Author: S J

The issue of disk space in a node is easily overcome because all transactions in a block are hashed in a Merkle Tree as shown in image − The block…

As we saw in the chapter Bitcoin - Mining, a miner may be flooded with many transactions at any given period of time. The maximum size for a block is…

I will now summarize the steps described above; this is what happens in the network − Anybody who wants to obtain services from the third party who has advertised on…

As all transactions are time stamped, we need to implement a distributed timestamp server on a peer-to-peer network. This requires some additional implementation and that is the Proof-of-Work that I…

The blocks created by various miners are chained together to form what is known as a truly distributed public ledger. Each block in the chain contains multiple messages (transactions) as…

When Bob creates a purchase request for Lisa, he does not send it to Lisa alone. Rather the request message is broadcasted on the entire network to which he is…

One of the most important function in PKI is the hashing function. A hash function maps the data of any arbitrary size to data of fixed size. Bitcoin uses SHA-256…

Public Key Cryptography or in short PKI is also known as asymmetric cryptography. It uses two pairs of keys - public and private. A key is a some long binary…

The Bitcoin was introduced in this world by Satoshi Nakamoto through a research-style white paper entitled Bitcoin: A Peer-to-Peer Electronic Cash System in the year 2008. The Bitcoin not only solved the…

Consider a situation shown in image − As clearly seen here, Bob is tendering a $10 bill to Lisa in exchange of a book. Once the Lisa receives this physical…