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Eli5 Blockchain

A Blockchain Expert Explains The Technology In Five Increasingly Complex Ways

A Blockchain Expert Explains The Technology In Five Increasingly Complex Ways

The Problem With Smartphones Is That They Distract Us From Our Own Mortality Attempted Implosion Of Pontiac Silverdome Fails Spectacularly Hey, we're Digg. Wecollect the best and most interesting stories and videos on the internet in one place. Ty Cobb, John Dowd, and Jay Sekulow are setting out to prove that there is no such crime as collusion. The very weird tale of how American board games used to teach you how to get to heaven, and later, how to make bank. GIFs are literally inescapable on the internet and, mercifully, they're silent. So is this one, except for the sound it makes you hear. Buying a Car? Check This App Out Before You Go To The Dealership AutoGravity lets you find the car you want, new or used, apply for financing and get up to 4 finance offers all within minutes, without ever needing to leave your home. An invisible box? Literal magic? Inconceivable levels of body control? Can someone please explain how she does this? Anyone? Inside The Mechanics Of Building 8,000-Pound Human-Controlled Robo-Athletes "To be in a cockpit four meters off the ground, using your limbs to control the movements of a mech it's disorienting, terrifying, thrilling, all at once." A Dazzling Explanation Of How Technicolor Works Attempted Implosion Of Pontiac Silverdome Fails Spectacularly It's "built a little too well," say city officials. In 1939, Tiger Jack Fox got his first and only shot at the title, and lost it thanks to black magic, a woman with a razor blade, and a manager with a knack for hypnosis. Continue reading >>

The Blockchain Explained

The Blockchain Explained

"The more we divulge things we know about them, the more theyll shift and change." bit.ly/2z3j0X1 The blockchain. Everyones talking about it. But what is it, how does it work, and whats it for? We get it: Ads arent what youre here for. But ads help us keep the lights on. So, add us to your ad blockers whitelist or pay $1 per week for an ad-free version of WIRED. Either way, you are supporting our journalism. Wed really appreciate it. Continue reading >>

How Does Bitcoin Mining Work?

How Does Bitcoin Mining Work?

By Euny Hong | Updated October 17, 2017 — 3:51 PM EDT Cryptocurrency mining is painstaking, expensive, and only sporadically rewarding. Nonetheless, mining has a magnetic draw for many investors interested in cryptocurrency. This may be because entrepreneurial types see mining as pennies from heaven, like California gold prospectors in 1848. And if you are technologically inclined, why not do it? Well, before you invest the time and equipment, read this explainer to see whether mining is really for you. We will focus primarily on Bitcoin. (Related: How Bitcoin Works  and our helpful infographic,  What is Bitcoin? ) By mining, you can earn cryptocurrency without having to put down money for it. That said, you certainly don't have to be a miner to own crypto.  You can also  buy crypto using fiat currency (USD, EUR, JPY, etc); you can trade it on an exchange like Bitstamp using other crypto (example: Using Ethereum or NEO to buy Bitcoin); you even can earn it by playing video games or by publishing blogposts on platforms that pay its users in crypto. An example of the latter is  Steemit , which is kind of like Medium except that users can reward bloggers by paying them in a proprietary cryptocurrency called Steem.  Steem can then be traded elsewhere for Bitcoin.  In addition to lining the pockets of miners, mining serves a second and vital purpose: It is the only way to release new cryptocurrency into circulation. In other words, miners are basically "minting" currency. For example, as of the time of writing this piece, there were about 16 million Bitcoin in circulation. Aside from the coins minted via the genesis block (the very first block created by Bitcoin founder Satoshi Nakamoto himself), every single one of those Bitcoin came into being because of min Continue reading >>

