Category: CRYPTOCURRENCY

CRYPTOCURRENCY

  • Stark (STRK), Trading Volume, Mnemonic

    Stark Rides STRT Kraken to New Heights of Crypto Adoption

    In a market that’s constantly evolving and filled with volatility, one cryptocurrency has been making waves and attracting attention from traders and investors alike: Stark (STRK). With a trading volume that’s seen significant growth in recent times, STRK is poised to become a major player in the crypto space.

    Trading Volume: A Growing Indicator of Demand

    STRK’s trading volume has increased substantially over the past few months, reaching a new all-time high. This surge in demand can be attributed to several factors, including its growing popularity among traders and investors. STRK is also one of the top 10 most traded cryptocurrencies on major exchanges, indicating that it has a large user base.

    Mnemonic: The Secret to Long-Term Success

    One of the key reasons why STRK is attracting attention from investors is due to its use of mnemonic (STRk Mnemonic). Mnemonics are unique codes that help users remember complex transactions and trades. STRK’s mnemonics add an extra layer of security and convenience, making it easier for traders to manage their portfolios.

    Key Features: A Strong Foundation

    STRK boasts several key features that make it a solid investment choice:

    • Low Trading Fees: STRK has one of the lowest trading fees in the industry, making it more accessible to new investors.

    • Stable Tokenomics

      : STRK’s token supply is capped at 1 billion, ensuring that there are no oversupply issues and maintaining its value.

    • Decentralized Governance: STRK operates on a decentralized governance model, giving users a voice in the decision-making process.

    Conclusion

    STark (STRK) has emerged as a strong contender in the crypto space. Its trading volume, mnemonic features, and low fees make it an attractive option for traders and investors looking to diversify their portfolios. As STRK continues to grow and evolve, it’s likely that its popularity will only increase, making it an exciting investment opportunity for those who are willing to take a chance on this emerging cryptocurrency.

  • Ethereum: How are funds verified?

    Ethereum: The Funds Verification Process

    On the Ethereum network, funds verification is crucial to ensure that transactions are valid and that the sender of a transaction has sufficient assets to pay for it. This process involves multiple layers of checks and balances to prevent malicious actors from manipulating the system.

    The Mempool

    The mempool is a fundamental component of the Ethereum network, responsible for storing pending transactions waiting to be mined. Each time a transaction enters the mempool, it creates a “block” in the system, allowing other miners to verify and validate the transaction.

    Miner Verification Process

    When a miner wants to create a new block, they must first retrieve the latest data from the Ethereum mainnet mempool. This includes the list of pending transactions, their associated addresses, and the funds available to each address.

    To ensure that the sender has sufficient funds, the miner performs two checks:

    • Funds Availability Check

      : The miner verifies that the sender has enough Ether (ETH) in their wallet to pay for the transaction.

    • Signature Verification: The miner ensures that the signature on the transaction is valid and properly signed by the sender.

    Smart Contract Validation

    If funds are available, the miner proceeds to validate the transaction using smart contracts. These contracts verify the following:

    • Transaction Identity: The contract verifies that the transaction matches the intended recipient and has the correct address.
    • Gas Limits

      : The contract verifies that the transaction’s gas limits are sufficient for execution.

    Block Production

    Once the miner has verified all transactions, they create a new block in the mempool by aggregating the validated transactions into a single block. This block is then broadcast to other miners on the network, who can use this information to verify and validate subsequent transactions.

    In short, the funds verification process in Ethereum involves multiple checks and balances to ensure that transactions are valid and that the sender has sufficient funds to pay for them. The mempool plays a critical role in storing pending transactions and verifying their validity, while smart contract validation ensures the integrity of these transactions.

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  • Ethereum: How to get historical balance of a Bitcoin address at a particular block number or date?

    Retrieving Historical Balance of a Bitcoin Address via Web Scraping and APIs

    As we explore the world of cryptocurrency, understanding how to access historical data on balances can be crucial for traders, researchers, and enthusiasts. In this article, we’ll delve into two primary methods: web scraping using JSON-RPC and exploring available APIs and blockchain platforms that provide such data.

