What blockchain concepts do you not understand? Be honest and fellow anons will explain to you

What blockchain concepts do you not understand? Be honest and fellow anons will explain to you

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Private key vs Public key

How does mining work?

Why are complex mathematical equations required to process transactions?

I've been lurking Veeky Forums for weeks and it's still half Chinese to me. Is there a sticky or sticky equivalent to crypto?

Wow, you almost got me tilted with that one haha

The public key is used as a public address, and the private key is used to prove ownership of the public key in case you want to send from that address

Miners put transactions in a block and then try to find a secret code that makes their block valid. The miner who finds the secret code, gets to choose their block to be part of the blockchain. If you were to throw away this concept and just pick a random block to follow in the blockchain, then you'd be exposed to a vulnerability where people would run a lot of nodes to have more chances for their bloks to be picked

But Veeky Forums doesn't even talk tech

Google "PGP encryption" then Public Key cryptography. It's pretty difficult to explain to non-mathematicians or people that know some advanced math because it takes advantage of assymetric modulo calc

>But Veeky Forums doesn't even talk tech
You don't understand. I know NOTHING about crypto trading. I'm not asking to be spoon fed. Just for some good starting material and maybe some investment theory.

difference btwn public key and the address. Where am I actually sending money. To the address or public key.

starting material:

buy ETH from coinbase, move ETH to binance, buy alt coin, move alt coin to ETH wallet if it's an ERC20 token, to its own wallet of it has one, or leave it on exchange if you want to risk it

There's no "investment theory" because crypto is not really an investment (not yet legally a financial security), there are no financial reports/earnings/revenue, and it's still fighting with SEC. People just wing it and learn as they go

Go on Investopedia and treat it like you would TVTropes

The public key IS the address
You can generate a public key/address off a private key, but not viceversa

You're sending to the address which is generated using the public key (e.g. the public key is hashed twice and some other stuff and you get the address) Lots of people consider public key = address and no one cares to correct them anyway

Ok, thanks. Guess I'll just throw twenty bucks in and dick around.
Not sure what you mean by that but I'll give it a lurk, thanks.

If I understand it correctly, bitcoin mining is guessing a value close enough and under the secret value.
1. What decides the magic number?
2. Why doesn't everyone guess zero?

I'm not really sure what a public key is?

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>bitcoin mining is guessing a value close enough and under the secret value.
No, it's guessing a value whose HASHED VALUE is under a number

>1. What decides the magic number?
Difficulty gets updated automatically to keep the time between blocks to be 10 minutes, and the difficulty is encoded in the block

>2. Why doesn't everyone guess zero?
You need to guess the value that, when concatenated with some values dependent on the previous block, hashes to a small value

To make it more clear, a hash function h(x) may for example work like this

h(4324) = 58328593485930953453

you can't know what number you get, so you have to try a lot of inputs for h() until you get what you need

I don't understand the lightning network. This is because I'm to lazy to look it up if I'm honest.
Would you like to spoon-feed me in how(if) it will remain decentralized?

It's sort of equivalent to your "name" on the network



THANKS. ok question. I have a ETH private key randomly written down but no public key to go with it. Can I type my private key into etherscan to get the public key? Yes I know I shouldn't ever share my private key but at this point I dont have an option.

so the public key is pretty much useless and never used then?

Dude you can import it to a local wallet.

post it here

I have a phd in math. I can help

It won't

...He just told you you need it to produce the address. You can't counter hash the address to get the public key, and pubkey to address is constant time.

Does nobody on biz know mathematics, what is this shit?

Why can't blockchains natively get off-chain data? Why do you need oracles like ChainLink?
Can't you put code in a smart contract that makes an API call?

Just post it here we'll extract the public key for you.

Thanks, but still difficult to really understand. Is there a more profound explanation you could suggest?

Also, how does hashing work? Why is it impossible to reverse engineer a hash?

The guy you're replying to is wrong. Public key isn't the address, address is pubkey hashed.

It's just a way to do a lot of transactions without actually using the network: you do some multisig magic and all transactions made are pending to be written on the blockchain once the channel is closed. When the channel is closed you just write one transaction that sets everyone's balances in order

It's decentralized of course, but to a lesser extent because the more intermediate nodes you have in a payment channel the harder it is to pay each other. Like it gets really complex if you need to do like 10 hops through multiple peers as everyone needs to have enough balance in the multisig address, you need to find the right route, etc. So realistically there will be hubs

Why can completely decentralised blockchains only handle a few tps

Why does more centralisation = faster tx times and more tps

API calls need authentication, and smart contract don't interact with humans. That's the point.

Smart contracts that don't only manipulate the blockchain are considered bad design. You can do your outside stuff outside, after you catch triggers from a contract for example.

Vague question, depends on design.

Of course you shouldn't type your private key into etherscan lol but you can use MEW

i guess youre right. i will try that

you use it to generate the address..

