But if you want to be an active actor, you need to understand as many of these pieces as possible, because each one of you is a potential developer, investor, inventor, creator or innovator in the crypto-based ecosystem that is dominated by Bitcoin and its blockchain technology. You can be a passive or active actor in Bitcoin’s future. If you want to be passive, just wait til it develops further.
Enabling Blockchain Innovations with Pegged Sidechains (Blockstream team) There are high expectations around sidechains, another key concept that’s supposed to drive innovation around the Bitcoin blockchain, without disturbing its core principles. This paper was authored by nine notable authors and proposes a solution that enables bitcoins and cryptocurrency other ledger assets to be transferred between multiple blockchains. Also, btc see this "Simple Explanation of Bitcoin Sidechains for a less technical interpretation to the same paper.
Ethereum: A Secure Decentralized Generalized Transaction Ledger (Gavin Wood, Ethereum’s co-founder) A technical paper that takes deeper dives at describing how Ethereum will build and deliver their technology.
A revolutionary development, but as we see today, when stretched beyond the limits of the markets, it can, and will create havoc. Slowly and insidiously this version of banking took over the whole world! Using this system states could create money that did not exist yet; one could spend tomorrow’s promise of repayment today!
Storing keys in an application connected to the internet is referred to as hot storage. However, hot storage is the vulnerability most often exploited. Noncustodial wallets are wallets where the user takes responsibility for securing the keys, such as in your wallet application on your mobile phone.
This key holds the coin's actual value in a digital wallet – it could be 1 BTC or 100 BTC
, depending on the maker of the coin. While centralized fiat coins have a specific value, the value of a physical bitcoin
comes from a private key printed on its back.
So I’ve compiled a list of the foundational papers and resources that are serving as the basis for the innovation that’s taking place in this segment. Behind each one of these papers, there is either a protocol, an idea, a platform, a product, a service, a marketplace or a dream.
Today in the bitcoin world, were are shuffling about our bitgold forged into coins from the process of bitcoin mining. From the Gox fiasco, to the most recent Bitstamp compromise, it is the golden age of digital highway robbery, with the Black Barts of the digital age having the time of their lives. You can read more about the production process of forging bitcoin in my previous post bitcoin as commodity money for a more detailed explanation of this process. While this does have many, many benefits over contemporary banking, fiat money, and governmental interference in economics; it also has substantial problems–mainly incompetence.
A common question from those new to Bitcoin is, "I've purchased a bitcoin, now where is it?" The easiest way to understand this is to think about the Bitcoin blockchain as a community bank that stores everyone's funds. You access your bitcoin using a wallet and keys. If you're like many people today, you don't use cash very often and never see the money in your checking account. Instead, you use credit and debit cards, which act as tools to access and use your money. You view your balance using a wallet, which is like your bank's mobile application.
Most of the Protocol related papers require a degree of technical knowledge if you’d like to fully understand them, but you don’t need to be a software developer in order to at least capture some partial understanding. The three categories are presented in descending order of technical content difficulty, so if you’d like to start less technical, start from the bottom of the list.
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