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In the previous article, we have looked at Proof of Stake, Proof of Work and even the newer blockchain network type, Delegated Proof of Stake. However, there are several consensus mechanisms developed for cryptocurrency and blockchain building. They are all variations and improvements of the PoW and PoS but they all want to make it…
In recent topics, we have discussed things like proof of work and proof of stake. You have understood the basics of consensus and how governance in a blockchain network works. Now, we will look at a more complex facet of cryptocurrency that you need to know about. It might seem difficult to understand but we…
Everyone has heard the word ‘Bitcoin’ by now. It is the most famous cryptocurrency that has ever been in the market. Historically, it was the first use of blockchain technology, to create monetary value on a digital platform. There are no physical banknotes or coins for the currency. So, how did this come to be…
In our previous post, we talked about blockchain but we did not go into detail. It is also very obvious that many people do not know how it works or what it is. To get a better understanding of what it is, you need to visualize it. Picture this; You and a friend are transferring…
The blockchain is a distributed database of records of transactions or digital activity shared and executed by participants in a specific system. In it, you find all the records of every transaction. Trying to understand blockchain is difficult. However, with step-by-step explanations, understanding the concept behind it will not be difficult.So, are you ready for…
The aim of being a part of the world of cryptocurrency is to either make money through mining coins or to carry out a transaction. For those who want to earn money in the cryptosphere (the world of cryptocurrency), buying and selling can be a good place to start. You can do that or you…
Understanding blockchain governance needs us to understand what governance is all about. As a society, we congregate in tribes, villages, towns, and empires. When people live close like that, norms come into play. The underlying principles of how we live with each other includes: Rulers Rules Participants This is something that we can apply even…
In this topic, we will use Bitcoin as an example to explain most of what you will learn about mining. The concept is the same everywhere. What do you think about when you hear someone say that they are ‘mining’? Do you picture the Wild West, people panning in rivers, taking their pickaxes and looking…
The proof of stake concept steps that an individual can mine and validate depending on how many coins they hold. So, the more coins you own, the more mining power you have. The Proof of Stake is a consensus algorithm that was first introduced in the Bitcoin talk forum in 2011, as a method of…
