Blockchain Bitcoin Day 107 Muskoka Journal Podcast tomthemormon
Day 106 tomthemormon daily vlog October 12 2017 http://www.whatthehealthfilm.com/ Use affilliate code jXcZxD at www.Genesis-Mining.com to receive a 3% discount SteemIt.com/@gleeson.thomasr shoutout to Dr Tim Berners-Lee https://en.wikipedia.org/wiki/Tim_Ber... Get $10 USD of Free Bitcoin by following this link https://www.coinbase.com/join/52042cb... Follow me on SteemIt and I will Pay You for it with upvotes which you can trade for cash https://steemit.com/@gleeson.thomasr The blockchain ledger is safe and trustworthy. Infinitely higher than the pen squiggly signature security level for your identity. WHAT IS BLOCKCHAIN? Blockchain is an algorithm and distributed data structure for managing electronic cash without a central administrator among people who know nothing about one another. Originally designed for the crypto-currency Bitcoin, the blockchain architecture was driven by a radical rejection of at (government-guaranteed) money and bank-controlled payments. Blockchain is a special instance of Distributed Ledger Technologies (DLTs), almost all of which have emerged in Bitcoin's wake. HOW DOES BLOCKCHAIN WORK? Blockchain is a Distributed Ledger Technology (DLT) that was invented to support the Bitcoin cryptocurrency. Bitcoin was motivated by an extreme rejection of government-guaranteed money and bank-controlled payments. The developer of Bitcoin, Satoshi Nakamoto envisioned people spending money without friction, intermediaries, regulation or the need to know or trust other parties. Technically, the original blockchain is separable from Bitcoin, but this report will show that the blockchain design is so specific to Bitcoin that it's not a good fit for much else. The central problem in electronic cash is Double Spend. Because pure electronic money is just data, nothing stops a currency holder from trying to spend it twice. Blockchain solves the Double Spend problem without a digital reserve fund or similar form of umpire. Blockchain monitors and verifies Bitcoin transactions by calling upon a decentralized network of volunteer-run nodes to, in effect, vote on the order in which transactions occur. The network's algorithm ensures that each transaction is unique. Several thousand nodes make up the Bitcoin network. Once a majority of nodes reaches consensus that all transactions in the recent past are unique (that is, not double spent), they are cryptographically sealed into a block. Each new block is linked to previously sealed blocks to create a chain of accepted history, thereby preserving a verified record of every spend. The Bitcoin blockchain's functionality and security results from the network of thousands of nodes agreeing on the order of transactions. The diffuse nature of the network ensures transactions and balances are recorded without bias and are resistant to attack by even a relatively large number of bad actors. In fact, the record of transactions and balances remains secure as long as a simple majority (51 percent) of nodes remains independent. Thus, the integrity of the blockchain requires a great many participants. One of the Bitcoin blockchain's most innovative aspects is how it incentivizes nodes to participate in the intensive consensus-building process by randomly rewarding one node with a fixed bounty (currently 12.5 BTC) every time a new block is settled and committed to the chain. This accumulation of Bitcoin in exchange for participation is called "mining" and is how new currency is added to the total system afloat. Before attempting to extend blockchain technology to new applications it is important to understand the intent of blockchain's developers. To learn more about this, common myths about blockchain's powers, and why blockchain may not useful for much else beside digital currency you can like this post subscribe follow upvote and resteem this post. Tune in everyday to the tomthemormon daily vlog, I’m Tom the Mormon and I am Canadian and I am a Mormon. Blockchain explained in plain English By Steve Wilson for Constellation Research | May 22, 2017 -- 14:35 GMT (07:35 PDT) | Topic: Innovation http://www.zdnet.com/article/blockcha... Thomas R. Gleeson is a member of The Church of Jesus Christ of Latter-day Saints also known as mainstream LDS and Mormon. Thomas is a Compassionate Freethinking Christian Anarchist Transhumanist Vegan who loves all life and the blockchain. Thomas R. Gleeson is the founder of the daily youtube vlog tomthemormon and the facebook page tomthemormon which can be found on SteemIt. Thomas is a social media figure and advocate of the blockchain. Tom also promotes good health and a healthy environment with veganism coupled by his primary foci being abstinence, sobriety, family, ethics and technology. The opinions of tomthemormon and Thomas R. Gleeson are exclusively his own and do not necessarily reflect the opinions of The Church of Jesus Christ of Latter-day Saints. https://www.lds.org
