How are transactions verified on a blockchain?
You might be wondering how these blockchain transactions are verified. After all, there are logistics involved, such as making sure that the same virtual coin isn't being spent twice. Often this verification falls onto a group of folks known as "miners."
Cryptocurrency miners are nothing more than people with high-powered computers who are competing against other people with high-powered computers to solve complex math equations. These equations are a product of the encryption designed to protect transaction data on the digital ledger.
The first miner to solve these equations, and in the process verify transactions on the ledger, gets a reward, which is known as a "block reward." This reward is paid out in virtual coins, and is an example of how bitcoin transactions are verified. This process is referred to as "proof of work."
The only other major verification process in place is known as "proof of stake." Instead of having people use tons of resources trying to solve complex equations to verify transactions, the proof of stake model chooses who gets to verify the next block of transactions based on their ownership in a virtual currency. In essence, the more you own, the better chance you have of getting to verify transactions. With proof of stake, there is no competition among your peers and no excessive energy usage while solving complex equations, which can make it much more cost-effective.
The proof of stake model also rewards those folks who verify transactions differently. Instead of being paid in virtual coins, the stakeholder earns the transaction fees tied to that block of transactions.
You might be wondering how these blockchain transactions are verified. After all, there are logistics involved, such as making sure that the same virtual coin isn't being spent twice. Often this verification falls onto a group of folks known as "miners."
Cryptocurrency miners are nothing more than people with high-powered computers who are competing against other people with high-powered computers to solve complex math equations. These equations are a product of the encryption designed to protect transaction data on the digital ledger.
The first miner to solve these equations, and in the process verify transactions on the ledger, gets a reward, which is known as a "block reward." This reward is paid out in virtual coins, and is an example of how bitcoin transactions are verified. This process is referred to as "proof of work."
The only other major verification process in place is known as "proof of stake." Instead of having people use tons of resources trying to solve complex equations to verify transactions, the proof of stake model chooses who gets to verify the next block of transactions based on their ownership in a virtual currency. In essence, the more you own, the better chance you have of getting to verify transactions. With proof of stake, there is no competition among your peers and no excessive energy usage while solving complex equations, which can make it much more cost-effective.
The proof of stake model also rewards those folks who verify transactions differently. Instead of being paid in virtual coins, the stakeholder earns the transaction fees tied to that block of transactions.
What is a bitcoin halving?
A bitcoin halving (sometimes ‘halvening’) is an event where the reward for mining new blocks is halved, meaning miners receive 50% fewer bitcoins for verifying transactions.
Bitcoin halvings are scheduled to occur once every 210,000 blocks – roughly every four years – until the maximum supply of 21 million bitcoins has been generated by the network.
A bitcoin halving (sometimes ‘halvening’) is an event where the reward for mining new blocks is halved, meaning miners receive 50% fewer bitcoins for verifying transactions.
Bitcoin halvings are scheduled to occur once every 210,000 blocks – roughly every four years – until the maximum supply of 21 million bitcoins has been generated by the network.
When is the next bitcoin halving?
The next bitcoin halving is expected to occur in the week commencing 18 May 2020, when the number of blocks hits 630,000. It will see the block reward fall from 12.5 to 6.25 bitcoins.
The exact date of the halving is not yet known as the time taken to generate new blocks varies, with the network averaging one block every ten minutes.
The next bitcoin halving is expected to occur in the week commencing 18 May 2020, when the number of blocks hits 630,000. It will see the block reward fall from 12.5 to 6.25 bitcoins.
The exact date of the halving is not yet known as the time taken to generate new blocks varies, with the network averaging one block every ten minutes.
https://coinmarketcap.com/halving/bitcoin/ According to coinmarketcap we are 10 days away from Halving
CoinMarketCap
When Is The Next Bitcoin Halving? [Updated] | CoinMarketCap | CoinMarketCap
Use our Bitcoin halving countdown to see the estimated date for 2024. Learn about the Bitcoin halving cycle, the previous dates, and the block reward schedule.
Forwarded from TecBay
Eth's Distribution
When we remove the smart contracts the distribution is now:
The top 100 represent 26.4M ETH.
The top 1k represents 42.5M ETH.
The top 10k represents 57.2M ETH. (56.7%)
When we remove the smart contracts the distribution is now:
The top 100 represent 26.4M ETH.
The top 1k represents 42.5M ETH.
The top 10k represents 57.2M ETH. (56.7%)
Forwarded from TecBay
Bitcoin's Top 10k Holders: 10.54M BTC (57.44%)
Ethereum's Top 10k Holders: 57.2M ETH (56.70%)
Based on individual holders, Ethereum is as equally distributed as Bitcoin.
Ethereum's Top 10k Holders: 57.2M ETH (56.70%)
Based on individual holders, Ethereum is as equally distributed as Bitcoin.
Forwarded from TecBay
How does that stack up to other networks?
In XRP 16 addresses hold 55.2% of XRP.
In BCH 1100 addresses hold 56.8% of BCH
In BSV 1250 addresses hold 55.6% of BSV
In Litecoin 300 addresses hold 54.3% of LTC
In Tron 1031 addresses hold 51.1% of TRX
In XRP 16 addresses hold 55.2% of XRP.
In BCH 1100 addresses hold 56.8% of BCH
In BSV 1250 addresses hold 55.6% of BSV
In Litecoin 300 addresses hold 54.3% of LTC
In Tron 1031 addresses hold 51.1% of TRX
What is multisig wallet?
A multisig wallet requires at least two key signatures to authorize a transaction. This means you will have to trust another party. Unlike storing funds on an exchange, however, you get to choose the identity of that third party, and even if that keyholder should betray you, they will unable to unilaterally access your funds.
Popular Wallets that support multisig:
1. Electrum [https://electrum.org]
2. Armory [https://www.bitcoinarmory.com]
3. Casa [https://keys.casa]
A multisig wallet requires at least two key signatures to authorize a transaction. This means you will have to trust another party. Unlike storing funds on an exchange, however, you get to choose the identity of that third party, and even if that keyholder should betray you, they will unable to unilaterally access your funds.
Popular Wallets that support multisig:
1. Electrum [https://electrum.org]
2. Armory [https://www.bitcoinarmory.com]
3. Casa [https://keys.casa]
electrum.org
Electrum Bitcoin Wallet
Electrum Bitcoin Wallet.