Eli5: Iexec, The Cloud Computing Solution For Blockchain Developers

Eli5: Iexec, The Cloud Computing Solution For Blockchain Developers

Communication is key for projects success and is even more important when such a great community is involved in the project development. For this, we decided to keep the iExec community informed on the current status of the project by a bi-weekly letter. As, you may imagine, we were pretty busy the first days after Continued Welcome to the iExec development letter #3, where every two weeks, we report on our activities. Were giving you updates on the team, and the software development. Were still looking for the best talents to join our team. Ux/UI graphic designer Senior full stack developer with experience in javascript, NodeJS, react, python Lead Java-Cloud developer Continued This post reports on what the iExec team is going to do with the funds they raised and the RLC tokens they own. Results of the Crowdsale The iExec crowdsale opened on April 19, 13:00 UTC and ended at 15:45. During those 2 hours 45 mins it collected: 2,761.761 BTC and 173,886 ETH. At the Continued . Fast Company, the leading financial magazine in USA, released the list of the 100 Most Creative People in Business in China 2017. As the co-founder of iExec, Dr. Haiwu He made it in this top 100 . Dr. Haiwu He received his masters degree and doctorate from the French National University of Lille in 2002 Continued Following the EDCON conference, we continue our series of articles to introduce the technology behind the iEx.ec Blockchain-based Distributed Cloud. The XtremWeb-HEP being introduced in previous posts, this article presents the Application Deployment. More:We had the pleasure to welcome three Chinese academics from theShandong Computer Science Center, Jinan, Shandong, China. China focus a lot on optimisation of its infrastructure. iExec will be a key player on this specific market. The Shand Continue reading >>

What Is Blockchain?

What Is Blockchain?

Get an overview of Lisk's ecosystem, tools and mission One application to manage everything on both desktop andmobile Learn more about the fundamentals of Lisk in the FAQ The utility token that fuels the Lisk ecosystem Learn the basics of blockchain technology Building a blockchain application starts here An open source and modular SDK in JavaScript Receive funding for your proof of concept Explore what is next on the protocol development roadmap A blockchain is a public ledger of information collected through a network that sits on top of the internet. It is how this information is recorded that gives blockchain its groundbreaking potential. Blockchain technology is not a company, nor is it an app, but rather an entirely new way of documenting data on the internet. The technology can be used to develop blockchain applications, such as social networks, messengers, games, exchanges, storage platforms, voting systems, prediction markets, online shops and much more. In this sense, it is similar to the internet, which is why some have dubbed it The Internet 3.0. The information recorded on a blockchain can take on any form, whether it be denoting a transfer of money, ownership, a transaction, someone's identity, an agreement between two parties, or even how much electricity a lightbulb has used. However, to do so requires a confirmation from several of devices, such as computers, on the network. Once an agreement, otherwise known as aconsensus, is reached between these devices to store something on a blockchain it is unquestionably there, it cannot be disputed, removed or altered, without the knowledge and permission of those who made that record, as well as the wider community. As nothing that is recorded on a blockchain can be changed, it is important to be absolutely su Continue reading >>

Eli5 Crypto Series: #1 What Is The Blockchain?

Eli5 Crypto Series: #1 What Is The Blockchain?

I am starting an 'explain like I'm five' (ELI5) series focused on cryptocurrency (crypto). The ELI5 format originated on Reddit and in my opinion, is an extremely effective and efficient format for grasping the understanding of a subject at it's most basic level, in a time and resource efficient manner. Please feel free to suggest interesting and relevant ELI5 questions in the comments and I will try and include them into this series. I'd also appreciate your general feedback on implementing ELI5s, or other formats here on Steemit. My hope is that we can make this series into a useful tool for people who arrive via google and are looking for basic understanding of the crypto world our society is slowly shifting into. So finally after all this introduction, here's my question: I would like to explain the blockchain to my parents. The only ELI5 on reddit I could find is 2 years old and not age-appropriate at all! Downvoting a post can decrease pending rewards and make it less visible. Common reasons: Continue reading >>

Could You Please Eli5 The Blockchain Technology And Why Is It So Valuable? : Bitcoin

Could You Please Eli5 The Blockchain Technology And Why Is It So Valuable? : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

