What is the PI NETWORK?

What is Pi Network?

Pi is a new social cryptocurrency secured and backed by everyday people. Developed by a team of Stanford PhDs and graduates, Pi can be easily mined on mobile phones with low financial cost, limited battery drain, and a light footprint on the planet.

Pi is first and only cryptocurrency that you can mine on your phone without use of battery and Ram . It is developed by Stanford PHDs. This company has announce its own digital currency but it is not known who runs this.

the mobile interface looks like this.

If the future, Pi will be like Bitcoin, you will be rich. I am here to help anyone develop Pi. Do not miss the good opportunity this time.

Pi is a new digital currency developed by Stanford PhDs, with over 3.5 million members worldwide.

To claim your Pi, follow this link https://minepi.com/AsianCryptonist and use my username (AsianCryptonist) as your invitation code.

#PiNetwork #Pi #Crypto #CryptoCurrency #Altcoin #DigitalCurrency

Bitcoin - Digitaly Encrypted Currency!

Bitcoin is the representation of a virtual digital currency. It has no physical form of coins or banknotes. It not based on a central authority. It’s not produced by any particular country. It’s not controlled by any particular bank. Its production, storage, handling and all transactions are exclusively made in electronic form. Bitcoin is a peer-to-peer payment system and a digital open source exchange.

Bitcoin is also called crypto-currency

As it uses cryptographic methods to create and manage and to confirm the validity of transactions. The idea of a distributed crypto-currency, partly proposed in 1998. In 2009 the Bitcoin made its first functional appearance with the release of the first open source client, and the creation of the corresponding Bitcoins.

The author of the publication and creator of the corresponding software remained anonymous, using the pseudonym Satoshi Nakamoto. The actual identity, or even whether it is an individual or a group, remains a mystery until today.

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RELATED ARTICLES:

• What is the Bitcoin Transactions?
• source: http://theriseofthebitcoins.blogspot.com/2016/02/what-is-bitcoin-transaction.html

• How does the bitcoin network actually work?
• source: http://theriseofthebitcoins.blogspot.com/2016/02/how-does-bitcoin-network-actually-work.html

• Bitcoin Transactions – The Scriptsig and Scriptpubkey
• source: http://theriseofthebitcoins.blogspot.com/2016/02/bitcoin-transactions-scriptsig-and.html

What are the Bitcoin Transaction types?

What are the Bitcoin Transaction types?

There are six standard Bitcoin transaction types at the time of writing. The developers behind Bitcoin have been continuously evolving the types of transactions to allow more functionality – the present list may change in the future. There are five standard transactions which are accepted by the standard client – although some miners will accept a non standard transaction for a price. 

The most popular type of transaction is the TX_PUBKEY, or pay to public key transaction – with over 99% of total transaction volume as of 2014.

The % share of this is expected to change as the Bitcoin community introduces wallets and other ancillary services that use the functionality of different transaction types. 

The problem with more complex transaction times is that they occupy more space in the blockchain which leads to issues with the blocksize. A topic that has come to the fore in 2015 as developers and economists try to find a balance between immediacy of transaction confirmation and miners wanting to restrict supply of space. 

For further examples on how a transaction is validated by a node check out our guide on each transaction type and the most common transaction type of Pay-to-Address. 

Bitcoin Transactions – The Scriptsig and Scriptpubkey

The Scriptsig and Scriptpubkey – locking and unlocking a transaction?

The Scriptpubkey is the puzzle set to a transaction in order for it to be solved and the script sig is the solution to the puzzle that allows it to be spent.

Historically the Scriptpubkey was named so as it contained the public key or address to be spent from – i.e. the address the transaction was locked to. The scriptsig was called so due to its need to contain the signature – i.e. the private key of the address that wants to spend and to which the address in the scriptpubkey was locked to. 

The Bitcoin transaction script language is a stack based execution language – to layman this is a very basic form of language that doesn’t contain loops and is Turing incomplete (i.e. can’t with an unlimited amount of memory, processing power and time solve everything) – it is designed for one purpose. The stack based execution language has a few important benefits such as its simplicity and minimal processing. 

The script language processes from left to right. Numbers are pushed onto the stack and then operated acted on by the next function. There are conditional operators which give the result true or false which in the case of validating a transaction are true if the signature is valid.

 

 The above example is the process of a simple pay to public key hash transaction. 

The above transaction shows the stack based operating procedure for resolving the transaction

– i.e. unlocking it and spending it. To see the process in more detail see our different types of bitcoin transactions and the P2PKH – pay to public key hash transaction type. 

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RELATED ARTICLES:

What is the Bitcoin Transactions?
source: http://theriseofthebitcoins.blogspot.com/2016/02/what-is-bitcoin-transaction.html

How does the bitcoin network actually work?
source: http://theriseofthebitcoins.blogspot.com/2016/02/how-does-bitcoin-network-actually-work.html