SOFT FORK - DOUBLE SPENDING - DISTRIBUTED NETWORK - SCRYPT -

realskilled (47)in #bitcoin • 6 years ago


SOFT FORK	rather than having a centralised data centre, a type of network where processing power and data are spread over the nodes.^{Source + Source}
DOUBLE SPENDING	this type of fork requires most miners upgrading in order to enforce, while a hard fork requires all nodes to agree on the new version. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}
DISTRIBUTED NETWORK	compared to sha256, this is quicker as it does not use up as much processing time. scrypt is a type of cryptographic algorithm and is used by litecoin. ^{Source + Source}
SCRYPT	this causes coins spent that are already spent somewhere else, making one of the receivers end up with nothing. a common flaw in some cryptocurrency blockchains where the system of rules is not in motion properly, allowing malicious users to try and spend their unique codes in multiple places. ^{Source + Source}


SOFT FORK	this type of fork requires most miners upgrading in order to enforce, while a hard fork requires all nodes to agree on the new version. since old nodes recognize the new blocks as valid, a soft fork is essentially backward-compatible. a soft fork differs from a hard fork in that only previously valid transactions are made invalid. ^{Source + Source}
DOUBLE SPENDING	this causes coins spent that are already spent somewhere else, making one of the receivers end up with nothing. a common flaw in some cryptocurrency blockchains where the system of rules is not in motion properly, allowing malicious users to try and spend their unique codes in multiple places. ^{Source + Source}
DISTRIBUTED NETWORK	rather than having a centralised data centre, a type of network where processing power and data are spread over the nodes.^{Source + Source}
SCRYPT	compared to sha256, this is quicker as it does not use up as much processing time. scrypt is a type of cryptographic algorithm and is used by litecoin. ^{Source + Source}

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