They're one-way functions specifically designed to be impossible to reverse engineer cause that's their main purpose. For example if you multiply 2 prime numbers and you get X. It's easy to test that those 2 numbers multiply to X, but given X, it's very hard to find the 2 prime numbers that were multiplied to give X.

For resources, I would do Coursera's course on Bitcon/Crypto


Shit, meant for

There are completely decentralised blockchains that handle couple of thousands TPS e.g. graphene-based blockchains (EOS, Steem, Bitshares). Centralised payments is obviously a solved problem and sidesteps the inefficiencies of achieving conensus in a latency ridden network of faulty nodes

Thank you.

Is link a meme?

But EOS limits the amount of block producing nodes to 21 or whatever it was. It's the entire reason it can scale at all.

I love how whenever people find someone on Veeky Forums that proves they know their shit they always ask whether LINK is a meme or not, regardless of what they were talking about before.

Is tx/s speed capped ? And why it is so hard to have millions of tx/s ? Thanks in advance.

The problem is trusting the external data.

Oracles are important and hard problems that have a lot of open questions, but I have 0 faith in link solving anything

What is a blockchain?
Why is it revolutionary?

I guess EOS is still WIP and experiments and I haven't followed their development, but simply using graphene dpos, you can achieve couple thousand tps out of the box

>Is tx/s speed capped?
In Bitcoin? Yes, at the moment TPS are artificially capped at 4-7 tps. SegWit will increase this and who knows what LN will do

Other coins try to improve on this and many did, but we're still early. Millions TPS are crazy and not even VISA does this (it can do 60k tps) because our technology is simply not there: hardware/network limits mostly. But PayPal does about 150tps on average and 500tps peak so we don't need that much i.e. our problem for solving currency in crypto is not scaling anymore, it's volatility (so we need stablecoins progress which is being worked on)

Blockchain is a data structure represented by a chain of blocks of transactions meant to enable a decentralised infrastructure

It's revolutionary cause it solved the double-spending problem in a decentralised system for the first time in history

Why do people say ripple is centralised? Just cause they have an official group of validators from ripple, doesn't mean people are not allowed to have their own validators?

what is the oracle problem and how did Sergey solve it with only a Phd in philosophy?

A blockchain is literally a series of blocks that contain data in them. They contain the hash data (which is basically an ID) of the previous block and transaction data. It is maintained on a network of computers like the internet so if one person tries to edit the blockchain and say they got paid more than they did, they cannot, because 10,000 other computers will have other the correct version of the blockchain.

Why is it revolutationary? It is the first system invented in which we can transfer and store value without the intervention of a trusted third party like a bank or government. That might not be a big deal to someone in a privileged country like the USA, but to someone in an oppressed country where the cops can literally bash in your door and steal all your money, it can be pretty important.

Should be pretty important for US too cause bitcoin led to privacy coins that enabled anonymous payments and created dark net markets. Lots of people everywhere buy drugs with crypto and it's an actual working product

Oracle - communicates offchain information onto the blockchain to execute a smart contract (the Chicago Bulls won so pay me 2 bitcoin)

Oracle problem - you have to trust that the source giving the information to the oracle is correct (espn.com for example, telling you the Bulls won). The problem is someone corrupt at ESPN could maybe change the score for a few moments and screw up your smart contract and you are out of your bitcoin.

Sergey/Chainlink solves this by using multiple data sources and multiple oracles so if any one is compromised, your smart contract still doesn't get fucked up. All with a philosophy degree.

>Sergey/Chainlink solves this by using multiple data sources and multiple oracles so if any one is compromised, your smart contract still doesn't get fucked up. All with a philosophy degree.

How does having multiple Oracles or a consensus solve the Oracle Problem?

I am just learning about the Oracle Problem and it seems impossible to solve.

>How is blockchain going to help in the world of logistics?
>What are the benefits of tokenizing assets?

i don't have idea about anything neither care

chads don't need to understand things to make money out of them

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dont buy from coinbase, use gdax which is owned by coinbase. less fees that way

People peddle openness and immutability as benefits but this was possible before with databases and no one did it. Maybe blockchain will bring a cultural change cause everyone will implement this stuff so competition forces you to open stuff, but overall no one knows yet cause none of thse systems are usable/used atm

>posts anime

Provably secure proof of stake. But I don't expect to find an answer here, I just need to find the time to read the Snow White whitepaper.

are stealth miners viable? let's say you had a monero cpu miner that runs hidden in the background that you wanted to install on a lot of public pcs but they use deepfreeze and other stuff that resets the disk image. how to circumvent this?

im a chad that watches anime yes im also trying to bang my japannese teacher

>Snow White
looks interesting. there's also eprint.iacr.org/2016/889.pdf from cardano

How do I write a smart contract that governs other ETH addresses? I.e. one that can withdraw and deposit from other ETH addresses while keeping the private keys of those addresses anonymous?

