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How does the Bitcoin technology work?

Week 1: Bitcoin ยท Lesson 3 ยท

The Bitcoin technology (known as the blockchain) revolutionizes how we share data, and identity across the Internet.


 Blockchain - a combination of proven technologies applied together to allow folks to share decentralized information without compromising their identity - including:

  • Private Key Cryptography - Kind of like a username and password for you're identity. You have a public key, which anyone can access, and is a big hashed number. The private key is you're password and allows you to access it. We get the term Cryptocurrency from this.
  • P2P Networks - It means peer to peer network, and basically means that everyone holds a little bit of information so that everyone can see what everyone else has. BitTorrent works this way. 
  • The Blockchain Protocol (which isn't a bad spy novel) -this puts the blocks of identity together so that they build on top of each other and are tied together.