpack('H', stream.read(2))[0]def uint4(stream):return struct.unpack('I', stream.read(4))[0]def uint8(stream):return struct.unpack('Q', stream.read(8))[0]def hash32(stream):return stream.read(32)[::-1]def time(stream):time = uint4(stream)return timedef varint(stream):size = uint1(stream)if size < 0xfd:return sizeif size == 0xfd:return uint2(stream)if size == 0xfe:return uint4(stream)if size == 0xff:return uint8(stream)return -1def hashStr(bytebuffer):re Continue reading >>

What Is The Bitcoin Block Size Debate And Why Does It Matter?

What Is The Bitcoin Block Size Debate And Why Does It Matter?

What is the Bitcoin Block Size Debate and Why Does it Matter? Bitcoin is divided. Some are calling it the currencys "constitutional crisis", a debate that has split itscommunity right down the middle. The crux of the issue comes down to a single technical detail: the size of bitcoins blocks. The question of scale in bitcoin is not a new one. But as transaction volumes are expected to increase in the years ahead, questionsabout the cryptocurrencys future composition must, in the eyes of those who favor change, be answered sooner rather than later: who does it serve? How should it look? What makes it unique? As the block size debate rages on, here's a primer on its broad strokesand why it matters. Blocks arebatches of transactions which are confirmed and subsequently shared on bitcoins public ledger, the blockchain. In the early days of the currency, these blocks could carry up to 36MB of transaction data apiece.However, in 2010, this was reduced to 1MB to reduce the threat of spam and potential denial-of-service attacks on the network. This limit remainsin place today, however as transactions increase bitcoin's blocks are filling up edging further towards this 1MB line. Data released by TradeBlock in June revealed the average block size had increased from around 125KB to 425KB since 2013, while the daily volume of bitcoin transactions had increased 2.5 times. The amount of data in each block is increasing. Source: TradeBlock In turn, some blocks are already hitting this maximum. At the time of TradeBlocks research, this was happening on average more than four times a day. "Meaning at least some otherwise-acceptable transactions are seeing delayed confirmations due to capacity issues on the network 3% of the time since the beginning of the year," it said. And while the 1 Continue reading >>

Empty Blocks

Empty Blocks

There's been quite a bit of discussion on this topic throughout the forum. Some feel empty blocks are valuable. Others feel they are of no value. I thought it might be fun to write a small program to see just how many of these blocks exist in the blockchain. For those who don't know, an empty block is a block that is mined containing only the coinbase transaction that awards the new coins. To be honest, I was quite frankly surprised by the number there were, especially since people seemed to think they were rare occurrences. Sure, I expected there to be quite a few at the beginning of the blockchain when BTC was pretty much an unknown and only a select few were mining it. However, I was not expecting there to be so many empty blocks as there are. As of block 360189 there are 85295 empty blocks on the chain. For the math challenged, 23.68% of all blocks are empty. 8 of the last 189 blocks are empty. 25 of the last 1000 are empty. Maybe I'll get ambitious and write the output to a spreadsheet so I can get some good data points out of this to see trends. EDIT: I've uploaded the data from my last run. . Has blocks up to 364144 empty_blocks.csv has the raw data in the following format: Block Height, NumTx, BlockTime (UTC), BlockSize (Bytes), WhoMined (if I could figure it out, BTC address of coinbase transaction if I couldn't, or unknown if no BTC address could be deciphered from coinbase transaction). stats.csv has data on pools, how many blocks they've mined, how many were empty and percentage of empty to total. Jonny's Pool - Mine with us and help us grow! Support a pool that supports Bitcoin, not a hardware manufacturer's pockets! No SPV cheats. No empty blocks. Empty blocks aren't useless as they confirm previous transactions and secure them further against attacks. Th Continue reading >>

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