Spam Attack

If you create a large number of transactions to yourself and fill up a block, you are spamming the network. This will lead to an increase in fees and value of bitcoin while its capacity decreases. The block size limit curbs the effect of such a spam attack on nodes…

Solo Mining

In solo mining, an entity attempts to mine its own blocks as it is not part of a pool. Solo mining is difficult and also rare because of the enormous hash power bitcoin has, and also the luck that is needed to even find valid blocks.

Softfork

When a rule changes and causes a network to have tighter rules, it is termed a softfork. New blocks created under this new ruleset are also accepted by nodes that follow the old ruleset, but with the change in the ruleset, not all blocks created in the old ruleset will…

Smart Contract

A smart contract in the real sense is not a contract and neither is it smart. A smart contract is a computer program that is executed by a network and is considered incorruptible. This is because its rules are transparent and it cannot b cheated or altered.

Silk Road

Silk Road was a popular market place between 2011 and 2013 to trade drugs and other contraband. It played an important role in helping bitcoin gain popularity as it demonstrated utility and resilience.

Signature

A signature in cryptography allows the owner of a private key to prove ownership of the key without showing it. It is used to prove that you own your coins.

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