Posts

What is Distributed ledger Technology?

  Distributed ledger technology (DLT) is one of the key technologies responsible for bringing the openness of the web back without compromising its security. The commercial and legal transactions can now be handled completely on the web as DLTs provide a more secure and accountable environment for exchanging digital assets in the forms of currencies, popularly known as   cryptocurrency . A distributed ledger is a distributed record of transactions, maintained by consensus among a network of peer to peer nodes. Consensus can be described professionally as an acceptable resolution, one that can be supported. It is basically a mechanism that is used to achieve the required agreement on single data between the distributed system. It is useful in recordkeeping. This means that certain rules should be followed before adding a new block to the chain. It further states that for anyone to earn the right to add information or block in the ledger one must solve the cryptographic problem which r
Post a Comment
Read more

When Should I Sell Bitcoin?

  First, consider the ongoing market instability, there was a sudden jump in the price of Bitcoin with 15-18% growth in March. You are thinking bitcoin is worth to sell now, but remember Bitcoin still has the potential to go much far, maybe more than its previous highest price. Moreover, the crypto market still needs to grow, the market is slowly pacing up. The consumer protection will grow and this will make you more secure as bitcoin owner. Follow crypto experts on social sites, check crypto forums for more predictions and learn from people who were patient enough and earned more than they expected.
Post a Comment
Read more

How Does a Cryptocurrency Wallet Work?

  Cryptocurrency wallets work like safety deposit boxes.  These are software programs that store your private and public keys and interface with multiple blockchains. Thus, users can monitor their balance, send money, and conduct other operations. Initially, When a person sends you bitcoins or any other digital coin, they are basically signing off the ownership of those coins to your wallet’s address. Further, to spend those coins and unlock the funds, the public address of the currency must match the private key stored in your wallet. If both the keys match, the balance in your digital wallet will increase. In particular, there is no exchange of real coins. The transaction is signified purely by a transaction record on the blockchain and the change in the account in your cryptocurrency wallet.
Post a Comment
Read more

Bitquest Mechanics

Image
  Players Can Claim Lands on Bitquest Users can buy each Bitquest’s plot for 2,000 bits. However, the Bitquest team uses these payments to service the Minecraft server. Monsters on the Bitquest The development team designed Bitquest to spawn monsters that users or gamers would kill to earn cryptocurrency . Bitquest’s monster entities could come in different forms like spiders, zombies, and blazes. In addition, they come in different levels and this depends on the distance between the player and the monster. Also, players can kill these monsters in the same way they are killed on the traditional Vanilla Minecraft platform. Successfully killing monsters will make players accumulate emeralds that are equivalent to bits. Other Ways to Earn Bits/Emeralds Apart from accumulating emeralds by killing monsters, players can also earn bits by contributing to the Bitquest community. In addition, partaking in the player-versus-player arena is also a way to earn emeralds as well as trading with oth
Post a Comment
Read more

Cryptocurrency mining requirements

  There are some requirements for cryptocurrency mining which can be described in detail as follows: 1) Coin Wallet:  This is a free, private database or password-protected container. You will store the earnings you make in your coin wallet and use it to keep a ledger of all transactions for the network. 2) Software:  You will also need a free software package for mining, which will typically be made up of stratum and Cgminer. 3) Membership:  You must also be a member of an online mining pool. A mining pool is a community of cryptocurrency miners who combine computing power to increase income stability and profitability. 4) Internet:  You should be connected to the internet 24/7. You need to have good connectivity. 5) Hardware:  You should set up your hardware in a cool and air-conditioned space, such as your basement. The hardware should include a custom-built or desktop computer that works well with cryptocurrency mining. 6) Fan:  Get a regular house fan to cool your mining hardware
Post a Comment
Read more

How does Cryptocurrency mining work?

  Step 1:   The first step of mining a block is to hash each transaction taken from the memory pool individually. Step 2:  The outputs are then sorted into pairs and hashed again and the process is repeated until “top of the tree” is reached. Step 3:  After every transaction is hashed, the hashes are then organized into something called a Merkle Tree or a hash tree, which is formed by organizing the various transaction hashes into pairs and then hashing them.  Step 4:  The mining method allows miners to keep hazing the block header over and over again, iterating through the nonce until one finally produces a correct block hash in the network miner.  Step 5:  Upon finding a correct hash, the founder node will transmit the block to the network.  Step 6: All other nodes can search for validity of the hash and if so, add the block to their blockchain copy and move on to mining the next block.
Post a Comment
Read more

Hot Wallets vs Cold Wallets

  you might come across frequently with the terms “hot wallets” and “cold wallets”. All crypto wallets fall under these two types. In general, whatever is connected to the internet is less secure than something that is not. This is the difference, where “hot” wallets are connected to the internet and “ cold” wallets ” are not. Online, desktop and mobile wallets are hot wallets, while hardware and paper wallets are cold wallets. 1). Software Wallet: There are three forms of software wallets : Desktop wallets:  These are installed on a laptop or a PC, and can be accessed from a single computer. Although they provide high security, if the computer is attacked by the virus, there is a chance of losing your wallet. Online wallets:  These wallets run on the cloud and can be accessed from any device. Here, your keys are stored online. Mobile wallets:  These wallets that run on an application in a smartphone; they are simpler than the desktop wallets and can be used anywhere. 2) Full Node Wall
Post a Comment
Read more