Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain
Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.
How do i update my Ethereum wallet?
1. Go to our website MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.
Please note that you need to manually update your wallet, failure to do so may result in funds being lost.
We are taking these measures to protect both you and our network from phishing and malicious attacks.
Thank you for your cooperation and understanding!
MyEtherWallet Security Team.
If you use other methods, then ignore this message.
Topic: Newbie query (Read 339 times)
Blockchain is a network that is supported by users that mine tokens, without any servers. When all coins will be mined, as I see, the network won't work.
That's easy. You suggest he reads the threads on Bitcoin Talk. 
And ask questions afterwards if he/she did not fully understand what blockchain is to clarify his/her questions about blockchain to the pro out there.
Blockchain is a digitized, decentralized, and the public ledger of all cryptocurrency transactions. It is constantly growing as "completed" blocks; usually the most recent transactions are put down and added to it in a chronological order. It gives authorizations to market participants to monitor digital currency transactions without central record keeping. Every computer connected to the network gets a copy of the blockchain, and by default it downloads the copy automatically.
Blockchain is not bitcoin. Blockchain is just the main technological innovation of bitcoin, same as with other cryptocurrencies.
Blockchain is not bitcoin. Blockchain is just the main technological innovation of bitcoin, same as with other cryptocurrencies.
Bitcoin is just like a bank account, but the difference is that you don't need to go to a bank and open account there to receive your IBAN. You can just use an Bitcoin address generator to create your Bitcoin IBAN which is called address. Also, when you generate your address you will receive a password so you can manage your balance which is called private key.
Bitcoin advantages:
- accepted worldwide, no bank restrictions
- you can spend or receive money during weekends and non-working hours
- no KYC/AML
- anonymous
- you trust maths, not banks
- Much cheaper for huge transactions. if you want to transfer $1mln or more worth of Bitcoin the fee will be around 1$ or less. If you try to transfer $1mln from 1 bank to another, you will get a fee of 1-5% which is 10-50k fee.
Bitcoin advantages:
- accepted worldwide, no bank restrictions
- you can spend or receive money during weekends and non-working hours
- no KYC/AML
- anonymous
- you trust maths, not banks
- Much cheaper for huge transactions. if you want to transfer $1mln or more worth of Bitcoin the fee will be around 1$ or less. If you try to transfer $1mln from 1 bank to another, you will get a fee of 1-5% which is 10-50k fee.
Blockchain technology can be said to be a combination of the three technologies below:
Encryption: Use the public key and hash function to ensure transparency, integrity, and privacy.
Peer-to-Peer Network: Each node in the network is considered a client and also a server for storing application replicas.
Game theory: All nodes involved in the system must comply with the rules of consensus (PoW, PoS ...) and motivated by economic incentives.
Encryption: Use the public key and hash function to ensure transparency, integrity, and privacy.
Peer-to-Peer Network: Each node in the network is considered a client and also a server for storing application replicas.
Game theory: All nodes involved in the system must comply with the rules of consensus (PoW, PoS ...) and motivated by economic incentives.
How will you explain blockchain concept to a non techie
Based on my understanding, Blockchain is a hidden transaction or should I say Privacy when you want to not trace who you are.
I usually only explain a few words with them.
The blockchain is a public account book that people all over the world can see and use over the Internet, but cannot change it!
The blockchain is a public account book that people all over the world can see and use over the Internet, but cannot change it!
Briefly, Blockchain, the root name of a blockchain, is a hierarchical database that stores information in blocks of information that are interconnected by encryption and expands over time. Each block of information contains information about the time it was created and associated with the previous block, including timecode and transaction data. The blockchain is designed to resist the change of data: Once the data has been accepted by the network, there is no way to change it.
The easiest way to think about Blockchain is to imagine it as a hierarchical database that stores information in blocks of information that are interconnected by encryption and expanding over time. Each information block contains information about the time it was created and linked to the previous block, including a time code and transaction data. It's like a ledger.
But the special feature of Blockchain is that this database is distributed decentralized on the internet. That means that this database is spread around the world, owned by all computers in the peer network.
There is no central server hosting this database, no one has control over this database. Once the data is written to this ledger, no one can delete it, or change it. It cannot be hacked. Blockchain helps participants reach consensus on information without going through a third party.
