One of the most innovative and disruptive technologies in the world today is ‘blockchain’ and the cryptocurrencies built on this decentralized platform. Watch the Crypto@Cracow community at BiznesLab as they went over the fundamentals (28.10.2017): Agenda: 1. What are cryptocurrencies and blockchain? 2. What is the motivation behind the technology? 3. How does it work? […]
Crypto@Cracow #7, that took place on the 26th of October, was fully focused on legal aspects of the blockchain. We invited four different layers who covered different legal aspects of the emerging DLT/Crypto technologies. The speakers Marcelina Szwed-Ziemichód, Adam Kotucha. Dr Paweł Opitek. and Jacek Czarnecki. Video from the event is under the below link A […]
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Blockchain – is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. A blockchain can serve as an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The blockchains can be either public (bitcoin) or private (enterprise).
Cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. The very first cryptocurrency was bitcoin, the others are often called as altcoins.
Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator, It was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
A smart contract is a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts were first proposed by Nick Szabo in 1996. Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim with smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.
A distributed ledger (DLT) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions. There is no central administrator or centralized data storage. A P2P network is required as well as consensus algorithms to ensure replication across nodes is undertaken. One form of distributed ledger design is the blockchain system, which can be either public or private. But not all distributed ledgers have to necessarily employ a chain of blocks to successfully provide secure and valid achievement of distributed consensus: a Blockchain is only one type of data structure considered to be a distributed ledger.