BITCOIN TRANSACTION - SOFT FORK - ASYMMETRIC KEY ALGORITHM - SCRYPT -

realskilled (47)in #blockchain • 6 years ago


BITCOIN TRANSACTION	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}}
SOFT FORK	as long as a transaction is unconfirmed, it is pending and can be forged. the transaction is known almost immediately by the whole network. after signed, a transaction is broadcasted in the network, sent from one peer to every other peer. only after a specific amount of time the transaction gets confirmed. when a transaction is confirmed, it is set in stone. a transaction is a file that says, “user_a gives x bitcoin to user_b“ and is signed by user_a‘s private key.^{^{Source + Source}}
ASYMMETRIC KEY ALGORITHM	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	public and private keys are needed to support cryptocurrency transactions. both sender and receiver have this key, and can send secure information. the algorithm used to generate public and private keys. ^{^{Source + Source}}


BITCOIN TRANSACTION	as long as a transaction is unconfirmed, it is pending and can be forged. the transaction is known almost immediately by the whole network. after signed, a transaction is broadcasted in the network, sent from one peer to every other peer. only after a specific amount of time the transaction gets confirmed. when a transaction is confirmed, it is set in stone. a transaction is a file that says, “user_a gives x bitcoin to user_b“ and is signed by user_a‘s private key.^{^{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}}
ASYMMETRIC KEY ALGORITHM	public and private keys are needed to support cryptocurrency transactions. both sender and receiver have this key, and can send secure information. the algorithm used to generate public and private keys. ^{^{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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