VOTING POWER100.00%
DOWNVOTE POWER100.00%
RESOURCE CREDITS100.00%
REPUTATION PROGRESS22.04%
Net Worth
0.489USD
STEEM
0.000STEEM
SBD
0.000SBD
Own SP
9.075SP
Detailed Balance
| STEEM | ||
| balance | 0.000STEEM | STEEM |
| market_balance | 0.000STEEM | STEEM |
| savings_balance | 0.000STEEM | STEEM |
| reward_steem_balance | 0.000STEEM | STEEM |
| STEEM POWER | ||
| Own SP | 9.075SP | SP |
| Delegated Out | 0.000SP | SP |
| Delegation In | 0.000SP | SP |
| Effective Power | 9.075SP | SP |
| Reward SP (pending) | 0.000SP | SP |
| SBD | ||
| sbd_balance | 0.000SBD | SBD |
| sbd_conversions | 0.000SBD | SBD |
| sbd_market_balance | 0.000SBD | SBD |
| savings_sbd_balance | 0.000SBD | SBD |
| reward_sbd_balance | 0.000SBD | SBD |
{
"balance": "0.000 STEEM",
"savings_balance": "0.000 STEEM",
"reward_steem_balance": "0.000 STEEM",
"vesting_shares": "14778.252653 VESTS",
"delegated_vesting_shares": "0.000000 VESTS",
"received_vesting_shares": "0.000000 VESTS",
"sbd_balance": "0.000 SBD",
"savings_sbd_balance": "0.000 SBD",
"reward_sbd_balance": "0.000 SBD",
"conversions": []
}Account Info
| name | avy |
| id | 106783 |
| rank | 139,227 |
| reputation | 819167490296 |
| created | 2016-10-24T18:57:48 |
| recovery_account | steem |
| proxy | None |
| post_count | 1 |
| comment_count | 0 |
| lifetime_vote_count | 0 |
| witnesses_voted_for | 0 |
| last_post | 2016-11-08T20:42:45 |
| last_root_post | 2016-11-08T20:42:45 |
| last_vote_time | 2017-10-31T02:17:15 |
| proxied_vsf_votes | 0, 0, 0, 0 |
| can_vote | 1 |
| voting_power | 9,800 |
| delayed_votes | 0 |
| balance | 0.000 STEEM |
| savings_balance | 0.000 STEEM |
| sbd_balance | 0.000 SBD |
| savings_sbd_balance | 0.000 SBD |
| vesting_shares | 14778.252653 VESTS |
| delegated_vesting_shares | 0.000000 VESTS |
| received_vesting_shares | 0.000000 VESTS |
| reward_vesting_balance | 0.000000 VESTS |
| vesting_balance | 0.000 STEEM |
| vesting_withdraw_rate | 0.000000 VESTS |
| next_vesting_withdrawal | 1969-12-31T23:59:59 |
| withdrawn | 0 |
| to_withdraw | 0 |
| withdraw_routes | 0 |
| savings_withdraw_requests | 0 |
| last_account_recovery | 1970-01-01T00:00:00 |
| reset_account | null |
| last_owner_update | 1970-01-01T00:00:00 |
| last_account_update | 1970-01-01T00:00:00 |
| mined | No |
| sbd_seconds | 0 |
| sbd_last_interest_payment | 1970-01-01T00:00:00 |
| savings_sbd_last_interest_payment | 1970-01-01T00:00:00 |
{
"active": {
"account_auths": [],
"key_auths": [
[
"STM79ThrADhq3Evo9xC6s34oQHvNGEoRgDRHFHAccESMszfHKhvmT",
1
]
],
"weight_threshold": 1
},
"balance": "0.000 STEEM",
"can_vote": true,
"comment_count": 0,
"created": "2016-10-24T18:57:48",
"curation_rewards": 0,
"delegated_vesting_shares": "0.000000 VESTS",
"downvote_manabar": {
"current_mana": 0,
"last_update_time": 1477335468
},
"guest_bloggers": [],
"id": 106783,
"json_metadata": "",
"last_account_recovery": "1970-01-01T00:00:00",
"last_account_update": "1970-01-01T00:00:00",
"last_owner_update": "1970-01-01T00:00:00",
"last_post": "2016-11-08T20:42:45",
"last_root_post": "2016-11-08T20:42:45",
"last_vote_time": "2017-10-31T02:17:15",
"lifetime_vote_count": 0,
"market_history": [],
"memo_key": "STM8kthvbREq8TTXAqHLpJw2yVSUk6xTqv4tDAtYDhEiTJdJyrsCX",
"mined": false,
"name": "avy",
"next_vesting_withdrawal": "1969-12-31T23:59:59",
"other_history": [],
"owner": {
"account_auths": [],
"key_auths": [
[
"STM5AX67sBGctAitNc1Epujbs5WovecZWRVKUsyweGrToRQK3Tgys",
1
]
],
"weight_threshold": 1
},
"pending_claimed_accounts": 0,
"post_bandwidth": 10000,
"post_count": 1,
"post_history": [],
"posting": {
"account_auths": [],
"key_auths": [
[
"STM79QFUQ7B11VtUqm15jpMnBXhmWDCJqEvKnztJrNiuVBFF5ybTx",
1
]
],
"weight_threshold": 1
},
"posting_json_metadata": "",
"posting_rewards": 144457,
"proxied_vsf_votes": [
0,
0,
0,
0
],
"proxy": "",
"received_vesting_shares": "0.000000 VESTS",
"recovery_account": "steem",
"reputation": "819167490296",
"reset_account": "null",
"reward_sbd_balance": "0.000 SBD",
"reward_steem_balance": "0.000 STEEM",
"reward_vesting_balance": "0.000000 VESTS",
"reward_vesting_steem": "0.000 STEEM",
"savings_balance": "0.000 STEEM",
