Before starting with Linking the Blocks, in the last session, we learned the basic outline of how exactly a typical cryptocurrency transaction is carried out. The background process of the transactions and the security features that ensure the safety of the data were also looked upon briefly.
Linking the Blocks – Time Stamp and Block ID
In today’s session of Linking the Blocks, we work on the aspect of how exactly the works with the mandatory date details and transaction information. The Block ID happens to be the final element of Block which has the time stamp and Block ID information. The Block ID will be important for any references made to the block at any point of time.
Linking the Blocks – Linking them together
The final step of creating a block is linking it to the previous blocks in the chain. There are a few ways to do this, but virtually all of them involve hashing in some way to make the content of the previous block part of the new block.
Storing the Asset
After we have gone through the Linking the Blocks, that completes an entire transaction, the next part is about storing the currency or the soft asset. People dealing with cryptocurrency use a wallet as a safe depository and an instrument for incoming and outgoing payments.
A wallet has a Private key and a Public key. The Private key belongs only to you, and you should never show it to anyone. You must keep it in mind as you sign all transactions with this key. At the same time, someone can use public keys to transfer money to your account, for example, for a new Ferrari car. In such a case, you should give this person your public key. This key can even be published on social networks. There is nothing to worry about here.
Bitcoin Сore will be the very first wallet to consider. It is the original Bitcoin wallet from the legendary Bitcoin creator Satoshi Nakamoto. It is the only officially supported wallet which is constantly updated by the professional. Bitcoin community and stores the entire Bitcoin database on your computer.
In the next session, we look closely into the different types of digital Wallets and its functions with respect to the storage and security.
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