Cryptocurrencies

Consensus protocols are the rules by which a network operates. In the case of a blockchain network, the consensus protocol provides the rules by which a transaction on the network is verified as legitimate or fraudulent. As the nature of…

Proof of Elapsed Time (PoET) is a proof of work consensus protocol designed specifically for businesses. The way it works is by randomly selecting a participating node, allowing those not selected to “rest” their Central Processing Units (CPUs) or getting…

Mono-sig cryptocurrency wallets will require one signature (or ‘key’) to gain access, sign, and send a cryptocurrency transaction.

We all go through the process of downloading and installing updates to our phones or laptops. Cryptocurrency also relies on similar updates and upgrades to improve its efficiency. However, while it may take just a few clicks or taps of…

While your local currency – whether it’s dollars, pounds or something else – are issued by central banks, new Bitcoins are issued to Bitcoin miners in return for certain tasks they carry out to keep it running. These tasks fall…

Each Bitcoin is created through a process called mining and the people that mine cryptocurrencies are called miners. These miners use powerful, specialised computers to validate transactions on the Bitcoin network, also known as the Bitcoin blockchain. In return for…

Bitcoin is a cryptocurrency and the Bitcoin blockchain is the ledger, or the spreadsheet, on which all the transactions that have ever been made with Bitcoin are recorded.

There are currently around 18.9 million Bitcoin in circulation, with a maximum supply of 21 million. The remaining couple of million Bitcoin are expected to be fully mined by 2140. You may be wondering why it will take over 100…

To mine Bitcoin, computers solve cryptographic puzzles to process and validate blocks and their transactions. However, as pointed out by Satoshi Nakamoto in 2008, the capability of computer hardware and processing power becomes more advanced over time. To solve this…

A multi-sig wallet requires several signatures to gain access, sign, and send a cryptocurrency transaction.

A BIP (Bitcoin Improvement Proposal) is the document standard used for proposing changes to Bitcoin.  Proposals are usually first roughly outlined using a mailing list of developers, where feedback and their feasibility are assessed before a decision is made to…

Bitcoin that is “lost” refers to wallet owners that have lost access to their private keys. Critics argue that this is a vulnerability of Bitcoin and cryptocurrencies. If users lose access to their wallets, there is no way to recover…