You should find out more in the forums and the site for a good understanding!
But the special feature of Blockchain is that this database is distributed decentralized on the internet. That means that this database is spread around the world, owned by all computers in the peer network.
There is no central server hosting this database, no one has control over this database. Once the data is written to this ledger, no one can delete it, or change it. It cannot be hacked. Blockchain helps participants reach consensus on information without going through a third party.
You should find out more in the forums and the site for a good understanding!
Imagine a digital medical history: every record is a block. This entry has a label: the date and time of the entry. Initially, it is considered mandatory to prohibit the modification of records hindsight, because it is necessary that records of diagnosis, treatment, etc. They did not allow different interpretations and remained in the original form. Only a doctor who has one private key and a patient who has another one can access the records. Then, access this information only to those who have one of these users to obtain a private key (for example, the hospital as a whole or a separate specialist). Thus, for example, blocking technology can be used in a medical database.
In a nutshell, Blockchain possesses a very special feature: the transmission of data does not require an intermediary to confirm the information. The Blockchain system has many independent nodes that can authenticate information without requiring a "sign of trust". The information in Blockchain cannot be changed and only be added with the consent of all nodes in the system. This is a high-security system against the possibility of data theft. Even if part of the Blockchain system collapses, the computers and other nodes will continue to protect the information and keep the network going.
How will you explain blockchain concept to a non techie
I'll try to explain better than the others.
In many cases/applications the data is saved into a database. Just imagine it like a notebook.
Now, in most databases you can write onto any page. In blockchain every time you write you add a full page at the end of that notebook.
This fact makes feasible to keep copies of this database/notebook on many computers around the world - keep it decentralized -, since at sync (whenever the wallet is started or a new block was found) just the missing pages at the end have to be added to the "notebook" (on a certain computer).
And yes, a "block" in the "chain" is such a "page" in the "notebook".
All data on the Internet is easily copied. As we know, Bitcoin is just one application of Blockchain technology, meaning that each Bitcoin transaction is just one file.
Normally, when dealing online, we will need a third party that we trust (eg, intermediary, shipping company, bank ...) with a database set to verify the transaction to prevent fraud when the crooks use this file repeatedly.
Blockchain technology solves this problem without the need for a reliable third party.
Normally, when dealing online, we will need a third party that we trust (eg, intermediary, shipping company, bank ...) with a database set to verify the transaction to prevent fraud when the crooks use this file repeatedly.
Blockchain technology solves this problem without the need for a reliable third party.
LOL, you should find out in forums and websites to find out about it better than here and ask that question. Blockchain, which is a database system of information, is used to store information in linked blocks and is managed by all participants in the system, instead of one. a separate third party such as the state or the central bank; It also allows for secure data transmission with a complex encryption system and is scalable over time.
How will you explain blockchain concept to a non techie
Go to this website: (https://www.weforum.org/agenda/2016/06/blockchain-explained-simply/).
There's a video embedded, please watch that 2 minute clip that could help you and your friend understand the concept behind Blockchain Technology.
Blockchain is best known as the technology behind the cryptocurrency bitcoin -- a digital currency whose value soared above $19,000 over the last year before slumping to half that when the frenzy subside.
How will you explain blockchain concept to a non techie
Can't explain this on a brief explanation. What I've heard before which was the briefest, it's a record of transactions that everyone can see but it can't be manipulated nor modified. But if this isn't counted, go on with the suggestion of others. Read those threads and videos that can explain it to non techie in the easiest way.
How will you explain blockchain concept to a non techie
I would read something on medium as well as watch video explanations. But don't just watch videos as it is too passive. Try and explain it to someone after to see if they get it and if you can explain it you've understood it.
There are several explanatory video's on the web. Sometimes it's easer to understand things when they are visualized.
Maybe you should try this one: https://youtu.be/SSo_EIwHSd4 It is pretty understandable.
Also: Use a lot of different sources to learn from. Don't watch one video and believe you got it.
Maybe you should try this one: https://youtu.be/SSo_EIwHSd4 It is pretty understandable.
Also: Use a lot of different sources to learn from. Don't watch one video and believe you got it.
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