A Private key Generates a Public Key

 A Private key Generates a Public Key

A Private key Generates a Public Key

What is Block chain?

    In order to properly understand block chain, there are some key core concepts students should be conversant in . These key concepts include security, trust less-ness, decentralization, distributed ledgers, group consensus and immutability. during this section, and throughout this study guide, these topics are going to be presented and analyzed. so as to completely understand these key concepts and more, it’s important to start out with the fundamentals .
    Block chain is distributed public ledger of immutable transaction,it uses cryptography to secure transaction and block.
    “The Block chain is an incorruptible digital ledger of economic transactions which will be programmed to record not just financial transactions but virtually everything useful .”
    Impact of Block chain in industries
    Problem with Traditional System
    Centralized control
    Need to trust
    3rd party/Middleman
    No Transparency

Components of Block chain

        A peer-to-peer (P2P) network connecting participants and propagating transactions and blocks of verified             transactions,based on a uniform “gossip” protocol.
        Messages,in the sort of transactions,representing state transactions.
        A set of consensus rules,governing what constitutes a transaction and what makes for a legitimate state                 transition.
        A state machine that processes transactions consistent with the consensus rules.a sequence of crypto                     graphically secured blocks that acts as a journal of all the verified and accepted transitions.
        A consensus algorithm that decentralizes control over the block chain,by forcing participants to                             cooperate within the enforcement of the consensus rules.
        A game-theoretically sound in-centralization scheme(e.g; proof-of-work costs plus block rewards) to                    economically secure that state machine during a open environment.
        One or more open-source software implementations of the above (“clients”).

    It all started with idea:A digital currency

    David Chaum first proposed the concept of e-cash in 1982.
    David Chaum then founded a corporation called Digi Cash.
    It was cryptography security and anonymity
    Idea had same problem like traditional currency,it requires central financial institution or single point of trust.
    Digi cash declared bankruptcy in 1998.
    Many other tried faced an equivalent fate.
    In 2008 as whitepaper was published,”Bit coin:A peer-to-peer Electronic Cash System” by Satoshi Nakamoto
    In 2009 first-ever block of bit coin,known as the Genesis Block,was mined.
    Bit Coin uses:
    (a) Secure digital signatures

    (b) Not requiring the utilization of a 3rd party

    (c) Proof-of-work

    (d) Hashing the transactions together to make a sequence

    4. Satoshi Nakamoto is unknown person or group of individuals ,wrote the Bit coin paper.

    5. Satoshi disappears in December 2010.

    What’s Bit coin?/How it works?

    A collection of concepts and technologies.
    It behaves like conventional currencies.
    Can be purchased,sold and exchanged for other currencies at specialized currency exchanges.
    They are completely virtual with no physical existence.
    Fast,secure and Border less
    How it works?
    Unlike traditional currencies,bit coins are entirely virtual.
    The coins are implied in transactions that transfer value.
    Users own keys that prove ownership of bit coin within the bit coin network.
    User sign transactions with keys to unlock the worth and spend it by transferring it to a replacement owner.
    Keys are often stored during a digital wallet.
    Possession of keys is that the only prerequisite to spending bit coin,putting the control entirely within the hands of every user.
    Peer-to-peer system
    Created through a process called “Mining”
    Every 10-minutes (on average)
    Minor validate transactions
    Rewarded with fresh bit coin

      A Private key Generates a Public Key

      A Public key’s obtained by subjecting a personal key to a group of mathematical operations defined during a set of standards referred to as Elliptic Curve Cryptography(ECC).
      Whereas a personal key’s an integer, a public key’s a 2D coordinate composed of two integers.To make a public key easier to process,it are often transformed into one value.One approach appends the Y-coordinate to the x-coordinate.This technique produces an “uncompressed” public key.A “Compressed”public key uses only the x-coordinate with a symmetry flag.
      Private key ________ Public key _________________ Address
      Private key to address: a personal key,which is simply variety like 42,can be transformed mathematically into a public key.A public key’s then transformed into an address.Each step is irreversible.This unidirectional underpins Bitcoin’s security model.
      A multi-step transformation can shortened public key same as a personal key
      No network is required at any point within the generation of a personal key or the corresponding address.Every computer on the Bitcoin network knows about the mathematical relationship between public and personal keys.

    • For More Details:https://www.technologiesinindustry4.com/2020/08/linux-applications.html#more

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