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Cryptocurrency (What is crypocurrency (Architecture (Miner: Confirms…
Cryptocurrency
What is crypocurrency
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Architecture
Miner: Confirms transactions groups them into blocks and updates the blockchain database by solving a crypographic problem
Puzzle: Pick a random number combine it with block of transactions and and hash key: if the result is within a range, the miner wins and registers the block into the blockchain and earns 12.5 BTC.
Computationally intensive process to ensure that currency is not generated (transactions registered) too rapidly
Full Node: Must store the whole blockchain > 145GB.Responsable for validating transactions and blocks and spreading transactions to other nodes
Lightweight nodes: Asks trusted full nodes for a part of blockchain relevant to their transactions. (e.g. cell phone)
blockchain: Immutable distributed database of all cofirmed transactions. Can only be altered by collusion between of all subsequent blocks by a majority of nodes in the network
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