"savings_sbd_balance": "0.000 SBD",
"savings_sbd_last_interest_payment": "1970-01-01T00:00:00",
"savings_sbd_seconds": "0",
"savings_sbd_seconds_last_update": "1970-01-01T00:00:00",
"savings_withdraw_requests": 0,
"sbd_balance": "0.000 SBD",
"sbd_last_interest_payment": "1970-01-01T00:00:00",
"sbd_seconds": "0",
"sbd_seconds_last_update": "2016-11-10T11:45:45",
"tags_usage": [],
"to_withdraw": 0,
"transfer_history": [],
"vesting_balance": "0.000 STEEM",
"vesting_shares": "14778.252653 VESTS",
"vesting_withdraw_rate": "0.000000 VESTS",
"vote_history": [],
"voting_manabar": {
"current_mana": 9800,
"last_update_time": 1509416235
},
"voting_power": 9800,
"withdraw_routes": 0,
"withdrawn": 0,
"witness_votes": [],
"witnesses_voted_for": 0,
"rank": 139227
}Withdraw Routes
| Incoming | Outgoing |
|---|---|
Empty | Empty |
{
"incoming": [],
"outgoing": []
}From Date
To Date
2019/10/24 20:08:30
2019/10/24 20:08:30
| author | steemitboard |
| body | Congratulations @avy! You received a personal award! <table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@avy/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table> <sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@avy) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=avy)_</sub> **Do not miss the last post from @steemitboard:** <table><tr><td><a href="https://steemit.com/steemfest/@steemitboard/steemfest-commemorative-badge-refactored"><img src="https://steemitimages.com/64x128/https://files.steempeak.com/file/steempeak/arcange/YqQV5Tbj-image.png"></a></td><td><a href="https://steemit.com/steemfest/@steemitboard/steemfest-commemorative-badge-refactored">SteemFest⁴ commemorative badge refactored</a></td></tr></table> ###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes! |
| json metadata | {"image":["https://steemitboard.com/img/notify.png"]} |
| parent author | avy |
| parent permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| permlink | steemitboard-notify-avy-20191024t200829000z |
| title | |
| Transaction Info | Block #37572978/Trx a127f66decb2f5e2ec959cb88e016db1fa747e10 |
View Raw JSON Data
{
"block": 37572978,
"op": [
"comment",
{
"author": "steemitboard",
"body": "Congratulations @avy! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@avy/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@avy) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=avy)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest-commemorative-badge-refactored\"><img src=\"https://steemitimages.com/64x128/https://files.steempeak.com/file/steempeak/arcange/YqQV5Tbj-image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/steemfest-commemorative-badge-refactored\">SteemFest⁴ commemorative badge refactored</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
"json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}",
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}2018/10/24 22:09:45
2018/10/24 22:09:45
| author | steemitboard |
| body | Congratulations @avy! You have received a personal award! [](http://steemitboard.com/@avy) 2 Years on Steemit <sub>_Click on the badge to view your Board of Honor._</sub> **Do not miss the last post from @steemitboard:** <table><tr><td><a href="https://steemit.com/steemitboard/@steemitboard/steemitboard-ranking-update-resteem-and-resteemed-added"><img src="https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmfRVpHQhLDhnjDtqck8GPv9NPvNKPfMsDaAFDE1D9Er2Z/header_ranking.png"></a></td><td><a href="https://steemit.com/steemitboard/@steemitboard/steemitboard-ranking-update-resteem-and-resteemed-added">SteemitBoard Ranking update - Resteem and Resteemed added</a></td></tr></table> > Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**! |
| json metadata | {"image":["https://steemitboard.com/img/notify.png"]} |
| parent author | avy |
| parent permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| permlink | steemitboard-notify-avy-20181024t220945000z |
| title | |
| Transaction Info | Block #27099771/Trx 3229e709b81654907e908585edaea88f49c476ff |
View Raw JSON Data
{
"block": 27099771,
"op": [
"comment",
{
