1. PixelPlaygroundHome
  2. Metaverse Insights

What protocol is Bitcoin based on (what theory does Bitcoin rely on)

• Metaverse Insights • 87 views

What protocol is Bitcoin based on (what theory does Bitcoin rely on)

What protocol is Bitcoin based on? According to Ambcrypto, what protocol is Bitcoin based on? It is a Cryptocurrency. According to Bitcoin Core (BTC), it adopts the PoW algorithm and uses SHA256 and POS as consensus mechanisms. Therefore, hash functions, timestamps, and proof of rights technologies are used in transactions to improve network security, thus achieving distributed systems on the blockchain

In addition, since the Proof of work mechanism of Bitcoin is open source and can be extended to the extreme, developers are very interested in this concept

What Theory Does Bitcoin Rely on

According to CCN, a recent report shows that Bitcoin relies on a theory proposed by economist Niall Carstens, which states that “trading without any intermediaries” can be understood as a currency or payment system. This theory is based on crypto asset market economics and quantum computing technology. The model compares traditional financial systems through mathematical methods and concludes that without the participation of banking institutions in these services, they cannot obtain reliable value storage; Without the support of government departments, reliable services will not be provided, so they cannot create effective payment channels, resulting in significant price fluctuations.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/22428/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 08/07/2023 04:59
Next 08/07/2023 05:22

Recommended articles