Blockchain

Blockchain is a specific type of database with special data organization and properties.

Blockchain | Systems | Systems 101 | Tutorial

Understanding Bitcoin Transaction Structure: Legacy and Witness Versions
ByEric Ma Sep 14, 2024

Bitcoin transactions are the backbone of the Bitcoin network, facilitating the transfer of value. Understanding their structure is essential for anyone interested in blockchain technology. This article delves into the details of both legacy and witness (SegWit) transaction structures. Basics of Bitcoin Transactions A Bitcoin transaction comprises inputs and outputs. Inputs are sources of funds,…

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Computing systems | Systems | Systems 101 | Tutorial

Understanding the Paxos Consensus Algorithm
ByEric Ma Sep 6, 2024

The Paxos consensus algorithm is a fundamental concept in distributed computing that ensures a group of distributed systems can agree on a single value, even in the presence of failures. Developed by Leslie Lamport, Paxos is widely used in systems where consistency and fault tolerance are critical, such as databases and distributed ledgers. Consensus Problem…

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Systems 101

Multisig 101
ByEthan Ainsworth Sep 16, 2023

Multisig, short for “multisignature,” is a cryptographic mechanism that requires multiple signatures to authorize and execute a transaction. What is Multisig Multisig ensures that multiple parties must collaborate and approve a transaction before it can be deemed valid. It provides an additional layer of security requiring multiple parties’ signatures to spend or transfer the crypto…

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Systems 101

Sybil Attack 101
ByEthan Ainsworth Sep 16, 2023Sep 16, 2023

Distributed systems, such as peer-to-peer networks, , and other decentralized platforms, have become increasingly popular due to their potential to offer more robust, scalable, and secure solutions. However, these systems face unique challenges and vulnerabilities, one of which is the Sybil attack. Named after the psychiatric case study “Sybil,” in which a person exhibits multiple…

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Systems 101

Byzantine Faults 101
ByEthan Ainsworth Sep 16, 2023Sep 16, 2023

Distributed systems are becoming increasingly important in various applications, such as cloud computing, , and peer-to-peer networks. One of the challenges in designing robust distributed systems is dealing with Byzantine faults, a type of fault that can be particularly difficult to detect and handle. Byzantine faults, named after the Byzantine Generals’ Problem, involve components of…

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Systems 101

Consensus Algorithm 101
ByEthan Ainsworth Sep 16, 2023Sep 16, 2023

Consensus algorithms play a crucial role in the functioning of decentralized networks, such as blockchain-based systems. They help maintain the integrity, security, and reliability of these networks by ensuring that all participants agree on the state of the system. In this post, we will explore the concept of consensus algorithms, their importance, and some of…

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Systems 101

Double-Spending 101
ByEthan Ainsworth Sep 16, 2023Sep 16, 2023

Double-spending is a critical issue that any digital currency must address to ensure its viability and security. In this post, we’ll explore the concept of double-spending, the problems it poses, and how blockchain technology overcomes these challenges. What is Double-Spending? Double-spending occurs when a user spends the same digital currency unit more than once. In…

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Systems 101

51% Attack 101
ByEthan Ainsworth Sep 16, 2023Jan 3, 2024

One of the most significant threats to public blockchain networks is a 51% attack, where a single entity gains control over the majority of the network’s mining power. In this blog post, we will discuss the concept of a 51% attack, its potential consequences, and measures to prevent it. What is a 51% Attack? A…

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Systems 101

Proof of Work (PoW) 101
ByEthan Ainsworth Sep 16, 2023Jan 3, 2024

Blockchain technology is based on the idea of decentralization, transparency, and security. One of the key challenges in blockchain technology is reaching consensus on the state of the ledger. Consensus mechanisms ensure that all nodes in the network agree on the current state of the blockchain. Proof of Work (PoW) is a consensus mechanism that…

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Systems 101

Proof of Stake (PoS) 101
ByEthan Ainsworth Sep 16, 2023Jan 3, 2024

Blockchain technology is based on the idea of decentralization, transparency, and security. One of the key challenges in blockchain technology is reaching consensus on the state of the ledger. Consensus mechanisms ensure that all nodes in the network agree on the current state of the blockchain. Proof of Stake (PoS) is a consensus mechanism that…