"author": "steemitboard",
"body": "Congratulations @avy! You have received a personal award!\n\n[](http://steemitboard.com/@avy) 2 Years on Steemit\n<sub>_Click on the badge to view your Board of Honor._</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-ranking-update-resteem-and-resteemed-added\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmfRVpHQhLDhnjDtqck8GPv9NPvNKPfMsDaAFDE1D9Er2Z/header_ranking.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-ranking-update-resteem-and-resteemed-added\">SteemitBoard Ranking update - Resteem and Resteemed added</a></td></tr></table>\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
"json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}",
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}2018/07/04 20:20:06
2018/07/04 20:20:06
| author | steemitboard |
| body | Congratulations @avy! You have completed the following achievement on Steemit and have been rewarded with new badge(s) : [](http://steemitboard.com/@avy) Award for the number of upvotes <sub>_Click on the badge to view your Board of Honor._</sub> <sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub> **Do not miss the last post from @steemitboard:** [SteemitBoard World Cup Contest - Round of 16 - Day 4](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-round-of-16-day-4) --- **Participate in the [SteemitBoard World Cup Contest](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-collect-badges-and-win-free-sbd)!** Collect World Cup badges and win free SBD Support the Gold Sponsors of the contest: [@good-karma](https://v2.steemconnect.com/sign/account-witness-vote?witness=good-karma&approve=1) and [@lukestokes](https://v2.steemconnect.com/sign/account-witness-vote?witness=lukestokes.mhth&approve=1) --- > Do you like [SteemitBoard's project](https://steemit.com/@steemitboard)? Then **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**! |
| json metadata | {"image":["https://steemitboard.com/img/notify.png"]} |
| parent author | avy |
| parent permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| permlink | steemitboard-notify-avy-20180704t202005000z |
| title | |
| Transaction Info | Block #23889960/Trx cb183fa2f7e5cd12438ba1682b9bca619f7c8a6f |
View Raw JSON Data
{
"block": 23889960,
"op": [
"comment",
{
"author": "steemitboard",
"body": "Congratulations @avy! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :\n\n[](http://steemitboard.com/@avy) Award for the number of upvotes\n\n<sub>_Click on the badge to view your Board of Honor._</sub>\n<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>\n\n\n\n**Do not miss the last post from @steemitboard:**\n[SteemitBoard World Cup Contest - Round of 16 - Day 4](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-round-of-16-day-4)\n\n---\n**Participate in the [SteemitBoard World Cup Contest](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-collect-badges-and-win-free-sbd)!**\nCollect World Cup badges and win free SBD\nSupport the Gold Sponsors of the contest: [@good-karma](https://v2.steemconnect.com/sign/account-witness-vote?witness=good-karma&approve=1) and [@lukestokes](https://v2.steemconnect.com/sign/account-witness-vote?witness=lukestokes.mhth&approve=1)\n\n---\n\n> Do you like [SteemitBoard's project](https://steemit.com/@steemitboard)? Then **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
"json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}",
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"permlink": "steemitboard-notify-avy-20180704t202005000z",
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"virtual_op": 0
}2018/07/04 16:49:45
2018/07/04 16:49:45
| author | heiko |
| permlink | re-steeme-criminals-behind-bitclub-network-investment-scam-20170722t031156144z |
| voter | avy |
| weight | 10000 (100.00%) |
| Transaction Info | Block #23885760/Trx d7a213bccf19af843726ce8d5792603d7d68de62 |
View Raw JSON Data
{
"block": 23885760,
"op": [
"vote",
{
"author": "heiko",
"permlink": "re-steeme-criminals-behind-bitclub-network-investment-scam-20170722t031156144z",
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"weight": 10000
