Topic: What is the encryption method used in bitcoin ? (Read 176 times)
This is what I know about SHA-2 or Secure Hash Algorithm 2. It is a set of cryptographic hash functions designed by the United States National Security Agency. The cryptographic hash functions are mathematical operations run on digital data. You will determine the data's integrity by comparing the computed hash to a known and expected hash value.
Thanks all , i have got my answer .
Miners create a message block.
The message block contains the HASH from the previous block, block information, time information, transaction information, info about the miner and a special number called the nonce.
Than they calculate the HASH. The miner needs to find a HASH starting with a lot of zero's.
Most times the HASH is not the required HASH. In that case the miner changes the nonce until he finds a HASH starting with enough zero's.
Statistical it will take around ten minutes until somewhere in the world some miner finds a valid HASH.
After the miner has found this next block and he will publish this block.
The miners use this new block to create the second next block.
It can happen that after a block 2 different next blocks are created at almost the same time by two different miners.
This way the chain of blocks could go into two directions. It all depends on what path will become the longest (so which of the blocks get at first the second next block) as there is a rule that only the longest path is valid.
So a miner only has about ten minutes to find a block that gives the right HASH.
He can not start to calculate the second next block as each block contains the HASH of the previous block.
He can only see after some new blocks are published if his block will be accepted in the blockchain (if it is part of the longest chain) and than he will get some bitcoins as a reward.
If it takes less time than ten minutes to find a block it becomes to easy to find the HASH. (Perhaps there are more miners searching or there is faster hardware). So there is a rule that the miners need to find a HASH that starts with more zero's. That is more difficult and will increase time.
The reward of the miner are the transaction fees in the block he mined and a fee for mining a new block.
Use Google to search for more info. On Youtube are some good videos about this topic.
The message block contains the HASH from the previous block, block information, time information, transaction information, info about the miner and a special number called the nonce.
Than they calculate the HASH. The miner needs to find a HASH starting with a lot of zero's.
Most times the HASH is not the required HASH. In that case the miner changes the nonce until he finds a HASH starting with enough zero's.
Statistical it will take around ten minutes until somewhere in the world some miner finds a valid HASH.
After the miner has found this next block and he will publish this block.
The miners use this new block to create the second next block.
It can happen that after a block 2 different next blocks are created at almost the same time by two different miners.
This way the chain of blocks could go into two directions. It all depends on what path will become the longest (so which of the blocks get at first the second next block) as there is a rule that only the longest path is valid.
So a miner only has about ten minutes to find a block that gives the right HASH.
He can not start to calculate the second next block as each block contains the HASH of the previous block.
He can only see after some new blocks are published if his block will be accepted in the blockchain (if it is part of the longest chain) and than he will get some bitcoins as a reward.
If it takes less time than ten minutes to find a block it becomes to easy to find the HASH. (Perhaps there are more miners searching or there is faster hardware). So there is a rule that the miners need to find a HASH that starts with more zero's. That is more difficult and will increase time.
The reward of the miner are the transaction fees in the block he mined and a fee for mining a new block.
Use Google to search for more info. On Youtube are some good videos about this topic.
SHA 256 is a cryptographic hash function. In very simple terms, it takes an input and scrambles it so that:
- There's no way to figure out what the input was based on seeing the output
- Even a tiny tiny change in the input (like changing the input from "hello" to "hellp") causes the output to be radically different
- Outputs a fixed length string, regardless of the input size
- Makes it extremely difficult to figure out a different input that would give the same output (a hash "collision")
- There's no way to figure out what the input was based on seeing the output
- Even a tiny tiny change in the input (like changing the input from "hello" to "hellp") causes the output to be radically different
- Outputs a fixed length string, regardless of the input size
- Makes it extremely difficult to figure out a different input that would give the same output (a hash "collision")
How many character in SHA256 , 256 characters ? so that miners predict all 256 unknown characters to verify transaction ?
yes, it is code, and serves as the basis of the proof of work bitcoin system, and bitcoin uses this mining algorithm. besides SHA 256 there are altcoins that use scrypt algorithms, such as LTC. so they're different.
SHA 256 is a cryptographic hash function. In very simple terms, it takes an input and scrambles it so that:
- There's no way to figure out what the input was based on seeing the output
- Even a tiny tiny change in the input (like changing the input from "hello" to "hellp") causes the output to be radically different
- Outputs a fixed length string, regardless of the input size
- Makes it extremely difficult to figure out a different input that would give the same output (a hash "collision")
- There's no way to figure out what the input was based on seeing the output
- Even a tiny tiny change in the input (like changing the input from "hello" to "hellp") causes the output to be radically different
- Outputs a fixed length string, regardless of the input size
- Makes it extremely difficult to figure out a different input that would give the same output (a hash "collision")
FYI:
http://www.righto.com/2014/09/mining-bitcoin-with-pencil-and-paper.html
See also Wikipedia or search with Google
http://www.righto.com/2014/09/mining-bitcoin-with-pencil-and-paper.html
See also Wikipedia or search with Google
Actually i am pretty interested in Bitcoin, as i am new i really dont know , i just heard it uses SHA 256 , but what is it ? Could you guys please elaborate this to me ?
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