How Bitcoin Works

Penelope Phippen

June 01, 2013

130

How Bitcoin Works

Penelope Phippen

June 01, 2013

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Transcript

How works Sam Phippen /samphippen
Confession: I am actually a rubyist
Confession: I am actually a rubyist I am actually a
rubyist...
...but I love Python
None
Bitcoin is a peer to peer network
Nodes relay and emit transactions
Nodes can mine
Mining is a hard crypto problem that veriﬁes transactions
Mining produces “blocks”
Each block has a parent Like a git commit
Longest block chain always wins
Bitcoin totally does not scale
From their wiki: “Let’s assume an average rate of 2000
transactions per second... this means shifting 1 gigabyte per second”
Let’s have some questions /samphippen [email protected] http://teaisaweso.me/talks