Demystifying Blockchains

Demystifying Blockchains

A blockchain is a cryptographically secure, decentralized ledger of all transactions across a peer-to-peer network. Using this blockchain technology, participants (or nodes) can confirm transactions into this ledger without the need for a central certifying authority. Wait, WTF? cryptographically, decentralized ledger of transactions in a p2p network, What? ELI5! Ok. Lets take a step back. Picture yourself sitting in a bench in central park. Its a beautiful day. You have brought 3 apples with you. You want to give me one of those apples. So what do you do? You give me one apple. Hooray! Simple, right? What exactly happened right now? You physically took an apple and put it in my hand. How do you know that? You were there. You put in my hand. You touched it and made sure that I got the apple. You didnt really need a third person to help you make that transfer. You did not have to call your famous serial entrepreneur uncle to sit with us and confirm that you actually gave me the apple. You had three apples, you gave me one apple. Now, you have two apples. Now I can do what I want with that apple you gave me, I can eat that apple or I can even give it to someone else or further yet, I can give it back to you! This is what an in-person physical exchange looks like, its pretty much the same if you are giving me an orange, a quarter or a dollar bill. Physical exchanges are pretty easy. So why are we talking about exchanging apples and what does this have to do with a blockchain? Ok. Lets just imagine that you have just one digital apple. And you decide to give me that digital apple. (I am happy that you want to give me that digital apple btw.) How do I really know that that digital apple that used to be yours, is now mine? Take a second and think about that. Its getting comp Continue reading >>

Eli5: What Do We Mean By Blockchains Are Trustless?

Eli5: What Do We Mean By Blockchains Are Trustless?

ELI5: What do we mean by blockchains are trustless? Source: Many of us are guilty of describing blockchains as trustless systems. However, Ive come to realize that the term trustless is ambiguous, confusing, and most importantly, inaccurate. Blockchains dont actually eliminate trust. What they do is minimize the amount of trust required from any single actor in the system. They do this by distributing trust among different actors in the system via an economic game that incentivizes actors to cooperate with the rules defined by the protocol. A truly trustless transactional system would look something like this: Two people who are interested in transacting with one another change hands directly. They are physically present, and therefore can easily verify Authenticity: the actual sender is handing over the money, and No double spending: the money is not fake, its a real $10 bill While theoretically flawless, this transactional system is limited. Consider: two individuals may trade with one another only when they are in close physical proximity. For economies to function at scale, a transactional system should enable transfers with anyone in the world, regardless of distance. As you can see from the diagram above, the way we achieve this aim is by having an intermediary who can facilitate the transfer of value to make sure that the actual sender is sending the money and the money is real. This begs the question: who serves as the wholly trustworthy intermediary? In modern day transactional systems, the intermediary can be a bank (e.g. Chase Bank); a payment provider (e.g. Paypal); a remittance company (e.g. Western Union); a credit card (e.g. Visa), and so on. In this centralized model, the bank authenticates you, and guarantees the recipient that they are getting real mo Continue reading >>

Blockchain - How Would I Explain Ethereum To A Non-technical Friend? - Ethereum Stack Exchange

Blockchain - How Would I Explain Ethereum To A Non-technical Friend? - Ethereum Stack Exchange

How would I explain Ethereum to a non-technical friend? I've recently attempted to explain Ethereum to several non-techy friends. My explanation usually involves starting with a comparison to Bitcoin, but this quickly becomes complicated as I then have to explain the backstory of how the Bitcoin blockchain works, which is similarly technical in nature. Is there a better way to describe the general concepts of Ethereum to non-techies? Are there any analogies I can make to things that are less technical in nature? Or is it just the case that the technology is quite complicated...? Ethereum is a world computer [ 1 ] and might change how we interact, just like the internet did, 20 years ago. Like Bitcoin, it is based on a block chain, but Ethereum is more than just a currency: Secure backbone for e-commerce and the Internet of Things Integrated development environment for debugging, development and deployment of Ethereum applications Free software - all released under the General Public Licence (GPL) The substantive content of your Answer was almost entirely in a linked video and therefore unavailable in this StackExchange. There was no attempt to summarize the salient points of the video. user75798 Jan 20 '16 at 21:25 Brilliant! I was having trouble to understand it myself Zorgatone Jan 21 '16 at 13:44 Many parts of Ethereum software are not released under the GPL. E.g. pyethereum , evmjit . Pawe Bylica Mar 9 '16 at 19:14 This answer isn't that sexy. For us who understand, it says everything. But for someone new: "Transparent, why is that cool? I expect all services to be secure. Paypal is secure and something license." Not being a hater in any way, just trying to find more of a elevator pitch which makes the other person go "Aha!" Jon Ramvi Aug 23 at 12:45 It depends on Continue reading >>