    Web Scraping via JSON-RPC

    JSON-RPC is a standard protocol used by cryptocurrency exchanges to retrieve block data. However, it also allows for the retrieval of balance information on individual addresses, including Bitcoin. To access this data from a JavaScript environment like Node.js or Python, you’ll need to:

    Step 1: Set up a Web Scraper

    Use a library like jshttp or axios to make HTTP requests to the JSON-RPC endpoint provided by the cryptocurrency exchange (e.g., Binance). For example, using jshttp in Node.js:

    const jshttp = require('jshttp');

    // Set up your JSON-RPC endpoint URL and credentials

    const rpcUrl = '

    const apiKey = 'YOUR_API_KEY';

    const apiSecret = 'YOUR_API_SECRET';

    // Construct the API request to retrieve balance information

    const requestOptions = {

    method: 'GET',

    headers: {

    'Content-Type': 'application/json',

    },

    params: {

    'method': 'ETH_balanceOfAddress',

    'address': '0x...yourBitcoinAddress', // Replace with your Bitcoin address,

    'api_key': apiKey, // Your API key

    'api_secret': apiSecret, // Your API secret

    'timestamp': Math.floor(Date.now() / 1000), // Timestamp in seconds since the Unix epoch

    },

    };

    const options = {

    method: 'POST',

    url: rpcUrl + 'orders',

    headers: {

    'Content-Type': 'application/json',

    },

    body: JSON.stringify(requestOptions),

    };

    jshttp.request(options, (response) => {

    // Handle response data

    console.log(response.body);

    });

    Replace YOUR_API_KEY and YOUR_API_SECRET with your current API credentials.

    Step 2: Parse the Response

    Once you receive a response from the JSON-RPC endpoint, parse the response to extract the balance information. You’ll need to decode the JSON data using the same library (e.g., JSON.parse) or parse it manually if possible.

    const responseBody = response.body;

    if (responseBody === null) {

    console.log('Error parsing response body');

    } else {

    const balanceData = JSON.parse(responseBody);

    console.log(Bitcoin balance: ${balanceData.balance});

    }

    Historical Data Retrieval

    To retrieve historical data, you can modify the timestamp parameter to fetch balances at different points in time. However, be aware that the cryptocurrency market is highly volatile, and retrieving balances too frequently may result in excessive network load.

    Alternative Methods

    For more accurate and reliable historical balance retrieval:

    • Blockchain APIs: Utilize official blockchain APIs like [CoinMarketCap]( [CryptoCompare]( or [CoinGecko]( to fetch historical balances. These APIs provide more comprehensive and up-to-date data.

    • Web Scraping with Libraries: Leverage libraries like axios in Node.js (as shown above) or Python’s requests library along with a web scraping framework like BeautifulSoup.

    • API Calls from Cryptocurrency Exchanges: Many cryptocurrency exchanges, such as Binance, provide APIs for retrieving balance information and historical data.

    Conclusion

    While JSON-RPC provides an accessible way to retrieve balance information on individual addresses, be cautious when using excessive API requests due to market volatility.

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  • Bitcoin: What is the actual weight of the bitcoin blockchain?

    Here is an article based on the information you provided:

    What is the real weight of the Bitcoin blockchain?

    When it comes to understanding the scale of the Bitcoin blockchain, many people wonder: what is the real weight of this massive digital ledger?

    The answer lies in a few different places. Several websites, including YCharts and Blockchain.com, allow users to see the current size of the Bitcoin blockchain. Both sources report an increasing size that has been steadily increasing over time.

    A few different numbers

    According to YCharts, as of March 2023, the estimated total hashing power (THP) of the Bitcoin network is around 225 exahashes (EH/s). This number represents the combined computing power of all Bitcoin miners in the world. The estimated total number of blocks on the blockchain at this point is around 1 million.

    Blockchain.com provides a more detailed breakdown of the blockchain size. According to their data, as of March 2023, the estimated total size of the Bitcoin blockchain was around 4.5 exabytes (EB) or 450 gigabytes (GB). This number represents the total amount of memory used in the blockchain.

    Breakdown of the Numbers

    To put these numbers in perspective, an exabyte is equivalent to 1 billion GB. So, the estimated size of the Bitcoin blockchain is around 4.5 EB or 450 GB per block.

    The weight of the blockchain can also be calculated by considering its total memory capacity. According to estimates from various sources, a single byte (a standard unit of digital information) is around 8.64 MB (megabytes). Therefore, the estimated size of the Bitcoin blockchain in megabytes is approximately:

    450 GB/block x 1 EB / 1024^3 (to convert bytes to megabytes) = approximately 10.2 billion MB

    A huge digital ledger

    To put these numbers into a more understandable context, consider that the estimated size of the Bitcoin blockchain is roughly equivalent to:

    • The contents of approximately 100,000 average-sized laptops
    • The total storage capacity of approximately 200 billion DVDs
    • The total storage capacity of over 2 million desktop computers

    The sheer scale of the Bitcoin blockchain is truly staggering. As more and more people and organizations join the network, it is likely that our understanding of its size will continue to grow.

