Bitcoin: some things you need to know

WHAT IS BLOCKCHAIN?

A blockchain is a chain of blocks where each block contains a list of transactions. These blocks are linked using cryptographic techniques, ensuring security and immutability.

Key characteristics of blockchain:

• Decentralization: Unlike traditional centralized databases (e.g., banks or government systems), blockchain operates on a peer-to-peer network, removing the need for intermediaries.
• Transparency: All transactions recorded on the blockchain are visible to all participants in the network.
• Immutability: Once a transaction is added to the blockchain, it cannot be altered or deleted.
• Security: Transactions are encrypted and verified through a consensus mechanism, making hacking extremely difficult.

2. How Blockchain Works

Step-by-Step Process:

1.   Transaction Initiation: A user initiates a transaction (e.g., sending cryptocurrency or verifying an asset in a supply chain).

2.    Transaction Broadcast: The transaction is sent to a network of computers (nodes) for verification.

3. Validation & Consensus: Nodes validate the transaction using consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS).

4.     Block Creation: Once validated, transactions are grouped into a block.

5. Block Linking: The new block is linked to the previous block through cryptographic hashes, forming a chain.

6. Finalization: The transaction is permanently recorded, and the ledger updates across all nodes.

Key Components of Blockchain

A. Blocks

Each block contains:

• A list of transactions
• A timestamp
• A cryptographic hash of the previous block
• A unique identifier (hash) for the current block

B. Nodes

Nodes are computers connected to the blockchain network that validate transactions and maintain the blockchain.

C. Consensus Mechanisms

Blockchain networks use different methods to validate transactions and reach agreement:

• Proof of Work (PoW): Used by Bitcoin; miners solve complex mathematical puzzles to validate transactions.
• Proof of Stake (PoS): Validators are selected based on the amount of cryptocurrency they hold.
• Delegated Proof of Stake (DPoS): Users vote for representatives who validate transactions.
• Proof of Authority (PoA): Trusted entities validate transactions in private blockchains.

D. Smart Contracts

Smart contracts are self-executing contracts with predefined rules stored on the blockchain. They automatically execute when conditions are met.

 

Trump to send worst criminal illegal aliens' to Guantánamo Bay

 

The gates that separate the Cuban side from the Guantanamo Bay U.S. Naval Base

President Trump intends to utilize a migrant detention facility at the U.S. Naval Base in Guantánamo Bay, Cuba, to accommodate up to 30,000 deported criminal migrants from the United States.

In a White House memo, he ordered the Pentagon and Department of Homeland Security to begin that process to "halt the border invasion, dismantle criminal cartels and restore national sovereignty."

The Trump administration said the deported migrants would not be held in the U.S. military prison at Guantánamo that now houses suspected foreign terrorists, including alleged 9/11 mastermind Khalid Sheikh Mohammed. Instead, it said, they would be held in a separate area on the naval station portion of Guantánamo, which for decades has had a detention facility for migrants intercepted at sea, mostly Haitians, Cubans and Dominicans.

Inferno swept through the City of LA: Catastrophic

Thousands of firefighters are working tirelessly to combat at least five massive wildfires raging across the Los Angeles area. The largest of these, the Palisades Fire in Pacific Palisades, has burned over 19,000 acres, destroyed thousands of structures, and remains completely uncontained. Similarly, the Eaton Fire in Altadena has consumed more than 13,000 acres and is also at zero percent containment. Over 180,000 residents have been ordered to evacuate as the fires continue to spread.

On Wednesday, President Joe Biden approved a federal major disaster declaration for Los Angeles County.