What Is Blockchain: A Simple Explanation (eli5)

What Is Blockchain: A Simple Explanation (eli5)

What is Blockchain: a simple explanation (ELI5) Want to get your head around blockchain? Here is an ELI5 for What is Blockchain. It has multiple drawers, which you can continue to add over time You can have an infinite number of drawers in the filing cabinet Inside the drawer are folders that are carefully organised The cabinet is maintained while drawers are added to the filing cabinet by various individuals In this example, the filing cabinet is the blockchain ever growing, and contains all historical data. Each drawer represents a block and the folders inside each drawer represent the transactions and relevant data. The individuals in this example are made up of miners, developers, and nodes. The miners work hard to review the information coming into the blockchain. The users, verify the information and make sure that only the right information is added to the blockchain. The developers make sure the filing cabinet continues to work safely and securely over time, i.e. continue to maintain, secure, or enhance the blockchain. So now lets apply this analogy to see how a typical proof of work blockchain such as ( Bitcoin or Litecoin ) work. When you create a transaction for example, Humpty, wants to pay a friend, Dumpty, some Bitcoin. Humpty writes on a piece of paper that Humpty wishes to transfer ownership of 1BTC to a friend named Dumpty. Humpty also has the option to pay the person that will process this transaction, a transaction fee. So all up it may cost Humpty 1 BTC + small Transaction fee (BTC) to make this transaction. Humpty then creates several copies of this piece of paper. Each one is folded in the exact same way, very carefully, using a certain technique, such that only the miners can unfold and see what is written on this paper. Each copy of this paper i Continue reading >>

All About Bitcoin For Beginners Medium.com

All About Bitcoin For Beginners Medium.com

eli5 blockchain bitcoin cryptocurrency ethereum The first name which flashes in our mind when someone says Blockchain or Digital Currency is Bitcoin. In my initial days of learning, when I tried talking to my friends about Blockchain technology many of them wouldnt even have heard about it, the only name heard was Bitcoin. I think, today also in many part of the world Blockchain means Bitcoin. Since we are working on a series Cryptocurrency for beginners, lets talk about Bitcoin today, in a little less technical way.. What isBitcoin?. Bitcoin is the first decentralized digital currency or cryptocurrency. These are digital coins that can be sent through internet using peer to peer network. It was designed by Satoshi Nakamoto (unknown) in 2009 and the core technology used is called as Blockchain Technology.. Compared to other alternative, Bitcoin has a number of advantages.. How Bitcoinworks?. Bitcoin, based on blockchain technology are generated all over the internet by anybody who runs a free application called a Bitcoin Miner on its computer (device). Mining requires a certain amount of work for each block. These are expensive computation performed in order to provide the security and verification of transaction. The process involved is commonly known as Proof of Work (PoW). Each time a miner successfully solves Bitcoins proof of work algorithm, he is rewarded a set number of bitcoins agreed upon by the network. The difficulty level is automatically adjusted by the network such that Bitcoin is always created at a predictable and a limited range and the reward is decreased by 50% every 4 years by a process called Halving.. How can I obtainBitcoin?. Bitcoin can be obtained from one or all of the belowmethods:. With fiat currency In most of the cases, first Bitcoin is pu Continue reading >>

What Is Proof Of Burn (eli5)?

What Is Proof Of Burn (eli5)?

