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The nonce string is appended to the block hash and rehashed. Post rehashing, the nonce is compared to the target difficulty number. If it is not, the nonce is changed and the process repeats until a nonce is found whose value is less than the target value. If the nonce is less than the target value, the block is added to the blockchain. Nonce (Numbers Only Used Once): The maximum value of this 32-bit number can have the max value of 232.

Bitcoin is not stable. A currency is a reliable store of value, so that you can be sure that the money you have will buy more or less the same amount of things today as it will tomorrow or this time next year. Its value has both skyrocketed and tumbled dramatically within the space of just a few days.

You cannot have the same level of confidence in it as you can in an official currency like the euro, which is backed by the central banks of the euro area. As guardians of the euro, we work to guarantee your right to pay with the euro and to preserve its value. Bitcoin it is not issued by a central public authority.

The official Rootstock website says their aim is "to creating a more accessible, flexible and inclusive financial system that will improve the life of billions of people…. Furthermore, if implemented the right way, the Rootstock project will be truly ahead of the dApp platform competition because they’re focusing on the following principles from the ground-up: [they’re] putting Blockchain technology at the service of social transformation to build a more secure and transparent world." Indeed, it’d be nothing short of a revolution if Bitcoin’s current establishment is used to support smart contracts and dApps.

Hash functions are inherent to a secure blockchain and do not require complex resources to work efficiently. Along with this, a hash function is also image-resistant: it is almost impossible to reverse engineer the output to get the input, thus making it difficult for the attackers to guess the input. A simple change to an input value results in an entirely different output which renders the collision resistance to the hash function: Two different input data to the hash function would not result in the same output.

To address this problem the European Commission has proposed new legislation to protect users of stablecoins in the EU. It is not possible to check if international stablecoin issuers can really keep their "stable value" promise or if they issue more stablecoins than they can pay back.

But, in fact, there are very few places where you can pay with bitcoin. And even where you can, transactions are slow and expensive. If bitcoin were a currency, you could expect to be able to use it widely.

imageIt does not exist in physical form. Bitcoins are created and kept track of by a network of computers using mathematical formulas, rather than by a single authority or organisation. Essentially, it is a digital token that can be exchanged electronically.

For example, if I buy wine from Chile, I effectively instruct my Indian bank to pay the retailer's Chilean bank. The original premise of bitcoin was to become a peer-to-peer electronic cash that could disrupt some existing fiat currencies. This involves paying fees to both banks, correspondent banks etc., and facing an FX (foreign exchange) rate that is likely to be exorbitant, and an entire transaction that takes at least a few working days to process. Imagine if you could make this transfer almost instantly and by paying no fees to banks and other intermediaries, effectively disintermediating them and crypto the associated central banks? That was the perceived original vision for bitcoin. Bitcoin came into existence in 2009, as a brain child of a person or group of persons under the pseudonym of Satoshi Nakamoto.

There is no public institution backing it, unlike with official currencies. However, the value of a stablecoin is only a promise made by a private company. Issuers link them to a trusted type of value, such as company assets or gold. Stablecoins aim to be a more stable form of crypto-asset than bitcoins.

imageOf course, all of this will need to be regulated and eventually operated in a compliant framework with much more adoption, and I have already covered how this is gathering pace and we, India, are getting left behind in my earlier article.

Rootstock uses a technique called "merge-mining" to ensure the same security levels as that of Bitcoin. This is a major BNB blow to other platforms – say Ethereum, which currently only supports about 15 transactions per second. Security and scalability are two factors which all platforms claim to focus on, but Rootstock is different. This also means that there is not much risk for potential Rootstock investors because it will have Bitcoin’s trust behind it. Rootstock enables such scalability via probabilistic verification and blockchain sharding techniques. Since it will be utilising Bitcoin’s establishment and trust, there are simply no security concerns regarding it. As for instant payments, it claims that the use of newer protocols, called DECOR and GHOST, will allow payments in as less as 10 seconds. Speaking of scalability, it wasn’t a foundational focus of Rootstock but it claims to support upto 100 transactions per second, which is about the same as Paypal’s level.

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