Found 2 Articles for Hashing

What are Hash Functions in block chain?

Prasanna Kotamraju
Updated on 30-Jul-2019 22:30:25

281 Views

We know that bitcoins enter into the digital market only through mining. It is a cryptocurrency created as a peer-to-peer currency which can be traded without using any Bank or Payment gateway. When these transactions are made, they are accounted for using a publicly distributed ledger which keeps a record of all the transactions made to every Bitcoin.Every time a transaction is made, a new block is created. Every new block will be verified and added into the block chain by the miners. Here comes the purpose of hash functions to make the block chain secure.What is a Hash?Hash is ... Read More

The 51% Attack

Prasanna Kotamraju
Updated on 30-Jul-2019 22:30:25

151 Views

The 51% attack refers to an attack on the block chain network, deceiving the miners with a duplicate block chain which has more than 50% acceptance and spending the same bitcoins again.To put it in simple words, a single miner or a pool of miners controlling more than 50 (say 51%) of the cryptocurrency network’s mining hash power, can attack the block chain network and reverse the transactions. Once they have more than 50% of hashing power they can take control of the cryptocurrency network and they could double spend the coins.However, by controlling the majority of computing power on ... Read More

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