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What is a database?
By creating a decentralized encrypted data repository and leaving private keys with the owners, we reduce the probability of attacks to almost zero. But removing central trusted servers requires total encryption and flexible data access control.
Centralized
In this case, all data is recorded in a single array, which is stored on one computer. To get information, you need to connect to the host computer, which is called a server.
Decentralized
What is decentralization for a database? This means that data is stored on computers on the network that anyone can control. A node can join and disconnect from the network at any time and should not affect data availability. Since the nodes are scattered geographically, decentralization makes it possible to resist censorship and always have all the information online.
How do databases work?
Modern applications are usually designed so that the data loaded by users can be processed, aggregated and used in different ways for the application to work. In addition, companies need a flexible mechanism to control access to various data without any difficulties.
Reliability
Since the information is stored on untrusted computers, there should be no way for anyone to read them except the owners of the data themselves. This is achieved by asymmetric encryption when only the owner can decrypt the data. Network computers store data and meta-information, but cannot extract anything valuable from them.
Scalability
The centralized model assumes the connection of all clients to the server. Data is stored only on the server. Therefore, all requests for receiving, changing, adding or deleting information pass through the host computer. However, server resources are limited. Therefore, it can work effectively only with a certain number of network members. If the number of clients is greater, during peak periods, the server load may exceed this limit. Decentralized and distributed models allow you to avoid such problems since the load is distributed between several computers.
Can decentralized databases improve security?
In such bases, there is no centralized storage. This means that all data is distributed between network nodes. If something is added, edited or deleted on any of the computers, it will affect all computers on the network. If authorized changes are made, the new information is distributed over the network to other users. Otherwise, the data will be restored from the backup to ensure that they coincide with other nodes.
Are decentralized databases reputable?
The trend towards decentralization of all walks of life has arisen since the removal of middlemen brings obvious economic prospects. The blockchain avoids manual verification by drawing the entire network to a consensus about each transaction. The data storage and processing markets built using the blockchain can significantly reduce prices by attracting unused computing resources.
How can decentralized databases be used?
Such databases allow you to speed up the interaction between different parts of the production chain. Consider the following example. During the service life, the car goes through different stages – assembling, selling, insurance, and so on, right up to recycling. At each stage, a variety of different documentation and reports are created. If any clarification is needed, requests are sent to the appropriate authorities. It takes a lot of time. Physical location, different working languages, and bureaucracy are just some of the difficulties.
The blockchain technology avoids all these problems. All information about each car can be stored online. This data cannot be deleted or modified without the consent of the participant. And the necessary information is available at any time. This scheme is implemented in practice by the authors of the CarFix project. Based on the idea of smart contracts, they are working to ensure that the entire life path of any vehicle is recorded in a chain of blocks.
How can decentralized databases be used?
The databases accelerate the interaction in between various events in the production line. Areas, language miscommunication, the administration may end up being severe problems. All the details about each car and truck are stored on the network.
What Is The Lightning Network?
Based on official media statements, the development of the original sources belongs to Joseph Poon and Tayj Drage. Whitepaper LN was compiled long before development (it is said in 2015), but the scalability technology received wide publicity only in dark times – when the BTC system processed transactions for almost a week, with extremely high commissions. In general, the Lightning Network has already been dubbed Bitcoin’s “savior and future”, and it came to us when it was most needed for us – when Bitcoin “hung and lagged”.
LN is only alpha.
At the moment, LN is at the alpha version stage, which was launched on January 10, 2017. This indicates that the technology is at the development stage, and is being tested inside the developer company. Alpha versions usually differ by incomplete functionality and a bunch of tests through which the source code of the program is passed. So in the near future, no one will use the Lightning Network for “good reasons”.
How it works
The main task of Lightning Network is to reduce the burden on transaction processing and pressure on the main Bitcoin network. Thus, the Lightning Network improves the processing speed of the network, allowing users to conduct business without immediately registering transactions in the base register. If two traders open a payment channel and start performing several transactions over time, the transactions are not recorded in the base book. However, the opening of the channel is recorded.
We will try not to go deep into the “stuffing” of LN while transferring the main essence of the functioning of the system. In the entire Bitcoin platform, there are no units that connect the sender and the recipient. There is a stack of memory (pool), where all transactions are collected before they are “caught by the miners”, and blind in one block, which then goes into the blockchain. As long as your transaction is not “caught” and not recorded on the blockchain, you will not receive your money.
But even this does not solve the problem of Bitcoin.
And on the contrary, it only creates new ones. Private channels are not ideal. In real life, people will exchange not only with each other but also with those who do not know at all. That is, it will take a lot of channels, and this, in turn, can lead to even more “clogging” of the common chain.
What does all this mean?
This means only one thing – the birth of the payment system of a new generation. In order to send a transaction, the user will search for already open “channels” for transmission. At the same time, the channels themselves will be public, and therefore safe.
If the developers still manage to bring their code out of the “alpha test” phase, and we see the green light opposite “Final, Stable”, Bitcoin, as a payment system, expect changes, and, quite likely, a great future. And we, as traders – new crypto-adventures.
Mining the Litecoin
Speaking as simply as possible, the mining of Lightcoins is the process of performing computational operations on the network of the same name payment system. The essence of these calculations is to generate a new block of transactions. For the creation of the block, a reward is given for each miner whose equipment participated in the process. The amount of payments depends on the specific work done by the machine.
Since today Litecoin mining is rapidly gaining popularity (due to the fact that this cryptocurrency gradually becomes more expensive), more and more people want to join this activity. However, newcomers are faced with two obvious questions: where to start and how, in fact, to get the desired coins. Today we will try to answer them in as much detail as possible.
