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How Bitcoin Works

Avatar for Penelope Phippen Penelope Phippen
June 01, 2013
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How Bitcoin Works

Avatar for Penelope Phippen

Penelope Phippen

June 01, 2013
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Transcript

  1. How works Sam Phippen /samphippen

  2. Confession: I am actually a rubyist

  3. Confession: I am actually a rubyist I am actually a

    rubyist...

  4. ...but I love Python

  5. None

  6. Bitcoin is a peer to peer network

  7. Nodes relay and emit transactions

  8. Nodes can mine

  9. Mining is a hard crypto problem that verifies transactions

  10. Mining produces “blocks”

  11. Each block has a parent Like a git commit

  12. Longest block chain always wins

  13. Bitcoin totally does not scale

  14. From their wiki: “Let’s assume an average rate of 2000

    transactions per second... this means shifting 1 gigabyte per second”

  15. Let’s have some questions /samphippen [email protected] http://teaisaweso.me/talks