What is a blockchain?

Hello Reader,

In the last post, we uncovered exactly what a Bitcoin address is and how one can be secured using modern cryptography.

In this post we are going to delve into the database underpinning bitcoin and learn how it is structured. That database is known as a blockchain:

A blockchain is simply a distributed database

For many years, it was thought that fully decentralised digital currencies were impossible. The reason being the problem of double spending. How do you ensure that a digital coin has not been copied electronically and therefore spent repeatedly without the use of a central authority for verification?

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What is public key cryptography and how does it relate to Bitcoin?

Hello Reader,

In this post we will take a closer look at the magic of cryptography and how it features in Bitcoin.

Bitcoin begins with public key cryptography

As I’ve touched on in my previous posts, the Bitcoin protocol is essentially a record of transactions between addresses. For simplicities sake you can think of an address as being akin to an online bank account. The Bitcoin ledger contains records of the coins that each address has sent and received.

But what actually is an address? Public key cryptography was published in the 1970s and provides a method for asynchronous encryption and decryption of information.

What on earth does that mean?

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What is crypto currency?

crypto currency

Hello reader… yes, you. Come closer and I’ll tell you the story of one of the most captivating inventions of the 21st century… crypto currency.

In the simplest terms, crypto currency can be thought of as digital money. That is, money which is generated and governed by computers over the internet.

In reality however, the story is far more interesting and complex than can be conveyed in a single sentence. Indeed the topic will be the focus of the majority of the posts on this site.

This post is the first of an introductory series which will take a look into the origin and mechanics of crypto currency.

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