}
],
"op_in_trx": 0,
"timestamp": "2018-07-04T16:49:45",
"trx_id": "d7a213bccf19af843726ce8d5792603d7d68de62",
"trx_in_block": 8,
"virtual_op": 0
}2018/07/04 16:48:48
2018/07/04 16:48:48
| author | steeme |
| permlink | re-yoda1917-re-steeme-criminals-behind-bitclub-network-investment-scam-20180505t101330013z |
| voter | avy |
| weight | 10000 (100.00%) |
| Transaction Info | Block #23885741/Trx 97b6ad0cbbc89d7e2870844882dc6656d351bc41 |
View Raw JSON Data
{
"block": 23885741,
"op": [
"vote",
{
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"permlink": "re-yoda1917-re-steeme-criminals-behind-bitclub-network-investment-scam-20180505t101330013z",
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"weight": 10000
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],
"op_in_trx": 0,
"timestamp": "2018-07-04T16:48:48",
"trx_id": "97b6ad0cbbc89d7e2870844882dc6656d351bc41",
"trx_in_block": 11,
"virtual_op": 0
}2018/07/04 16:21:51
2018/07/04 16:21:51
| author | steeme |
| permlink | re-yoda1917-re-steeme-criminals-behind-bitclub-network-investment-scam-20180505t100836580z |
| voter | avy |
| weight | 10000 (100.00%) |
| Transaction Info | Block #23885204/Trx c311935ffbeeddf706e61735b10667925db90539 |
View Raw JSON Data
{
"block": 23885204,
"op": [
"vote",
{
"author": "steeme",
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"timestamp": "2018-07-04T16:21:51",
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}2017/10/31 02:17:54
2017/10/31 02:17:54
| author | avilsd |
| permlink | re-kingscrown-re-thegrinder-the-bitconnect-scam-exposed-20170423t191831335z |
| voter | avy |
| weight | 10000 (100.00%) |
| Transaction Info | Block #16799514/Trx 21cbd230523a1872ab850fd6da6dd968b889d485 |
View Raw JSON Data
{
"block": 16799514,
"op": [
"vote",
{
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"permlink": "re-kingscrown-re-thegrinder-the-bitconnect-scam-exposed-20170423t191831335z",
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}2017/10/31 02:17:15
2017/10/31 02:17:15
| author | savvymetals |
| permlink | re-usernamesarehard-re-kingscrown-re-thegrinder-the-bitconnect-scam-exposed-20171028t203023139z |
| voter | avy |
| weight | 10000 (100.00%) |
| Transaction Info | Block #16799501/Trx 208b37e7389af1a9dfbc49e687fe74b64df18376 |
View Raw JSON Data
{
"block": 16799501,
"op": [
"vote",
{
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}2017/10/24 19:33:00
2017/10/24 19:33:00
| author | steemitboard |
| body | Congratulations @avy! You have received a personal award! [](http://steemitboard.com/@avy) Happy Birthday - 1 Year on Steemit Happy Birthday - 1 Year on Steemit Click on the badge to view your own Board of Honor on SteemitBoard. For more information about this award, click [here](https://steemit.com/steemitboard/@steemitboard/steemitboard-update-8-happy-birthday) > By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)! |
| json metadata | {"image":["https://steemitboard.com/img/notifications.png"]} |
| parent author | avy |
| parent permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| permlink | steemitboard-notify-avy-20171024t193302000z |
| title | |
| Transaction Info | Block #16618716/Trx 26d3655e006cbe542c67cc6aff0b14af14350085 |
View Raw JSON Data
{
"block": 16618716,
"op": [
"comment",
{
"author": "steemitboard",
"body": "Congratulations @avy! You have received a personal award!\n\n[](http://steemitboard.com/@avy) Happy Birthday - 1 Year on Steemit Happy Birthday - 1 Year on Steemit\nClick on the badge to view your own Board of Honor on SteemitBoard.\n\nFor more information about this award, click [here](https://steemit.com/steemitboard/@steemitboard/steemitboard-update-8-happy-birthday)\n> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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}avycancelled power down2017/08/28 16:49:18
avycancelled power down
2017/08/28 16:49:18
| account | avy |
| vesting shares | 0.000000 VESTS |
| Transaction Info | Block #14975106/Trx 7b61e2b33feee359db80b1e989d9336218eb4248 |
View Raw JSON Data
{
"block": 14975106,
"op": [
