04 Feb '13, 3am

Bitcoin: The World’s First Cryptographic Commodity

Bitcoin: The World’s First Cryptographic Commodity

The key to Bitcoin’s security is the encryption block-chain. Every user that “mines” Bitcoins is really running the network by generating solutions to a cryptographic formula that is known to be secure. Every time a solution is found a “block” is generated. This block includes the solution to the cryptographic formula, as well as all transaction data conducted during that block cycle. As these blocks are accumulated they form a “tree”. This tree is also known as the block-chain. Since every block created is dependent on the information generated from the previous blocks, hacking the block-chain becomes nearly impossible. In order to sustain a fraudulent transaction in the block chain (also known as double spending) one would have to control the data on every user node participating in the network, and do so from that moment on. That would require an astronomical amount of ...

Full article: http://theintelhub.com/2013/02/04/bitcoin-the-worlds-firs...

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