SCRYPT - CENTRAL LEDGER - BITCOIN PROTOCOL - MINER -

rssniper (49)in #steem • 6 years ago


SCRYPT	a ledger that is maintained by a central agency.^{Source + Source}
CENTRAL LEDGER	a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. a miner has the right to add a so-called coinbase transaction that gives him a specific number of bitcoins. a miner can build a block and add it to the blockchain. ^{Source + Source}
BITCOIN PROTOCOL	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}
MINER	protocol to set the “rules” for how the network runs. the open source, cryptographic protocol which operates on the bitcoin network.^{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}
CENTRAL LEDGER	a ledger that is maintained by a central agency.^{Source + Source}
BITCOIN PROTOCOL	protocol to set the “rules” for how the network runs. the open source, cryptographic protocol which operates on the bitcoin network.^{Source + Source}
MINER	a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. a miner has the right to add a so-called coinbase transaction that gives him a specific number of bitcoins. a miner can build a block and add it to the blockchain. ^{Source + Source}

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