"withdraw_vesting",
{
"account": "avy",
"vesting_shares": "0.000000 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-08-28T16:49:18",
"trx_id": "7b61e2b33feee359db80b1e989d9336218eb4248",
"trx_in_block": 5,
"virtual_op": 0
}2017/08/28 16:49:06
2017/08/28 16:49:06
| amount | 28.640 STEEM |
| from | avy |
| memo | 163f506d7b274f8c83f |
| to | bittrex |
| Transaction Info | Block #14975102/Trx 876ab56a3b14edf7f857ce87bd95faaa39a794fe |
View Raw JSON Data
{
"block": 14975102,
"op": [
"transfer",
{
"amount": "28.640 STEEM",
"from": "avy",
"memo": "163f506d7b274f8c83f",
"to": "bittrex"
}
],
"op_in_trx": 0,
"timestamp": "2017-08-28T16:49:06",
"trx_id": "876ab56a3b14edf7f857ce87bd95faaa39a794fe",
"trx_in_block": 27,
"virtual_op": 0
}avyreceived 7.164 STEEM from power down installment (9.075 SP)2017/08/25 23:17:12
avyreceived 7.164 STEEM from power down installment (9.075 SP)
2017/08/25 23:17:12
| deposited | 7.164 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #14896481/Virtual Operation #8 |
View Raw JSON Data
{
"block": 14896481,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.164 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-08-25T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 8
}avyreceived 7.161 STEEM from power down installment (9.075 SP)2017/08/18 23:17:12
avyreceived 7.161 STEEM from power down installment (9.075 SP)
2017/08/18 23:17:12
| deposited | 7.161 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #14694952/Virtual Operation #5 |
View Raw JSON Data
{
"block": 14694952,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.161 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-08-18T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 5
}avyreceived 7.159 STEEM from power down installment (9.075 SP)2017/08/11 23:17:12
avyreceived 7.159 STEEM from power down installment (9.075 SP)
2017/08/11 23:17:12
| deposited | 7.159 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #14494201/Virtual Operation #9 |
View Raw JSON Data
{
"block": 14494201,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.159 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-08-11T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 9
}avyreceived 7.156 STEEM from power down installment (9.075 SP)2017/08/04 23:17:12
avyreceived 7.156 STEEM from power down installment (9.075 SP)
2017/08/04 23:17:12
| deposited | 7.156 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #14292802/Virtual Operation #4 |
View Raw JSON Data
{
"block": 14292802,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.156 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-08-04T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 4
}2017/07/29 17:51:39
2017/07/29 17:51:39
| amount | 14.304 STEEM |
| from | avy |
| memo | 163f506d7b274f8c83f |
| to | bittrex |
| Transaction Info | Block #14113830/Trx c2439c7973ff83fdf149a365b7ab8a8338683d16 |
View Raw JSON Data
{
"block": 14113830,
"op": [
"transfer",
{
"amount": "14.304 STEEM",
"from": "avy",
"memo": "163f506d7b274f8c83f",
"to": "bittrex"
}
],
"op_in_trx": 0,
"timestamp": "2017-07-29T17:51:39",
"trx_id": "c2439c7973ff83fdf149a365b7ab8a8338683d16",
"trx_in_block": 11,
"virtual_op": 0
}avyreceived 7.153 STEEM from power down installment (9.075 SP)2017/07/28 23:17:12
avyreceived 7.153 STEEM from power down installment (9.075 SP)
2017/07/28 23:17:12
| deposited | 7.153 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #14091541/Virtual Operation #9 |
View Raw JSON Data
{
"block": 14091541,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.153 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-07-28T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 9
}avyreceived 7.151 STEEM from power down installment (9.075 SP)2017/07/21 23:17:12
avyreceived 7.151 STEEM from power down installment (9.075 SP)
2017/07/21 23:17:12
| deposited | 7.151 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #13890095/Virtual Operation #29 |
View Raw JSON Data
{
"block": 13890095,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.151 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-07-21T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 29
