Innovative-Bit

Moving on in the blockchain, let's take a deeper dive in the blockchain domain and understand how does blockchain work and what are some of the challenges while working with blockchains. First, let's see a basic blockchain So as discussed in the previous blog, this is how the linked list gets connected, the next element in the blockchain consists of the Hash value of the previous element in the blockchain and so on. Blockchain lexicon update Decentralized Ledger - The ledger for cryptocurrencies is maintained in a decentralized manner, wherein the same ledger is given to all the compute nodes thus there is no centralized node that manages everything thus the risk - wherein one node goes down, leading to the closure of the entire bank - is dislodged. Now let's see something that's there in the blockchain and is very much important but is not talked about i.e. Double Spend Attack As the name is self-explanatory, a Double Spend Attack (SDA) is so...

Today we have a look at what is a cryptocurrency, what blockchain is, how does it link to a cryptocurrency! So let's dive straight into cryptocurrency and see what it is! Very well defined at Wikipedia " A  cryptocurrency  is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.", but is it actually is in even simpler language "A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques." A few keywords that you might need to know when talking about cryptocurrency are as follows:  Wallet - a place to store your cryptocurrency credentials: namely your private key  Private key - a 256-bit number, expressed as a hexadecimal  Eg: 9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA3326  When people say that they have lost their cryptocurrency(s...