    Conclusion

    In summary, while we may not have an exact number on the actual weight of the Bitcoin blockchain, our estimate based on current data suggests it is roughly equivalent to 450 GB or 10.2 billion MB per block. This massive digital ledger continues to grow in size and complexity as more and more people and organizations participate in the network.

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  • Ethereum: Why don’t P2PK scripts have their own address?

    Ethereum: Why don’t P2PK scripts have their own address?

    In the world of cryptocurrency and blockchain technology, addresses play a key role in mapping to specific wallets and lock scripts. In this article, we’ll look at why the Ethereum Public Key Script (P2PK) doesn’t have its own address.

    What is a ScriptPubKey?

    Before we dive into the reasons why P2PK scripts don’t have their own address, let’s quickly review what a ScriptPubKey is. A ScriptPubKey is a digital signature that represents a user’s public key and allows them to interact with smart contracts on the Ethereum blockchain.

    Why not a separate address for P2PK scripts?

    If P2PK scripts didn’t have their own address, it would be more convenient for users to manage multiple accounts, each with their own wallet. However, this approach has several drawbacks:

    • Scalability:

      Having separate addresses for P2PK scripts means that each user will need a unique wallet for each transaction they make, which can lead to scalability issues.

    • Security: With more addresses, managing and securing multiple wallets becomes more complex, as there is a greater risk of someone compromising one wallet to gain access to the others.
    • User Experience:

      Having separate addresses for P2PK scripts means that users will have to remember multiple wallets, which can be inconvenient and time-consuming.

    Leading Characters and Script Decoding

    To understand why P2PK scripts do not have their own address, let’s look at how leading characters are converted to decoding scripts. In Ethereum, the leading character of an address determines which script it refers to.

    Here are some examples:

    • 0x : Points to the default public key (1)
    • 0x... : Points to a specific P2PK script
    • 0x... : Points to a specific ScriptPubKey

    To decode a leading character, you need to know what it points to. This is where wallet logic comes in.

    Wallet Logic and ScriptDecodes

    In Ethereum wallets, the ScriptDecoded function takes an address as input and returns the corresponding P2PK script or ScriptPubKey. This is done by parsing the leading characters of the address.

    Here is an example:

    function getScript(address: string) public view returns (bytes of memory) {

    // Get the leading characters

    bytes32 leadingChars = keccak256(address);

    // Decode leading characters in scriptdecode

    bytes of memory scriptDecode = abi.encodePacked(leadingChars);

    return scriptDecode;

    }

    In this example, the getScript function takes an address as input and returns the corresponding P2PK script or ScriptPubKey.

    Conclusion

    While separate addresses for P2PK scripts may seem convenient, it is actually a complex problem with multiple factors contributing to its design. By understanding how the main characters are converted to decoded scripts in Ethereum wallets, we can appreciate the complexity of managing multiple accounts and transactions on the blockchain.

    WALLET ADDRESS FIAT

  • The Ethics of Crypto Anonymity: A Balanced Perspective

    The Ethics of Cryptoanonymity: A Balanced Perspective

    The rise of cryptocurrencies has ushered in a new era of financial freedom and decentralized transactions. However, one of the most significant concerns surrounding the anonymity of cryptocurrencies is its impact on individual ethics and society as a whole. As with any technology, understanding the nuances of cryptoanonymity can help us navigate its complexities and ensure that it serves the greater good.

    What is cryptoanonymity?

    Cryptocurrency anonymity refers to the ability of individuals to conduct transactions without revealing their identity or location. Cryptocurrencies such as Bitcoin, Ethereum, and Monero use advanced cryptographic techniques to secure transactions, making it difficult for authorities to track and freeze funds. However, this also means that cryptocurrencies can be used for illegal activities such as money laundering, tax evasion, and other forms of financial crime.

    Benefits of Cryptoanonymity

    While cryptoanonymity raises concerns, it also has several benefits:

    • Financial Freedom: Cryptocurrencies offer individuals the ability to make transactions without fear of being identified.
    • Decentralization: Decentralized cryptocurrencies like Monero are not controlled by any single entity, making them more resistant to censorship and control.
    • Security: Advanced cryptographic techniques ensure that transactions are secure and irreversible.

