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ASIC-resistance refers to a cryptocurrency that is “immune” to ASIC mining. ASICs are integrated circuits that are created to serve a specific use case–performing a particular computing task. In the world of cryptocurrencies, ASIC devices are designed to participate in the process of mining Bitcoin (or other cryptocurrencies). As such, Bitcoin is an example of a cryptocurrency that cannot be considered ASIC-resistant. In fact, any coin that utilizes BTC’s SHA256

What is Proof of Stake (PoS)?

Proof of Stake (PoS) is a consensus mechanism in which block validators are selected based on the number of coins they are staking. In this case, the term staking refers to the act of validators committing funds to the system. So validators can only participate in the process of producing new blocks if they lock their coins. The locked funds will then act as collateral, meaning that malicious validators will

51% Attack

A 51% attack (or majority attack) refers to a potential attack on the integrity of a blockchain system in which a single malicious actor or organization manages to control more than half of the total hashing power of the network, potentially causing network disruption. If a single bad user, or group of bad users acting together, control more than 50% of the total network hashing rate for a blockchain, they

What is a Staking Pool?

A staking pool allows multiple stakeholders (or bagholders) to combine their computational resources as a way to increase their chances of being rewarded. In other words, they unite their staking power in the process of verifying and validating new blocks, so they have a higher probability of earning the block rewards. The overall idea of the staking pool model is quite similar to the traditional mining pool, which involves the

What Is A Smart Contract?

A Smart Contract is code that is deployed to the blockchain. Each smart contract contains code that can have a predefined set of inputs. Smart contracts can also store data. Following the distributed model of the blockchain, smart contracts run on every node in this technology, and each contract’s data is stored in every node. This data can be queried at any time. Smart Contracts can also call other smart

What Is A Private Blockchain?

Private blockchains are deployed either within an organization or shared among a known group of participants. They can be limited to a predefined set of participants. In this case, no one else can access them or the data residing in them. They can be secured in a similar way to securing other integrated enterprise applications (e.g. firewalls, VPN etc).

Change addresses

When you view your expanded transaction details, you may see addresses under “Received By” called Change Addresses. To understand change addresses, first we’ll need to explain how cryptocurrency transactions work. Then, we’ll get into change addresses and their role in the transaction process. Every cryptocurrency transaction is made up of at least one input and output. Inputs and outputs are how the breakdown or denomination of cryptocurrency happens as funds

Public and private keys

Bitcoin, as well as all other major cryptocurrencies that came after it, is built upon public-key cryptography, a cryptographic system that uses pairs of keys: public keys, which are publicly known and essential for identification, and private keys, which are kept secret and are used for authentication and encryption. Major cryptocurrencies like Bitcoin, Ethereum, and our very own Radium function using three fundamental pieces of information: the address, associated with

Rejected Transactions

In most cases, the cryptocurrency transactions you send will confirm normally without any problems. There are some circumstances, however, that may lead a transaction to be unsuccessful and fail. When this happens, the transaction is considered rejected. In this article, we’ll explain what this means, why a transaction may reject, and what happens to those funds. The role of fees To explain rejected transactions, we’ll touch on the purpose of

Transaction fees

Every cryptocurrency transaction must be added to the blockchain, the official public ledger of all completed transactions, in order to be considered a successful and valid transfer. The work of validating transactions and adding them to the blockchain is done by miners, which are powerful computers that make up a portion of the network and confirm its transactions. Miners spend vast amounts of computing power and energy doing this for

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