Thanks again to bitmover for the extra question and knowledge
I’ll lock this down now and start work on a new quiz
Topic: Bitcoin Whitepaper- a MUST read for all and a little merit giveaway (Read 428 times)
Thanks Baofeng for the info
Thanks again to bitmover for the extra question and knowledge
I’ll lock this down now and start work on a new quiz
Thanks again to bitmover for the extra question and knowledge
I’ll lock this down now and start work on a new quiz
April 09, 2020, 08:48:01 AM
Yes it is a must read, and it is also on audiobook.
April 09, 2020, 08:40:10 AM
I will make a question as well:
What are SPV wallets and why are they important? Best and complete answer 3 merits.
In section 8 of the whitepaper, Satoshi talked about Simplified Payment Verification (SPV): What are SPV wallets and why are they important? Best and complete answer 3 merits.
Quote
It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by queryingnetwork nodes until he's convince he has the longest chain, and obtain the Merkle branchlinking the transaction to the block it's timestamped in. He can't check the transaction forhimself, but by linking it to a place in the chain, he can see that a network node has accepted it,and blocks added after it further confirm the network has accepted it.
From this, SPV wallets can be defined as those wallets that download a small, specific part of blockchain only but still make sure your transactions in block and maintain security (less secured than running a full node, of course). This kind of wallet is important because they're an ideal option for portable devices like smartphones.
Exactly. SPV wallets are mentioned in the whitepaer, just as you pointed out.
They are important for adoption, and portable devices are a very good example of it. Imagine if we had to download 200 Gb of data in a smartphone just to receive or send some bitcoins?
April 09, 2020, 07:33:00 AM
I will make a question as well:
What are SPV wallets and why are they important? Best and complete answer 3 merits.
In section 8 of the whitepaper, Satoshi talked about Simplified Payment Verification (SPV): What are SPV wallets and why are they important? Best and complete answer 3 merits.
Quote
It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by queryingnetwork nodes until he's convince he has the longest chain, and obtain the Merkle branchlinking the transaction to the block it's timestamped in. He can't check the transaction forhimself, but by linking it to a place in the chain, he can see that a network node has accepted it,and blocks added after it further confirm the network has accepted it.
From this, SPV wallets can be defined as those wallets that download a small, specific part of blockchain only but still make sure your transactions in block and maintain security (less secured than running a full node, of course). This kind of wallet is important because they're an ideal option for portable devices like smartphones.
April 09, 2020, 07:22:03 AM
Answer question @bitmower
using Bitcoin without running a full network node called SPV.
- Native Bitcoin SPV client - still development - BitcoinSPV is still a work-in-progress
- Modified SPV wallet client for bitcoin - Lightning network
https://en.bitcoinwiki.org/wiki/Simplified_Payment_Verification
using Bitcoin without running a full network node called SPV.
- Native Bitcoin SPV client - still development - BitcoinSPV is still a work-in-progress
- Modified SPV wallet client for bitcoin - Lightning network
https://en.bitcoinwiki.org/wiki/Simplified_Payment_Verification
April 09, 2020, 07:11:27 AM
I will make a question as well:
What are SPV wallets and why are they important? Best and complete answer 3 merits.
What are SPV wallets and why are they important? Best and complete answer 3 merits.
Not sure if I'm true, at least I try
SPV wallets is kind of wallet who doesn't download the entire blockchain since that wallet is using SPV (Simplified Payment Verification) term.
It's important because SPV is minimize from download all the entire blockchain. Bitcoin is the thing we should run all the full node, but with SPV we only need the merkle root of each block to verify the transaction
Source from
https://www.[Suspicious link removed]s/amp.reddit.com/r/Bitcoin/comments/3c3zn4/whats_the_difference_between_an_api_wallet_and_a/
https://hackernoon.com/spv-proofs-explained-qd1p3r1q
April 09, 2020, 06:51:12 AM
I will make a question as well:
What are SPV wallets and why are they important? Best and complete answer 3 merits.
What are SPV wallets and why are they important? Best and complete answer 3 merits.
April 09, 2020, 06:02:09 AM
April 09, 2020, 06:01:15 AM
zero
April 09, 2020, 05:01:24 AM
Question 4.
In the main body of the text - What is the ‘additional firewall’ that Satoshi mentions ?
A new key pairIn the main body of the text - What is the ‘additional firewall’ that Satoshi mentions ?
April 09, 2020, 05:00:37 AM
Question 4.
In the main body of the text - What is the ‘additional firewall’ that Satoshi mentions ?
a new key pair In the main body of the text - What is the ‘additional firewall’ that Satoshi mentions ?
April 09, 2020, 04:59:13 AM
a new key pair
April 09, 2020, 04:58:54 AM
Question 4.
In the main body of the text - What is the ‘additional firewall’ that Satoshi mentions ?
A new key pair In the main body of the text - What is the ‘additional firewall’ that Satoshi mentions ?
April 09, 2020, 04:02:33 AM
hash
Wow - super quick - correct April 09, 2020, 04:01:56 AM
hash
April 09, 2020, 03:59:48 AM
Question 3.
Which important 4 letter word appears 42 times in the whitepaper ?
Which important 4 letter word appears 42 times in the whitepaper ?
April 09, 2020, 03:13:18 AM
thank you I find it on point number #4 proof of work Quote
To implement a distributed timestamp server on a peer-to-peer basis, we will need to use a proof-of-work system similar to Adam Back's Hashcash
April 09, 2020, 03:08:29 AM
April 09, 2020, 03:06:18 AM
R.C. Merkle
April 09, 2020, 03:04:39 AM
Adam Back
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