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fall17:cryptocurrency:howcryptocurrencyworks

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fall17:cryptocurrency:howcryptocurrencyworks [2017/12/13 23:43]
sreynolds02
fall17:cryptocurrency:howcryptocurrencyworks [2017/12/13 23:48] (current)
sreynolds02
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 No initial supply of bitcoin was provided. Many early blocks contain no transaction aside from the creation of bitcoin as reward for a miner. After every 210,000 blocks, the reward amount (initially 50 bitcoins) for successfully mining a block is cut in half. This geometric progression means that the total supply of bitcoin will never exceed 21 million [(BITCOINBLOCKHALF)]. No initial supply of bitcoin was provided. Many early blocks contain no transaction aside from the creation of bitcoin as reward for a miner. After every 210,000 blocks, the reward amount (initially 50 bitcoins) for successfully mining a block is cut in half. This geometric progression means that the total supply of bitcoin will never exceed 21 million [(BITCOINBLOCKHALF)].
 === Coin Type === === Coin Type ===
-Bitcoin is a Proof-of-Work coin, where blocks are confirmed by cryptographic functions ​encrypting the data.+Bitcoin is a Proof-of-Work coin, where blocks are confirmed by encrypting ​them using the SHA-256 hash [(WONDERYOUTUBE)].
 ==== Ether (Ethereum) ==== ==== Ether (Ethereum) ====
 === Supply Rate === === Supply Rate ===
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 === Supply Rate === === Supply Rate ===
 No initial supply of Litecoin was provided. After every 840,000 blocks, the reward amount (initially 50 litecoins) for successfully mining a block is cut in half. The total supply of litecoin will never exceed 84 million [(LITECOINBLOCKHALF)]. No initial supply of Litecoin was provided. After every 840,000 blocks, the reward amount (initially 50 litecoins) for successfully mining a block is cut in half. The total supply of litecoin will never exceed 84 million [(LITECOINBLOCKHALF)].
 +=== Coin Type ===
 +Litecoin is a Proof-of-Work coin, similar to bitcoin. However, instead of using the SHA-256 hash, Litecoin uses Scrypt for encryption [(LITECOINBITCOIN)].
 ===== References ===== ===== References =====
 +[(LITECOINBITCOIN>>​
 +url : https://​www.coindesk.com/​information/​comparing-litecoin-bitcoin/​
 +date accessed : December 13th, 2017
 +title : What is the Difference Between Litecoin and Bitcoin?
 +date published : April 2nd, 2014
 +)]
 [(ETHEREUMCASPER>>​ [(ETHEREUMCASPER>>​
 url : https://​blockonomi.com/​ethereum-casper/​ url : https://​blockonomi.com/​ethereum-casper/​
fall17/cryptocurrency/howcryptocurrencyworks.txt ยท Last modified: 2017/12/13 23:48 by sreynolds02