    Concerns Surrounding Cryptoanonymity

    However, cryptoanonymity also raises concerns:

    • Illegal Activities: Cryptocurrencies can be used for illegal activities such as money laundering and tax evasion.
    • Law Enforcement: Authorities can use advanced tools to track and identify individuals using cryptocurrencies.
    • Tax Evasion: The ability to conduct anonymous transactions can lead to tax evasion.

    Balanced View

    While cryptoanonymity raises concerns, it also has several benefits:

    • Financial Inclusion: Cryptocurrencies can provide a path to financial inclusion for individuals who do not have access to traditional banking systems.
    • Security: Advanced cryptographic techniques ensure that transactions are secure and irreversible.
    • Society: The anonymity of cryptocurrencies can help promote financial freedom and security, allowing individuals to make decisions about their own lives.

    Conclusion

    The ethics of cryptoanonymity are complex and multifaceted. While it raises concerns about illegal activities and law enforcement, it also has some benefits, such as financial freedom, decentralization, and security. A balanced perspective recognizes the potential benefits while also acknowledging the need for regulation and oversight to prevent abuse. Ultimately, understanding the nuances of cryptoanonymity can help us navigate its complexities and ensure it serves the greater good.

    Resources

    • [Crypto Anonymity](
    • [Illicit Activities](
    • [Tax Evasion](
    • [Law Enforcement]( States)

    Wallet Phrase Block

  • Ethereum: Is it still possible to swap erc20 Theta tokens to Theta main net tokens?

    How ​​to Trade ERC-20 Theta Tokens on Theta Mainnet – A Guide

    Theta Network (THETA) has been growing in popularity recently, and for good reason – it offers a unique solution for decentralized finance (DeFi) applications. However, one of the most common questions about THETA is whether it is still possible to trade ERC-20 Theta tokens for Theta mainnet tokens.

    ERC-20 Tokens – What Are They?

    Before we dive into the trading process, let’s understand what ERC-20 tokens are. ERC-20 (Ethereum Standard) is a token standard that allows developers to create their own ERC-20 tokens on the Ethereum blockchain. These tokens can be used for a variety of purposes, including storage of value, trading, and custody.

    Theta Network – What Is It?

    Theta Network is an independent decentralized network designed for DeFi applications. Launched in 2018 with the goal of providing a faster and more scalable alternative to traditional blockchain networks like Ethereum, Theta allows users to store, transfer, and exchange THETA tokens securely and efficiently.

    Exchanging ERC-20 Theta Tokens – Is It Possible?

    Yes, it is still possible to exchange ERC-20 Theta tokens for mainnet Theta tokens. However, the process may not be as simple as exchanging ETH or other cryptocurrencies on popular exchanges like Binance or Kraken. Here’s why:

    • Theta Network’s Native Token:

      The most common way to exchange THETA tokens is to trade them for more valuable coins like USDT (Tether) or DAI (DAI), which are often considered stablecoins. However, this process is not directly related to ERC-20 Theta tokens.

    • ERC-1155 Standard: To facilitate the exchange of ERC-20 Theta tokens for THETA Masternet Tokens, you will need a standard implementation of the ERC-1155 token on your blockchain wallet or exchange platform. This means you need to create a new contract that supports the THETA token standard and enables the exchange.

    How ​​to Exchange ERC-20 Theta Tokens:

    To exchange your ERC-20 Theta tokens for THETA Masternet Tokens, follow these general instructions:

    • Create an ERC-1155 Contract: You need to create a new contract on a blockchain wallet or exchange that supports the THETA token standard (ERC-1155). This requires writing custom smart code for the exchange.
    • Define the Exchange:

    a. List the number of THETA Mainnet Tokens you wish to receive and the number of ERC-20 Theta Tokens you wish to sell for THETA tokens using an exchange or wallet.

    b. Set the exchange rate based on market conditions.

    Important Notes:

    • Smart Contract Security: Make sure your custom smart contract is secure, well documented, and properly audited before deploying it to production.
    • Exchange Fees: Please be aware of the exchange fees associated with exchanging ERC-20 Theta tokens for THETA mainnet tokens. These fees can be relatively high compared to traditional exchanges.
    • Market Conditions: Please remember that market conditions can change quickly, which will affect the swap price. It is important to carefully assess the current market before making a decision.

    Conclusion:

    Exchanging ERC-20 Theta tokens for THETA mainnet domain names is possible and feasible, but requires some technical expertise and careful planning. By creating an ERC-1155 contract and properly setting up the exchange process, you can ensure a successful transaction. However, be aware of potential risks related to smart contract security, exchange fees, and market conditions.

