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Articles by Prasanna Kotamraju
Page 5 of 6
What are Digital Signatures and how do they work?
Digital Signature is a mathematical technique which is used to authenticate a digital document. This is equivalent to handwritten signature or a stamped seal and offers far more security and integrity to the message or digital document. It solves the problem of impersonation in digital communications by providing evidence of origin, identity and status of the digital transactions. Many countries like the United States of America consider digital signatures as legal. They even publish public laws, private laws and the Budget with digital signatures.How does a Digital Signature Work?Digital signatures are based on asymmetric cryptography, which means that the information ...
Read MoreWhat is consensus protocol in Block Chain?
Consensus protocol is one of the most important aspects that makes the Block chain network a fool proof system. It is the revolutionary protocol that makes the Block chain network an irrefutable system where the majority of devices (nodes) connected to the network agree on each and every transaction. This prevents exploitation of the system as more than 51% consensus is required to create a new block. It is the core of the Block Chain which makes it certain that the information stored on the Block Chain is accurate and honest.The very core of the Nakamoto’s Block chain consensus protocol ...
Read MoreWhat is the Difference Between a Block chain and a Database?
The difference between a Block chain and a traditional database begins with architecture, creation, access, and permissions. They differ in each and every aspect except that they both are huge repositories of data which is stored and accessed in an organised form, digitally.DatabaseThis runs on a client-server network, where there is a central repository of data that will be accessed by those nodes who have permission to access the data. The data of the database is maintained by administrators, and mostly nodes will have access to retrieve the data as per their requirement.Database, which is an electronic collection of data ...
Read MoreWhat is the difference between Proof of Work and Proof of Stake?
Bitcoin is the first and foremost cryptocurrency ever created. It is the digital currency which is created, used and maintained electronically. The transactions of a digital coin are written in Blocks and maintained in the Block Chain, which is a distributed, transparent and digital ledger.During the process of mining the Bitcoins, the miners (computer nodes with high power graphic processors) of the network solve the hash algorithms, difficult math problems and mine a block to earn bitcoins as reward. This is how Bitcoins come into market.What is Proof of WorkThe original idea of Proof of Work belong to Cynthia Dwork ...
Read MoreHow to spend Bitcoin?
The concept behind the inception of Bitcoin and Block chain was to introduce the world to a network and currency that bring a Distributed network and currency which is transparent and easy to use across multiple platforms. It brought about a radical change to the way we shop and add value as humans. It is a good news for the Bitcoin lovers who use Bitcoin simply as an investment, that the programmability of the coin API actually enables infinite possibilities of uses. Despite that once you earn this crypto, there are multiple options to use this dynamic currency.People who are ...
Read MoreHow do you earn bitcoins?
Bitcoin is the latest buzz in the world of digital currency at the moment and those who see its significance from a permissive outlook, they go for it because they know it that through this magical currency they can make money faster and become rich. Well, I am sorry to burst that bubble, but to be honest; Bitcoin is like any other currency out there. Like there is no easy way to make money, similarly, there is no other or magical way to gain cryptocurrency or Bitcoins too.However, cryptocurrency may open up a new method of earning, but the basic ...
Read MoreHow to use Bitcoins as Traditional Currency?
The bitcoin craze is gradually taking a leap now and the investors are optimistic about its growth and increased value in the coming future. However, the stability of bitcoin currency is still a big concern for everyone. Nonetheless, people are mining bitcoins, getting them exchanged and also dealing in them. This shows its value and power, which is being elongated by each passing year. Despite this, many bitcoin owners linger in vacuum when it comes to converting them into cash. Here are some hassle-free methods you can try to get it right −Cash It On Bitcoin ATMsA Bitcoin ATM works ...
Read MoreWhat is Bitcoin’s Lightning Network?
Ever since Bitcoin came into existence in 2008, scalability has been one of the important drawbacks. Well, let us understand what is the scalability. Bitcoin is capable of processing around 7 transactions per second, when compared to 24, 000 transactions per second by Visa. Given the magnitude of increase in transactions every day, the system is getting congested for the last few years. One more issue with this is, more time a transaction takes, it uses the more resources and thereby increasing the transaction fees.The Bitcoin’s Lightning Network came up as a solution for this problem. This is being tested ...
Read MoreIs Bitcoin legal in India?
Cryptocurrency is not a traditional currency as well as you cannot even get it through a traditional method; this makes it a completely different asset than the rest. Thus, its legality puts it under the dark clouds of doubt. Thus, the question leaves a number of investors and other crypto lovers into a riddle because bitcoin carries an immense gloomy phenomenon along with it.The status of bitcoin (and related crypto instruments) varies substantially from country to country and yet remains undefined. Moreover, it is changing in many countries. Most countries do not tag the usage of bitcoin as illegal. They ...
Read MoreWhat are the popular Crypto Currencies in circulation?
Bitcoin, invented by Satoshi Nakamoto in 2008 has ushered new waves in the field of cryptocurrencies. Inspired by Bitcoins and decentralized peer-to-peer network, there are many digital currencies that came into the world to change the global economy.Let us first understand what is a cryptocurrency? Cryptocurrencies are the digital currencies which are generated, stored and transacted digitally. The most important feature of cryptocurrency which makes it different from fiat currency is, that it is not created or maintained by any single central authority. It is created and maintained through a decentralized system which is maintained by the miners. The miners ...
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