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Why to learn blockchain
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Limitations of Blockchain
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Blockchain Address (Sender or Receiver)
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Public Address generated using hash of public key in blockchain is still 160bits long.
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In order to represent long numbers in a compact way, many computer systems use mixed-alphanumeric representations with a base (or radix) higher than 10.
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Base64: (26 lower case, 26 capitals, 10 numerals & 2 more characters(maybe +, /)
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Base58: (26 lower case, 26 capitals(without the four (0, O, l, I))
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58 Digit (where last 4 digits = checksum for error check)
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Decoding software will calculate the checksum of the data and compare it to the checksum included in the code.
#include <bitcoin/bitcoin.hpp>
int main() {
// 1. Take a random Private secret key.
bc::ec_secret secret = bc::decode_hash("038109007313a5807b2eccc082c8c3fbb988a973cacf1a7df9ce725c31b14776");
// 2. Public key = private key * G
bc::ec_point public_key = bc::secret_to_public_key(secret);
std::cout << "Public key: " << bc::encode_hex(public_key) << std::endl;
// 3. Get Bitcoin address/Node address = Base58-Check(RIPEMD160(SHA256(K)))
const bc::short_hash hash = bc::bitcoin_short_hash(public_key);
bc::data_chunk unencoded_address;
// 4. Reserve 25 bytes: (version:1)(hash:20)(checksum:4)
unencoded_address.reserve(25);
unencoded_address.push_back(0); // Version byte, 0 is normal BTC address (P2PKH)
bc::extend_data(unencoded_address, hash); // Hash data
bc::append_checksum(unencoded_address); // Checksum is computed by hashing data, and adding 4 bytes from hash.
// 5. Encode the result in Bitcoin's base58 encoding
assert(unencoded_address.size() == 25);
const std::string address = bc::encode_base58(unencoded_address);
std::cout << "Address: " << address << std::endl;
return 0;
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Genesis Block.
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Block creation
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1. Bitcoin Core (Fullnode Bitcoin client)
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2. Electrum (Lightweight Bitcoin client)
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3. Mycelium, Electrum, Exodus
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4. Kukai (Lightweight Tezos client)
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In blockchain, Public Pvt keys are generated using secp256k1 ECC Algorithm.
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secp256k1 ECC is not same as RSA or DH.
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How bitcoin can be issued?
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Rate of bitcoin Issuance?
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Why only 21Million bitcoins. Inflation?
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But with limited supply of currency(ie 21Million), will it not cause deflation?
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Deflation?
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less money more products. Purchasing power of money keep on increasing
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People will stock the money, instead of spending it hoping prices will fall more
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But deflation is not bad as inflation. Stocking instincts can be supressed by sellers providing discounts and stockers tend to spend money.
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