Ivan on Tech Academy provides latest insights and reports about the blockchain industry.
The Byzantine Generals’ Problem is one of the most well-known and classic problems faced by decentralized networks. Solving this problem was one of the key developments in the creation of Bitcoin and, by extension, all other cryptocurrencies. In this article, we will see what the Byzantine Generals’ Problem is and how Bitcoin manages to solve this perplexing problem.
The Byzantine generals’ problem was first theorized by the mathematicians Leslie Lamport, Marshall Pease, and Robert Shostak. The generals are a metaphor for nodes in a decentralized network. The core idea behind this thought experiment is this - How do you ensure that a peer-to-peer, distributed network with no central authority can make correct decisions, even if some of the nodes in it turn rogue? Can we make a distributed system that is “trustless” and doesn’t automatically assume that the participants are going to act ethically and work in the...
The blockchain was initially introduced by Satoshi Nakamoto, the inventor of Bitcoin, as a time-chain concept. Bitcoin transactions would be created and validated in a decentralized, peer-to-peer network and stored in a public ledger, which was later called “the blockchain”.
This distributed database where transactions get stored is what Satoshi referred to as time-chain or a chain of time-stamped blocks of transactions.
The most interesting features of blockchain technology are security and decentralization. Simply put, a blockchain allows users to send, receive, and store transactions in a time-stamped, public, open, and permissionless distributed database. These transactions are grouped together in blocks. Since blocks are hashed and linked together in chronological order, to alter the transactions in one block, an attacker would have to alter all subsequent blocks.
Therefore, blockchain technology seems to be an amazing and useful upgrade to distributed ledger...
Anyone keeping an eye on the cryptocurrency market will know that something big is about to happen. Specifically, Bitcoin is gearing up for its next Bitcoin halving event. This is something experts predict could set off a cryptocurrency rally - and will forever change the supply of Bitcoin.
The Bitcoin halving, or more accurately the “Bitcoin block reward halving” cuts the mining reward for miners in half. As anyone familiar with Bitcoin and the blockchain will know, cryptocurrencies differ from fiat currencies. Particularly, there is no central authority that can “print” more Bitcoin.
Instead, miners “unlock” new Bitcoin through mining them, or by producing new blocks. There is a total Bitcoin supply of 21,000,000, which miners continually unlock. At the time of writing, a bit more than 18,360,000 Bitcoin are currently in circulation. However, Bitcoin halving events continually reduce the Bitcoin mining reward. ...
The venture capital firm Andreessen Horowitz, commonly known as “A16z”, is now announcing a new crypto fund. This crypto fund will focus on investments relating to cryptocurrency and blockchain technology startups.
Furthermore, this fund will also invest in crypto startups that explore payments applications, Web 3.0, and - perhaps most notably - decentralized finance (DeFi). Decentralized finance, or the DeFi field, is getting a lot of attention lately.
Additionally, the two co-leaders of the A16z fund, Chris Dixon and Katie Haun, agree that the DeFi space is one of the most interesting developments in the blockchain industry lately.
In fact, they believe that DeFi and practical blockchain applications could transform how everything from lending and insurance to derivatives and trading is done. “We think the next wave of internet business models will come from crypto,” Dixon and Haun...
The blockchain is often known as a “DLT” system. Specifically, DLT stands for distributed ledger technology, and is a digital decentralized system for verifying and recording asset transactions. This means that the system becomes more resilient, as it exists in various places at the same time.
Anyone familiar with blockchain technology will likely recognize this definition of DLT. A previous Ivan on Tech Academy article, in which we answer “what is the blockchain”, demonstrates the advantages of distributed ledger technology in various industries. Moreover, this is primarily due to the unique and far-reaching application opportunities of DLTs.
Put simply, a distributed ledger consists of nodes that process and verify items. In doing so, DLTs generate records of various items and reach “consensus”, an agreement, on the items’ validity, or “veracity”.
This means that a DLT ledger is...
Blockchain is on the lips of everyone, from individuals to institutions these days. Analysts are calling the advent of blockchain (together with other cutting-edge technologies such as artificial intelligence, internet of things and virtual reality) the fourth industrial revolution. However, exactly what is blockchain? This article breaks it all down in a comprehensive “what is the blockchain 101” report.
Blockchain is perhaps most well-known as the technology that underpins Bitcoin and other cryptocurrencies. One should note that blockchain technology has wide-reaching applications that extend far beyond cryptocurrencies. However, the advent of Bitcoin and other cryptocurrencies did help blockchain technology gain more widespread exposure.
All of these different terms can be somewhat confusing, so we’re going to break it down. Cryptocurrencies are a type of medium of exchange, or means of payment. As such,...
Cryptocurrency derivates exchanges are becoming increasingly popular. However, although traders are familiar with options such as Bybit and BitMEX, one exchange is rapidly making a name for itself. Specifically, Phemex is a new exchange that is gaining tens of thousands of users at breakneck pace. This Phemex review breaks down all the pros and cons of the crypto derivatives exchange.
The cryptocurrency derivatives trading industry is currently experiencing a monumental boom. 2019 saw massive growth in virtual currency derivatives trading, with plenty of new options coming entering the market.
In their ”2019 Cryptocurrency Derivatives Exchange Industry Annual Report”, crypto analytics firm TokenInsight recounts a trade volume increase to a whopping $3 trillion last year. Daily average crypto derivatives trading volume during 2019 was roughly $8.5 billion, which 2020 is already on track to...
Since cryptocurrencies came alive, blockchain has gained intense momentum. It simply confirms the fact that money has a way of capturing human attention. However, blockchain is far beyond digital currency. Under this disruptive technology lies the potential to change how the world thinks about giving instructions to computers. In fact, blockchain applications are already making huge impacts both in the private and public sectors. The technology will also continue to play a huge role as the world enters the fourth industrial revolution. Is blockchain coding for beginners? The answer is YES!
As a programmer or potential programmer who wants to begin blockchain coding, what’s in it for you? Where and how do you start? This is the focus of this article. First, the article talks about the steps you can take to become a blockchain developer by showing you the best courses you can take and the most popular programming languages to use. Second, you will learn the important...
Googling “the best ways to learn blockchain programming” suggests that you have already read about how awesome blockchain is and hints that you may want a piece of the action. Blockchain has been touted as the next big thing after the internet and several global brands such as Amazon, Microsoft, Facebook, and IBM, are already in on the action.
There’s an increase in the demand for skilled blockchain professionals in the midst of this frenzy. Employers are searching for blockchain developers, cryptocurrency traders, analysts, software engineers, mining technicians, research analysts, and full-stack developers. Having the right skill set will, therefore, see you swimming in a sea of jobs. Stats from Hired, a San Francisco recruitment firm, supports this claim, saying that blockchain engineers make between $150,000 to $175,000 on average.
Despite the prospects of the blockchain industry, learning how to code and taking your first steps into this sector might seem...
Several emerging technologies are already shaping the world. In fact, we will see more as we start the 3rd decade of the 21st century. One of these disruptive technologies is blockchain. As you may already know, this technology brings decentralization to decision making. It allows users to carry out anonymous peer-to-peer transactions. Blockchain is also the foundation of the crypto revolution that has taken the world by a storm. Therefore, there is a growing need to learn the programming language for blockchain.
We will go through the best Language for blockchain coding:
First of all, the government and private companies are funding several projects and deploying the blockchain technology. For example, blockchain for e-governance, smart contracts for e-commerce, etc. Venture capitalists and corporations are also forging collaboration with blockchain companies for many projects. For example, to develop gaming tokens, supply...