As the Bitcoin hash rate reaches new all-time highs, there’s never been a better time to discuss blockchain security and its relation to the hashing power and the Proof of Work (PoW) that feed the network. The Bitcoin system is based on a form of decentralized trust, heavily relying on cryptography. This makes its blockchain highly secure and able to be used for financial transactions and other operations requiring a trustless ledger.submitted by BlockDotCo to u/BlockDotCo [link] [comments]
Far from popular belief, cryptography dates back to thousands of years ago. The same root of the word encryption — crypt — comes from the Greek word ‘kryptos’, meaning hidden or secret. Indeed, humans have always wanted to keep some information private. The Assyrians, the Chinese, the Romans, and the Greeks, they all tried over the centuries to conceal some information like trade deals or manufacturing secrets by using symbols or ciphers carved in stone or leather. In 1900 BC, Egyptians used hieroglyphics and experts often refer to them as the first example of cryptography.
Back to our days, Bitcoin uses cryptographic technologies such as:
Here is a graphic example to make things more clear:
– Extract from the MOOC (Massive Open Online Course) in Digital Currencies at the University of Nicosia.
Furthermore, hash functions are used as part of the PoW algorithm, which is a prominent part of the Bitcoin mining algorithm and this is what is of more interest to understand the security of the network. Mining creates new bitcoins in each block, almost like a central bank printing new money and creates trust by ensuring that transactions are confirmed only when enough computational power is devoted to the block that contains them. More blocks mean more computation, which means more trust.
With PoW, miners compete against each other to complete transactions on the network and get rewarded. Basically they need to solve a complicated mathematical puzzle and a possibility to easily prove the solution. The more hashing power, the higher the chance to resolve the puzzle and therefore perform the proof of work. In more simple words, bitcoins exist thanks to a peer to peer network that helps validate transactions in the ledger and provides enough trust to avoid that a third party is involved in the process. It also exists because miners give it life by resolving that computational puzzle, through the mining reward incentive they are receiving.
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Adam is also certified in bitcoin and other blockchain technologies through the University of Nicosia Digital Currency Certificate Program. Katie Simecka - Director of Marketing Katie Graduated from Pittsburg State University with a Master’s in Technology Education and from Baker University with a Bachelor’s of Science in Mathematics and Secondary Education. Her technical experience ... Bitcoin Miner at Blockchain.com Greater New York City Area 459 connections. Join to Connect. Blockchain.com. Texas State University. Report this profile; Activity . This surely will lower the ... Cypriot University To Accept Bitcoin Payments Cyprus' biggest private university, University of Nicosia is the first in the world to take Bitcoin as an alternative method to settle tuition fees. Accepting Bitcoin will help foreign students in countries where traditional banking transactions are either difficult or costly to pay for programs such as online degrees. Jan 27, 2017 - The University of Nicosia, which is the largest private university in Cyprus, has announced today that it will accept Bitcoins for payment of tuition and other fees.... The University of Nicosia, the largest private university in Cyprus and one of the largest English language universities in the Mediterranean region, is the first accredited University in the world to accept Bitcoin for payment of tuition and other fees. Additionally, UNic launched in Spring 2014 the first MSc program in Digital Currency in an online format addressed to students worldwide. As ...
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MOOC 13, Session 4, Feb 13th, 2020 with Andreas Antonopoulos on: Bitcoin in Practice -Part I. - Duration: 1:05:11. MSc in Digital Currency - University of Nicosia 439 views New Today on The Crypto Factor we interview Socrates Minas of the University of Nicosia, the first university to issue a masters degree in blockchain about his s... That’s why I wanted to bring on Socrates Mina who works with the University of Nicosia. They were the very first university to offer a Master’s Degree in “Digital Currency” all the way ... MSc in Digital Currency - University of Nicosia 365 views 54:47 MOOC 9, 4th Live Session with Andreas Antonopoulos - Bitcoin in Practice Part 1 - Duration: 52:46. It's a well-known fact that bitcoin mining consumes energy. Many people don't realize the global cost to run the Bitcoin network, with electricity costs at m...