DIGITAL CURRENCIES AS A FUTURISTIC EXCHANGE // Bitcoin Elements

in Project HOPE2 months ago

Author: @madridbg, through Power Point 2010, using public domain images.

Greetings dear members of this prestigious platform, continuing with the series entitled "digital currencies as a futuristic exchange" today we will focus our attention on describing some aspects that we must know all those users who make life in a blockchain, among which are the computational technical aspects necessary for the operation of the blockchain network, and that refer to the use of public and private keys, the selection of virtual wallets, the implementation of blockchains and the type of network that allows the operation of bitcoin.

As has been constant in my publications, this type of content, which in a certain way is considered financial, will be shared through the communities @project.hope and @leofinance, communities that have remained at the forefront of economic issues.

Therefore, to start the publication we must remember that BTC is analogously considered as a kind of special email that when sent is deleted from our records or equipment.

Based on the above, we will begin by addressing the use of public and private keys, which we will describe as the digital signature that accredit us, so to speak, as the guardians of the BTC in our care, the same allow us to connect via the Internet to a network with decentralized characteristics, in reference to the public key, it is a BTC address and we provide it to send or receive our Bitcoin, meanwhile, the private key is one that is kept hidden in our computers.

Fig. 2. Operation of the blockchain network. Author: Gerd Altmann

It is important to highlight that in order to execute a transaction the two keys mentioned above must be correlated, the first one (public key) verifies the transaction and the second one (private key) signs and authorizes the same operation.

In reference to the use of the Wallets, it is considered as an indispensable requirement to be able to perform transactions with our cryptocurrencies and at the same time allow us to store them, we can establish that this software behaves like a bank account according to the traditional economy.

Fig. 3. Our devices allow us to access our wallet at any time. Author: Rodrigo Joaquin Mba Mikue

Another aspect that we must know in the world of crypto-currencies is the functioning of the blockchain, understood as the ledger of financial accounting in the digital era, in which all transactions made connected to a Bitcoin network (nodes) are recorded and a faithful and exact copy is distributed to all devices connected to this network. The blockchain or sequence ledger, organizes transactions by blocks that are certified and authenticated by witnesses or miners present in the network.

Fig. 4. Blockchain network overview. Author: B140970324

One of the most interesting things about this work methodology, according to my perspective, is that we are all servers and clients at the same time and where we provide a complex computational design that allows the orderly operation of all the data packages that move in it. Consequently, if you have found interesting the contribution in structural issues of the blockchain, I invite you to leave your opinion in the comments section.


BIBLIOGRAPHY CONSULTED

[1] Michael McLeay, Amar Radia y Ryland Thomas. (2015). Money in the modern economy: an introduction. Journal of Institutional Economics, vol. 17. Number 33. Article: Online Access


OF INTEREST


The design of the portal was made by @madridbg, using public domain images

Grateful with the community @project.hope and with all the management team of the same one that they motivate us to continue working in a mutual and balanced growth.

Uploaded image of the Proyecto.hope community

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Hello friend @madridbg

Good title "Digital currencies as futuristic exchange", there is no doubt that the world of cryptocurrencies will dominate the economic and financial future, it is a great idea to upload for @project.hope and @leofinance content on these relevant topics such as the use of public and private keys. Best regards, be well.

Greetings my dear colleague @lupafilotaxia, first of all thank you for stopping by and leaving your comment. At this point in life we must keep in mind that the blockchain world will end up dominating all areas of the economy in general and I consider it appropriate to start with our training in the field that is now the subject of study. We continue reading

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