Bitcoin Baby Steps (I)

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I have downloaded the beta Avr c test bitcoin Wallet for Android app, which is simplistic for now, and only works on the Bitcoin test network; but it is enough to see the potential of the system.

When it runs you are presented with a refreshingly simple screen that contains a Bitcoin address which you can use to receive coins a QR code representation of that address so another user could scan your phone with their phone to send you Bitcoins and the balance on that address.

A quick trip to avr c test bitcoin Bitcoin testnet block explorer showed the transactions I generated. Avr c test bitcoin looking good to me. If they had been on the real network, and I had a merchant willing to accept them, I could quite easily have performed a financial transaction using only my phone and some clever software. I should stop at this point to explain a little.

Avr c test bitcoin are generated then passed from address to address. You can make as many address key pairs as you want. When you want to receive money you tell the sender the public key actually you tell them a cryptographic hash avr c test bitcoin the public key, but that is unimportant for us as users. The sender then writes a little transaction record or rather their Bitcoin software does detailing how much they want to send you, and then signs that transaction with the private half of the key.

Being that only they have the private half, but everyone who cares to look can find the public half, anyone can verify that the owner of that private key really did sign that transaction. That signature is like the signature on a cheque, only it is utterly unforgeable for all reasonable circumstances.

That transaction is then posted to the Bitcoin peer to peer network; for inclusion in the ever-increasing list of transactions. That chain is agreed upon by the network as a whole, and very shortly becomes confirmed by multiple peers.

It is this majority confirmation system that would have to be subverted before someone could spend coins multiple times. Now then, what stops them making up any old transaction, with any amount of Bitcoins listed and just signing that? The answer is that the transaction includes the Bitcoin address they want to send from; and the Bitcoin avr c test bitcoin can simply look back through previous transactions to confirm that that sender has sufficient funds for the transaction they are signing.

My next step was to get a real Bitcoin address. You must be logged in to post a comment. This entry was posted in BitcoinFussyLogicOff-topic and tagged bitcoin. Trackbacks are closed, but you can post a comment. Post a Comment Cancel reply You must be logged in to post a comment. Tags android arm asterisk audio authentication avr bash avr c test bitcoin c cplusplus cplusplus11 database debian debounce development discovery ecryptfs embedded encryption git interrupts java life linux lua math maths mobile objectoriented photography postgresql programming puzzle science series spam sql stm32 stm32f4 tech threading timers tor unittest valgrind.

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Are you still working on a BitcoinSpinner version compatible with Electrum servers? I'm not working personally on that, but friend of mine is. However I don't know actual status of his project Asus EEE is lowend machine and this test is calling RPC method in serial, so the test is far from real-world use, but I'm expecting at least 2x higher performance of this test per CPU core on standard server machine. On my laptop, one signature takes around ms. It's low-end one, but it will take some time even on high-end servers.

Any idea how to solve it? The obvious answer to this question is: See the next item for how this is not necessary except maybe when you plan to run your server on AVR too. Firstbits is assumed to be unique and will not change throughout the lifetime of bitcoin.

What else is necessary? I believe nothing else but I have never used firstbits so I cant be sure. With this, you can generate the signatures as requests trickle in, and cache them on your server. When an address is requested multiple times, you can satisfy from the cache without further CPU effort. Soon you will have all relevant addresses in your cache and will not have to sign any new addresses, at least until the the blockchain grows which happens at a predictable rate.

Signing will be probably necessary only for some type of messages so the speed of verifying on the client won't be crucial. Quote c Include into the signature only fields that are essential. Actually I did the oposite, I added timestamp into the signed data, to protect system against replay attacks. However now I'm rethinking the concept, as the same request should lead into the same result, at any time.

Those APIs where replay attack is potentially dangerous should add timestamp as the part of the request signature is created from both request and response. So - thanks for suggestion! Quote and cache them on your server This can be doable with some type of messages even with timestamp in the current implementation, for messages like market quotes.