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Systems 101

Uniswap 101
ByEthan Ainsworth Sep 16, 2023Sep 16, 2023

Uniswap is a decentralized exchange (DEX) that was launched in 2018. It is built on the . Uniswap is a fully decentralized platform, which means that it is not controlled by any central authority or organization. The key feature of Uniswap is its , which allow users to trade cryptocurrencies without the need for a…

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Systems 101

Ethereum 101
ByEthan Ainsworth Sep 16, 2023Jan 3, 2024

Ethereum is a decentralized blockchain platform that enables developers to build and deploy decentralized applications (dApps) on the blockchain. Ethereum was created in 2014 by Vitalik Buterin and has since become one of the most popular blockchain platforms in the world. In this article, we’ll provide a development history of Ethereum, an overview of its…

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Systems 101

Decentralization 101
ByEthan Ainsworth Sep 16, 2023Sep 16, 2023

Decentralization is a concept about control and management. It refers to that the control and decision-making in a distributed network are transferred away from a centralized entity (individual, organization, or group thereof). The resources in a decentralized network are owned and shared by network members. This concept is particularly significant in the world of blockchain…

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Systems 101

Cryptographic token 101
ByDavid Yang Sep 16, 2023Sep 16, 2023

Cryptographic tokens, or crypto tokens, are tradable digital units of assets that reside on blockchains. These tokens have become increasingly popular in recent years due to the rise of cryptocurrencies and the growing interest in non-fungible tokens (NFTs). Both fungible and non-fungible tokens play a significant role in the world of blockchain technology and digital…

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Systems 101

NFT 101
ByDavid Yang Sep 16, 2023Sep 16, 2023

What is NFT? Non-Fungible Token (NFT) is a kind of blockchains. What distinguishes NFTs from fungible , and ownership of the NFT is often associated with a license to use the underlying asset. There are standards or convensions for NFTs on blockchain. For example, ERC-721 is a standard for representing non-fungible digital assets on the…

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Systems 101

Cryptocurrency 101
ByDavid Yang Sep 16, 2023Sep 16, 2023

A cryptocurrency (or Blockchain networks for secure and transparent transactions. Blockchains play a crucial role in maintaining the integrity and immutability of transactional data for cryptocurrencies, making them a reliable and efficient medium of exchange. Decentralized blockchain networks form the backbone of many cryptocurrencies, ensuring a high level of security and preventing fraudulent activities such…

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Systems 101

Bitcoin 101
ByDavid Yang Sep 16, 2023Sep 16, 2023

Bitcoin is the world’s first cryptocurrency on the Bitcoin blockchain network. BTC has gained significant popularity since its inception in 2009. It functions as a decentralized, peer-to-peer electronic cash system, allowing users to make transactions without the need for a central authority. Bitcoin History Bitcoin’s story begins with the release of a whitepaper by an…

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Systems 101

Blockchain 101
ByDavid Yang Sep 16, 2023Sep 16, 2023

What is blockchain? Blockchain is a specific type of database with special data organization and properties. Blockchains store data in blocks that are then cryptographically chained together in the chronological order one by one, with the block chained onto the previous block. Data commonly stored in blockchains are transactions for Distributed Ledgers. The transactions are…

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Blockchain | Insights | Systems

Decentralized Exchanges (DEX) vs. Centralized Exchanges (CEX): A Technical Comparison
ByEthan Ainsworth Mar 19, 2023Mar 19, 2023

Cryptocurrency exchanges have revolutionized the way we trade digital assets, with two main types of exchanges dominating the market: decentralized exchanges (DEX) and centralized exchanges (CEX). In this article, we’ll compare the DEX and CEX from a technical perspective. Decentralized Exchanges (DEX) DEX operate on a decentralized blockchain network, such as Ethereum, and are built…

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Blockchain | Insights

The Impact of Blockchain and Crypto Technologies on Global Financial Markets
ByBtcman.io Mar 18, 2023Mar 19, 2023

Welcome to the groundbreaking world of cryptocurrency and blockchain technologies! These cutting-edge technologies are shaking up the global financial environment and paving the path for a more transparent and decentralized future. Consider blockchain technology to be a digital counterpart of a ledger book. It is a secure and immutable digital ledger that records all transactions…

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