In this article, we will explain the revolutionary consensus mechanism behind Slimcoin: Proof of burn. If you need a super-short explanation, you can go to the tl;dr section at the end. Readers that are familiar with Bitcoins Proof of Work and why it works can skip the first two sections. To understand what is Proof of Burn, first we must understand why cryptocurrencies use a consensus method. First, the basics: The blockchain is the main database of a cryptocurrency. It contains all valid transactions. All nodes - all participants that run a full-featured client software - save the blockchain on their hard disks. Its called a blockchain because the transactions are grouped in blocks. A block is written when the nodes agree to a set of transactions that the nodes regard as valid. But how do the nodes agree which transactions should be saved into a block? There is no central authority that validates the transactions, so this work must be done by the nodes in a collaborative way. The blockchain technology already prevents that some node could create money out of thin air. But there could be dishonest nodes that tried to use a coin twice - this is called a double spend. For example, they could buy an item in an online shop and inmediately try to send the same coins to an exchange. This way they could fool the shop owner and the exchange owner and get both things - the bought item and the money. To prevent double spends, the nodes must come to an agreement which transactions are valid and which are not. On a first glance, we could let the nodes vote for which transactions are included into a block, with each node having one vote. But there is a problem: A malicious participant could create thousands of nodes and manipulate the vote. Proof of work: Bitcoins consensus mechan Continue reading >>

What Is Ethereum? | The Ultimate Beginners Guide

What Is Ethereum? | The Ultimate Beginners Guide

What is Ethereum? | The Ultimate Beginners Guide What is Ethereum? The Ultimate Beginners Guide With the second largest market cap in the cryptocurrency world, Ethereum has drawn a lot of attention from investors and crypto enthusiasts alike. This relatively new cryptocurrency not only presents a significant change to the status quo, it also allows for the quick development and deployment of new applications. Ethereum essentially enables dozens of new and extremely innovative cryptocurrencies to exist. While Ethereums utility is obvious to programmers and the tech world at large, many people who are less tech-savvy have trouble understanding it. Weve designed this guide to appeal to both crowds and expose anyone from complete crypto beginners and intermediates to this potentially game-changing cryptocurrency. If youre interested in Ethereum, chances are you have some sort of foundational knowledge of Bitcoin . All cryptocurrencies inevitably get compared to Bitcoin, and it frankly makes understanding them much easier. Bitcoin launched in 2009 as the worlds first cryptocurrency, with the single goal of creating a decentralized universal currency. This currency would not require any intermediary financial institutions, but would still ensure safe and valid transactions. This was made possible by a revolutionary technology called the blockchain. The blockchain is a digital ledger, continuously recording and verifying records. Its used to track and verify Bitcoin transactions. Since the global network of communicating nodes maintains the blockchain, its pretty much incorruptible. As new blocks are added to the network, they are constantly validated. Similar to Bitcoin, Ethereum is a distributed public blockchain network. While both Ethereum and Bitcoin are cryptocurrencies Continue reading >>

Eli5. What Are Some Promising Blockchain Startups?

Eli5. What Are Some Promising Blockchain Startups?

David Friedman , I have read some blockchain white papers Answered 53w ago Author has 6.5k answers and 7.7m answer views The Depository Trust Corporation , which settles derivatives transactions for the finance industry, has decided to work with a consortium of blockchain startups plus IBM to create a distributed ledger for its transaction settlements. It's important to note that R3 has had some problems as of late: Why Goldman Sachs and Santander Are Bailing on R3's Blockchain Group . It's also important to note that while all blockchains are distributed ledgers, not all distributed ledgers are blockchains. It's possible that the DTCCs project isn't actually an implementation of a blockchain but rather something that just kind of looks like one. (I don't know enough about this project to say one way or the other.) Dmitry Budko , Co-Founder DashBouquet Development Answered 5w ago Author has 109 answers and 39.4k answer views Blockchain technology is taking the current world by storm and expected to grow to $20 billion by 2024 with the big diversity of the emerging companies that are using this technology. Tokenstars looks very promising. They basically focusing on disrupting $50 billion celebrity management industry by getting rid off all the middlemen and helping talents by offering tokens for investors. They had their first successful ACE Token sale , and in near future, they will lunch Team Token. Well, definitely recommend you to check them out. The second promising startup that is based on Blockchain is Alt.Estate . Imagine buying a fraction of the property anywhere in the world. Sounds unrealistic right? But, they focusing to offer that to the world. Blockchain technology is taking the current world by storm and expected to grow to $20 billion by 2024 with the bi Continue reading >>

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