Crypto
Transcript: In 1998, Wei Dai published a description of "b-money" Shortly thereafter, Nick Szabo created "bit gold" The first cryptocurrency was "Bitcoin". Bitcoin was created in 2009 by a pseudonymous developer named Satoshi Nakamoto. Soon after, in October 2011, "Litecoin" was released. It was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256. Charan K R Some retailers take BTC Overstock is the newest one, newegg has hinted at it. Sacramento Kings now accept BTC A few smaller online retailers take BTC Many miner producing companies accept BTC Use an exchange to trade BTC out for your currency of choice. Bitcoin is still in its infancy of adoption, so the list of people who accept it grows everday Future uses Bitcoin Rs.5,06,914 Somebody wrote a program that would use the GPU’s within PC’s to mine, this was discovered to be more energy efficient per hash, and gave you an advantage in higher hash rates. AMD/ATI GPU’s were much faster and more efficient per megahash using OpenCL AMD 6870 (3 year old card as of now purchase price about 150 USD) ~300 megahash/s INTRODUCTION Evolution of Crypto-Currency What is a Crypto-Currency How it works? What is a Blockchain? Crypto-currency features Mining Accessibility Current Uses Future Uses How does crypto-currency works Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency. In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“ His goal was to invent something; many people failed to create before digital cash. What is a blockchain https://www.coindesk.com/price/ Based off a public ledger known as the block-chain Everything about the transactions (from, to, how much, when) is all public knowledge This creates an open nature. Aims to create a new block every 10 minutes Does this by adjusting the difficulty Difficulty changes ever 2016 blocks To “solve a block” one must compute the correct hash There is a target number, that the hashed value must be equal to or lesser than. Cryptocurrency A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Bitcoin became the first decentralized cryptocurrency in 2009. Bitcoin is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain which uses bitcoin as its unit of account. ACCESSIBILITY https://coinmarketcap.com/ Ripple Rs.15.41 Litecoin Rs. 3087 Thank You MINING CURRENCY Current Uses Was the original way to do it, was initially solo mining (not pooled) and you got all of the block or none of it (50 BTC) Slow compared to today’s standards. Core i5 2500 about 20.6 megahash/s More retailers will begin to accept BTC Used in international trading to avoid currency exchanges Become as common place as credit cards Less volatility in hard currency value (USD) Nefarious uses Currency Flops and becomes worthless INTRODUCTION TYPES AND STASTICS OF CRYPTO-CURRENCIES Ethereum Rs.10,074 Evolution of Crypto-Currency CPU CONTENTS GPU Bitcoin Bit-Gold B-Money Bitcoin Origins Solving a Block To solve a block the SHA-256 of the block header must be equal to or less than the target Every bitcoin client compares the actual time it took to solve the 2016 blocks to the two week goal. The modifies the target by the percentage difference. A single retarget never chances the target by more than a factor of 4, so there aren’t large spikes in difficulty. Not a linear chain, but one that has forks and self heals. Forks occur when two blocks are presented as solved within a few seconds of each other. The “correct” chain is the one with the longest path back to the genesis block. The fork that is the incorrect, now all those blocks in that fork become invalidated. The faster the hashing rate of the network as a whole, the more secure the block chain is The chain will guarantee a block is validated after 100 blocks are attached onto the end of the chain. Block Chain
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