    Additional Tips:

    • Do your research: Before making any decisions, research the Ethereum blockchain, the THETA network, and the implementation of the ERC-1155 standard to ensure you understand the process.

    Ethereum Wallet

  • Metamask: How to inspect MetaMask

    Inspecting MetaMask: A Guide to Understanding the Requests and Data Sent Between the Extension and DApps

    As a developer or user of a decentralized application (DApp), it’s essential to understand how your MetaMask extension interacts with the DApp. This article will guide you through the process of inspecting the requests and data sent between MetaMask and DApps.

    Why Inspect MetaMask Requests?

    Inspecting MetaMask requests helps you:

    • Understand user behavior: By analyzing user interactions, you can identify trends and patterns in how users interact with your DApp.

    • Detect issues or bugs: If a bug is present, inspecting the requests will help you pinpoint which part of the code is causing the issue.

    • Optimize performance: By understanding what’s happening behind the scenes, you can optimize your DApp to improve user experience and reduce latency.

    How ​​to Inspect MetaMask Requests

    To inspect MetaMask requests, follow these steps:

    1. Open MetaMask

    Open MetaMask on a web browser (Chrome, Firefox, Safari, or Edge) and log in with the same wallet that’s connected to your DApp.

    2. Load the DApp Page

    Load the page of your DApp using your preferred method (e.g., iframe, direct link).

    3. Inspect the Network Tab

    Open the developer tools (F12 or Command + Option + I on Mac) and navigate to the
    Network tab.

    In this tab:

    • Request headers: View the request headers sent by MetaMask to your DApp.

    • Request body: Inspect the data being sent to your DApp.

    • Response headers: Analyze the response headers received from your DApp.

    4. Inspect Request Parameters

    To understand how requests are structured, inspect the following parameters:

    • requestType: The type of request (e.g., login, authorize, submit).

    • data: The data being sent with the request.

    • headers: The headers associated with the request.

    • queryParameters: The query parameters passed in the URL.

    5. Inspect DApp Responses

    Inspect the response from your DApp to understand what’s being returned:

    • Response headers: View the response headers received by MetaMask.

    • Response body: Analyze the response data sent by your DApp.

    Example Use Case:

    Suppose you’re building a simple cryptocurrency wallet app. You want to inspect how users interact with the login form. Here’s an example of what the Network tab might look like:

    | Request Type | Headers | Query Parameters |

    | — | — | — |

    | login | Content-Type: application/json; Authorization: Bearer | login | username: “JohnDoe” |

    Upon inspection, you see that MetaMask is sending a JSON object with the login request headers and query parameters. The response from your DApp might look like this:

    | Response Headers | Response Body |

    | — | — |

    | Content-Type: application/json; Authorization: Bearer | {“message”: “Logged in successfully”} |

    By inspecting these requests, you can gain valuable insights into how users are interacting with your DApp. This knowledge will help you optimize the user experience, detect issues, and improve overall performance.

    Conclusion

    Inspecting MetaMask requests is a crucial step in understanding how your DApps interact with your wallet extension. By following these steps and examples, you’ll be able to analyze the requests sent between MetaMask and your DApp, gain valuable insights, and optimize the user experience.

  • Sentiment Analysis: A Game Changer for Cryptocurrency Traders

    Sentiment Analysis: A Game Changer for Crypto Traders

    The world of cryptocurrency trading has become increasingly complex and dynamic in recent years. With the rise of new altcoins, market volatility, and regulatory changes, traders must constantly be prepared to make informed buying and selling decisions. One of the most popular factors among cryptocurrency traders is sentiment analysis.

    What is sentiment analysis?

    Sentiment analysis is a natural language processing (NLP) technique used to analyze the emotional tone or attitude expressed in text data, such as social media posts, news articles, and online forums. It involves training algorithms on large datasets of labeled text to learn patterns and relationships between words, phrases, and emotions.

    How ​​​does sentiment analysis help cryptocurrency traders?

    Sentiment analysis can provide valuable insights to cryptocurrency traders by helping them:

    • Identify market trends: By analyzing the sentiment of social media posts and online forums related to a particular cryptocurrency, traders can gauge the overall market sentiment.
    • Predict price movements: Sentiment analysis can help identify market patterns that predict price movements.
    • Make informed trading decisions

      : Traders can use sentiment analysis to confirm their investment thesis or adjust their strategies based on changing market conditions.

    • Diversify portfolios: By identifying opportunities and risks, traders can diversify their portfolios and reduce market volatility.

