Bitcoin Transaction 101: PART 2

In Part 1 we learned that a Bitcoin transaction records a transfer of ownership on the Bitcoin Blockchain. In this portion we will further breakdown the Bitcoin transaction properties and see how Bitcoin theft (or general fakery) happens by looking at a few high profile cases throughout the past years.

Bitcoin Transaction 101: PART 1

Bitcoin is all the rage these days, but lets face it, at the current rates most of us will probably never have the opportunity to own Bitcoins and learn how these transactions work.

But fret not! You can still learn how Bitcoin transactions work via our Demo Framework. On this article, I'll guide you through from signing-up and performing your first Bitcoin transaction!

Calling dibs on ÐApps

If you've been reading up on 'Bitcoin', I'm sure at a certain point in time you would have come across the term 'Cryptography' or 'Blockchain'. If you've been reading up on the Blockchain, you would have probably come across the term 'Crypto-Tokens' and 'Smart Contracts'. But for now, 'ÐApps' have been mostly in the domain of software developers and 'Blockchainers'; people who develop applications on the Blockchain.

Better stick to SQL

To recap, we have so far discussed the three key concepts of the Blockchain which are decentralization, consensus and trustless. Which in my humble opinion is what made the Blockchain technology so exciting to geeks the world over.

But at its core, the Blockchain is just another database. When talking about storing and processing data, there is nothing that the Blockchain can do that any other conventional database cannot do (MySQL, MSSQL, No SQL or what not).

Multifactor Authentication on the Blockchain

We were looking into securing our applications and with the recent hacks everywhere, we thought it might be time to look into utilizing our Blockchain framework as an identity authentication tool.

Fun at work: A lottery ticket Blockchain implementation

Try looking at thousands of lines of code on a daily basis and on top of that, add a layer of cryptography and smart contracts to the mix.

What you get is a bunch of developers just going through the motions.

So in order to spruce up our development work we decided to build something fun instead.

One of our first forays into smart contracts was to implement a Blockchain ticketing token system through a lottery based game.