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Mastering Blockchain

Mastering Blockchain

3.3 (10)
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Mastering Blockchain

Mastering Blockchain

3.3 (10)

Overview of this book

Blockchain is a distributed database that enables permanent, transparent, and secure storage of data. The blockchain technology is the backbone of cryptocurrency – in fact, it’s the shared public ledger upon which the entire Bitcoin network relies – and it’s gaining popularity with people who work in finance, government, and the arts. Blockhchain technology uses cryptography to keep data secure. This book gives a detailed description of this leading technology and its implementation in the real world. This book begins with the technical foundations of blockchain, teaching you the fundamentals of cryptography and how it keeps data secure. You will learn about the mechanisms behind cryptocurrencies and how to develop applications using Ethereum, a decentralized virtual machine. You will explore different blockchain solutions and get an exclusive preview into Hyperledger, an upcoming blockchain solution from IBM and the Linux Foundation. You will also be shown how to implement blockchain beyond currencies, scability with blockchain, and the future scope of this fascinating and powerful technology.
Table of Contents (14 chapters)
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10
10. Alternative Blockchains
12
12. Scalability and Other Challenges

Transactions

Transactions are at the core of the bitcoin ecosystem. Transactions can be as simple as just sending some bitcoins to a bitcoin address, or it can be quite complex depending on the requirements. Each transaction is composed of at least one input and output. Inputs can be thought of as coins being spent that have been created in a previous transaction and outputs as coins being created. If a transaction is minting new coins, then there is no input and therefore no signature is needed. If a transaction is to sends coins to some other user (a bitcoin address), then it needs to be signed by the sender with their private key and a reference is also required to the previous transaction in order to show the origin of the coins. Coins are, in fact, unspent transaction outputs represented in Satoshis.

Transactions are not encrypted and are publicly visible in the blockchain. Blocks are made up of transactions and these can be viewed using any online blockchain explorer.

The transaction...

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