    Benefits of Sentiment Analysis for Cryptocurrency Traders

    • Improved Risk Management: Sentiment analysis helps traders identify potential risks and adjust their strategies accordingly.
    • Increased Accuracy: By analyzing sentiment from multiple sources, traders can gain a more comprehensive understanding of market conditions.
    • Improved Decision Making: Sentiment analysis allows traders to make informed decisions based on data that is driven by insights rather than relying on emotions or intuition.
    • Reduced Emotional Bias: Traders can eliminate emotional bias by using objective and data-driven approaches to sentiment analysis.

    Real-World Examples of Sentiment Analysis in Cryptocurrency Trading

    • CoinDesk Sentiment Analysis: CoinDesk, the leading cryptocurrency news outlet, uses sentiment analysis to gauge market sentiment and provide insights to traders.
    • CryptoSlate Sentiment-Based Trading Strategies: CryptoSlate, a popular cryptocurrency publication, has developed a series of sentiment-based trading strategies that use machine learning algorithms to analyze market data.
    • Binance Sentiment-Driven Investment Decisions: Binance, one of the largest cryptocurrency exchanges, uses sentiment analysis to identify potential trading opportunities and adjust its investment strategy accordingly.

    Conclusion

    Sentiment analysis is a powerful tool for cryptocurrency traders looking to gain a competitive edge in the market. By analyzing the emotional tone of text data, traders can make more informed decisions, improve risk management, and reduce emotional bias. As the cryptocurrency market continues to evolve, sentiment analysis will continue to be an essential part of any successful trading strategy.

    Tips for Traders

    • Explore Sentiment Analysis Tools: Research and compare different sentiment analysis platforms and algorithms to find the one that best suits your trading needs.
    • Start with the Basics: Start by learning the basics of sentiment analysis and its application to cryptocurrency trading.
    • Experiment with Real Data: Try sentiment analysis on publicly available datasets to gain hands-on experience.
  • Ethereum: How transactions get added to a ledger?

    How Transactions Get Added to a Ledger: An Explanation of Ethereum

    As a beginner in the world of cryptocurrency, it can be overwhelming to grasp the concepts behind blockchain technology and how transactions are executed. In this article, we’ll break down the process of how transactions get added to a ledger on the Ethereum network.

    The Basics of Blockchain

    Before we dive into the specifics of Ethereum’s transaction process, let’s quickly review what a blockchain is. A blockchain is a decentralized, digital ledger that records transactions across a network of computers (nodes). It’s essentially a chain of blocks, each containing a set of transactions.

    Ethereum and Transactions

    On the Ethereum network, transactions are recorded in a
    blockchain called the “mainnet” or “Eth Blockchain.” Each block contains a list of transactions, which are verified by nodes on the network. When a new transaction is made, it’s added to the next available block in the chain.

    The Transaction Process

    Here’s how a single transaction gets added to an Ethereum ledger:

    • Transaction Creation

      : Alice sends 1 Bitcoin to Bob’s public address. This is done using a cryptocurrency payment processor like Coinbase or BitPay.

    • Transaction Verification: The transaction is verified by nodes on the network, ensuring that it meets certain criteria (e.g., sufficient funds, proper cryptography). This process is called “mining.”

    • Block Creation: A new block in the Eth Blockchain is created with a unique identifier (hash) and contains a list of transactions.

    • Blockchain Update: The updated blockchain is broadcast to all nodes on the network for verification.

    Miner Verification

    Once a new block is added, it’s verified by specialized nodes called miners. Miners use powerful computers to solve complex mathematical problems, which involves finding a “hash” that corresponds to the previous block in the chain. This process is called
    proof-of-work (PoW).

    To create a valid transaction, Alice must:

    • Have sufficient funds on her account.

    • Be part of a group called a “committee” (more on this later).

    • Complete a specific task or puzzle related to the cryptocurrency being used.

    The Role of Committees and Decentralized Governance

    Ethereum’s network is designed with committees, which are groups of nodes that work together to validate transactions and create new blocks. These committees have varying levels of authority, allowing for decentralized governance and security.

    In summary, Ethereum’s transaction process involves:

    • Transaction creation by Alice

    • Verification by miners

    • Block creation and addition to the mainnet

    • Blockchain update and verification

    The use of PoW ensures that only valid transactions can be added to the ledger, while the decentralized nature of the network allows for peer-to-peer transactions without intermediaries.

    I hope this explanation helps you understand how transactions get added to an Ethereum ledger!