Imagine this is your smart contract: if the Chicago Bulls win, you get 2 Bitcoin. If they lose, you lose 2 Bitcoin.

Right now, without link, you have to trust a single source of data for the oracle. So you'd use maybe ESPN to give you the score. Someone at ESPN could fuck with the score if they really wanted fuck your smart contract. So Chainlink will use multiple sources: maybe ESPN, sports illustrated, yahoo, cbs, fox, whatever. It makes it almost impossible to hack all of those sources.

Additionally, chainlink uses multiple oracles. Without Link, you'd have to use one oracle. If only one oracle is used, some bad actor could control that oracle and just manipulate all the data. But Link uses multiple oracles with multiple data sources.

Altogether, it reaches consensus by throwing out outliers. If 99/100 of the data sources say the Bulls won and 1/100 say the Bulls lost, Link throws out the outlier and instead uses the mean as the output. See p.11 of the whitepaper for more info.

How exactly does blockchain generate wealth for me while I sit in a windowless room masturbating to loli hentai?


Sergey should realise as a Philosophy major that this doesn't solve the Oracle problem. It simply diverges from it and presumes numerical majority solves the issue at hand. I am still new to this but I don't agree with this solution. It is more pragmatic than absolute.

Deposit should be straightforward but I don't think you can withdraw from eoa?

I don't think they can reliably bypass deepfreeze and other programs, but not sure

Look up sha256 calculator. Now introduce some string of letters like "hello". This will produce some other string called "hash". Now try to put something else after "hello" so that the new hash starts with a 0. Now do the same but try to find a hash with two 0's. Mining is basically this (brute force) until you find a hash with a desired number of 0's, usually more than ten.

How does it not solve the problem? Decentralization does solve it.

why not just wait for multiple confirmations of multiple data sources that is agreed upon in the contract itself? It sounds like he's trying to guess what acceptable sources are going to be when that sounds be determined by the parties in the contract. Some might be ok with with just one oracle.

You can encrypt data with either key but only decrypt it with the other one. That way you can sign a transaction with your private key, and others can verify its authenticity since it will match with the public key. Talking about btc, the public key would be the address you use to receive money.

Thanks for this
So Link is an aggregator
Proves that Link is worthless just as I thought

Whatever you say

not sure I follow... that's what link does...

holy shit it actually does this??

So the hype IS REAL. As an engineer who graduated from the top university in India I can see that this is the project to invest in


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What is sharding and what is forking?

This is a good thread, I will be posting this every once in a while. Just everyone should keep in mind when it comes to investing though, knowledge is almost counter productive and quite often you have to think about what a retard or uneducated investor would buy over what an educated one would.

Basically when it comes to investing game theory is more effective than learning fundamentals or how something actually works. For long term fundamentals and how shit works is definitely more important though.

I still don't completely get how it is possible to prove ownership of the public key, using the private key, without being able to back-compute the private key. I spent an hour once trying to find an explanation online and came up empty.

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i want a cute bf
i want normal double bed
i want to be taken on that bed every day
thats literally it

How are people with real money going to trust chainlink then if it's essentially just guessing what the right answer is. What's the alternative? Why isn't there a solution that knows for sure that the third party isn't fucking with the Chicago bulls score?

When I make an address offline how does the program know the address hasn't been used on the chain yet? Is it just guessing and hoping extreme probbabilities will prevail?

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The public key is a unique derivation based on your private key. The derivation function is lossy meaning that data is removed and modified from the private key to generate the public key.

A trivial example would be addition.

Say that your private key is 19324623. Say the public key is generated by summing the digits, in this case 1+9+3+2+4+6+2+3. The sum is 30 but you can't determine the private key from (shitty) public key.

That example fails because collisions are trivial to generate 999111 for instance, but that's the basic principle.

Exactly this. In Ethereum the odds of you generating a private key that already has been generated are 1/(2^180). This number is large enough that you can continuously generate keys without risking a collision for a few thousand years.

what the fuck is a bit?

buy bitbean

Ahh that does make way more sense than what I had in mind. Thanks.

I was trying to link it to something like file hashes and the way that they can confirm legit downloads on things like torrents; some sort of result of when a formula is run through the raw data. It just seems like when so much value is involved there would be some way to break it given even just a small piece of the puzzle.

I don't understand genesis block and basically how blocks can be pre-mined if the transaction does not exist yet..

how can A give to B then B to C

it all has to start with A having everything doesn't it? like a massive pyramid

excuse my retardation..i'm software too..sad part but havn't done the digging yet

public key is like your email address - you give it out to people so they can send you email (crypro)
private key is like your email address password - you never give it to anyone and you always keep it safe
that's the basic difference. google what other anons have told you for more in depth explanation