Understand Crypto Mining Basics
Mining is a relatively similar process for many cryptocurrencies. If we give an analogy with real life, then we can take the harvest as an example. To tear off apricot and cherry tree, you need to stand with a container under it and collect all the berries. But if you can take an apricot immediately for the fruit, then it is advisable to take the cherry by the stem, so as not to crush it.
When approaching Litecoin mining, one must also take into account its features, algorithm and protocol, and mining characteristics.
There is an erroneous opinion that even a 5-year-old child can do mining. Well, if you tell such a child the minimal basics of cryptology, programming, then he can try. But the likelihood that the child will earn on this, scanty. Production efficiency depends not only on iron and minimal knowledge but also on miner’s skills.
Mining Computers
For Litecoin mining, you can use one or two video cards or build a whole farm consisting of 6–10 boards. The second method will bring you much more profit, but you will need to invest a huge amount of money (from 4-5 thousand dollars and more), arrange the wiring in advance and get ready to receive impressive receipts for the light. And given that Lightcoin, like any other cryptocurrency, is volatile, the payback of hardware can take a very long time; in the case of a course collapse, you can stay in the red Although even with such bad hands, you can go to the mining of another currency (the same Bitcoin or Ether).
Mining on processors is much less popular. Nevertheless, we will look at chips that can help you earn your first Lightcoins. At once, when choosing a processor, you need to focus not only on the number of cores and their clock frequency but on the supported number of threads. The more, the better.
Get a wallet
Lightcoin requires a special wallet to store accumulated coins, as well as for ordinary cash. Here, stationary virtual wallets are optimally suited, as well as those that do not require installation, as they work online.
When downloading a wallet there is another important nuance: synchronization. If you decide to do solo mining, then you will need to wait for the full synchronization of the wallet with the blockchain, so that you can search for new blocks. Without it, you can not check all the data, respectively, to extract LTC will not work.
Mining pools
We have already written that individual mining will not be able to provide you with profitability and cover all your costs, therefore it is advisable to use group mining of crypto money. Usually, mining pools take 1% of all generated coins for themselves, the remaining assets are divided between participants proportionally.
Here is a list of pools in which only LTC can be mined:
- Multipool
- HashFaster
You register on the selected resource, carefully read all the conditions of the service and create your own account. After that, you need to create workers (My Workers), the number of which should be equal to the number of graphics professors involved in mining.
Mining Program
Well, the last step to start is to choose a mining program for mining lightcoins. The simplest and most understandable program that will suit even beginners is the Miner Scrypt GUI. It has the support of the Russian language, which will greatly facilitate the process of dating.
GUI Miner Scrypt does not require users of highly specialized knowledge, experience or skills. The program will help to update all the necessary drivers for your graphics devices so that there are no problems with its use.
Recap
Litecoin mining is a very profitable occupation in 2019, directly dependent on the rate of the token. Modern computers have quite a productive capacity, so you can even create work nodes at home. In this article, we looked at the most popular and popular mining options. You can choose the right one according to your needs and financial possibilities.
What are digital currencies?
Digital currency is a general term used to describe all electronic money, including both virtual and cryptocurrency. Digital currencies can be regulated or unregulated.
Such money is available only in digital or electronic form and, unlike bills or coins, are intangible. Digital currencies, which can only be owned and spent with e-wallets or specially created networks, are also often called digital money or cyber-cash. The absence of intermediaries means that transactions usually occur instantly and imply very small commissions (or lack thereof).
What are cryptocurrencies?
The word cryptocurrency unites two different but related words – currency is a well-known thing, and crypto stands for algorithms for encryption and cryptographic technology to used to ensure the security of the network. In such a high level of security, cryptocurrencies are protected from being copied and faking. Cryptocurrencies often involve using decentralized power structure like blockchain technology so three are no need for third parties. It means there are no banks or another kind of financial organizations, the only person to person transaction with the using of two types of keys.
Undoubtedly, the most famous and most common blockchain-based cryptocurrency is Bitcoin. It also has the highest price, which currently stands at about $ 4,000 per coin. However, despite the popularity of Bitcoin, this is not the only cryptocurrency. There are many alternative coins or altcoins, such as Ethereum, Litecoin, Bitcoin cash or Monero. Some of them mimic Bitcoin, others are his forks (new cryptocurrencies, “breakaway” from the existing).
What are the distinctions in between the digital and cryptocurrencies?
Cryptocurrencies allow you to make transfers safely and reliably, eliminating the bureaucratic component, such as registration and restrictions. Anyone can audit all transactions. You do not need to get permission from someone. The same is true for the confirmation of new transactions. Thus, neither to create new transactions nor to confirm them, users of cryptocurrency do not need to go through the identification procedure (KYC).
We should understand that cryptocurrencies are the only digital money that works on decentralized blockchain technology. And all the new emission of such currencies can be released only according to the strict algorithm of the network. And the basic economic rules applied on price building of a coin as demand and supply. Not all types of digital currencies are considered as a cryptocurrency since and even some tokens and altcoins are not cryptocurrencies. Because they are not built on a blockchain technology and can not be referred to as fully independent networks.
Recap
Well, in the end. we can come to the conclusion that digital money or digital currency is a very wide term for any sort of assets kept in digital space. Cryptocurrency is a part of a larger pool of digital currencies since all of them exist on the web.
Cryptocurrencies are digital, as they exist on the Internet, but these are also virtual currencies created using cryptographic algorithms. Thus, although very often the terms “digital”, “virtual” and “cryptocurrency” are put together and combined, it is very important to understand the nuances that exist between these three types and to use them correctly.