}2017/07/18 14:05:48
2017/07/18 14:05:48
| amount | 7.148 STEEM |
| from | avy |
| memo | 163f506d7b274f8c83f |
| to | bittrex |
| Transaction Info | Block #13792745/Trx 8f7b179c635eeb29bea8b452886886c72649ce60 |
View Raw JSON Data
{
"block": 13792745,
"op": [
"transfer",
{
"amount": "7.148 STEEM",
"from": "avy",
"memo": "163f506d7b274f8c83f",
"to": "bittrex"
}
],
"op_in_trx": 0,
"timestamp": "2017-07-18T14:05:48",
"trx_id": "8f7b179c635eeb29bea8b452886886c72649ce60",
"trx_in_block": 17,
"virtual_op": 0
}avyreceived 7.148 STEEM from power down installment (9.075 SP)2017/07/14 23:17:12
avyreceived 7.148 STEEM from power down installment (9.075 SP)
2017/07/14 23:17:12
| deposited | 7.148 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #13688636/Virtual Operation #6 |
View Raw JSON Data
{
"block": 13688636,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.148 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-07-14T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 6
}2017/07/10 19:08:45
2017/07/10 19:08:45
| amount | 21.428 STEEM |
| from | avy |
| memo | 163f506d7b274f8c83f |
| to | bittrex |
| Transaction Info | Block #13568600/Trx d78bbf57ff1c55b666535b9bd4fb4700985a3d94 |
View Raw JSON Data
{
"block": 13568600,
"op": [
"transfer",
{
"amount": "21.428 STEEM",
"from": "avy",
"memo": "163f506d7b274f8c83f",
"to": "bittrex"
}
],
"op_in_trx": 0,
"timestamp": "2017-07-10T19:08:45",
"trx_id": "d78bbf57ff1c55b666535b9bd4fb4700985a3d94",
"trx_in_block": 19,
"virtual_op": 0
}avyreceived 7.145 STEEM from power down installment (9.075 SP)2017/07/07 23:17:12
avyreceived 7.145 STEEM from power down installment (9.075 SP)
2017/07/07 23:17:12
| deposited | 7.145 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #13487291/Virtual Operation #12 |
View Raw JSON Data
{
"block": 13487291,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.145 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-07-07T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 12
}avyreceived 7.143 STEEM from power down installment (9.075 SP)2017/06/30 23:17:12
avyreceived 7.143 STEEM from power down installment (9.075 SP)
2017/06/30 23:17:12
| deposited | 7.143 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #13286260/Virtual Operation #4 |
View Raw JSON Data
{
"block": 13286260,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.143 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-06-30T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 4
}avyreceived 7.140 STEEM from power down installment (9.075 SP)2017/06/23 23:17:12
avyreceived 7.140 STEEM from power down installment (9.075 SP)
2017/06/23 23:17:12
| deposited | 7.140 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #13085045/Virtual Operation #16 |
View Raw JSON Data
{
"block": 13085045,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.140 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-06-23T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 16
}2017/06/20 14:22:30
2017/06/20 14:22:30
| amount | 7.137 STEEM |
| from | avy |
| memo | 163f506d7b274f8c83f |
| to | bittrex |
| Transaction Info | Block #12988232/Trx bc94641011e8e7d9e21b64aa8b2aeed1b17113be |
View Raw JSON Data
{
"block": 12988232,
"op": [
"transfer",
{
"amount": "7.137 STEEM",
"from": "avy",
"memo": "163f506d7b274f8c83f",
"to": "bittrex"
}
],
"op_in_trx": 0,
"timestamp": "2017-06-20T14:22:30",
"trx_id": "bc94641011e8e7d9e21b64aa8b2aeed1b17113be",
"trx_in_block": 2,
"virtual_op": 0
}avyreceived 7.137 STEEM from power down installment (9.075 SP)2017/06/16 23:17:12
avyreceived 7.137 STEEM from power down installment (9.075 SP)
2017/06/16 23:17:12
| deposited | 7.137 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #12883812/Virtual Operation #6 |
View Raw JSON Data
{
"block": 12883812,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.137 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-06-16T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 6
}2017/06/10 18:33:24
2017/06/10 18:33:24
| amount | 7.135 STEEM |
| from | avy |
| memo | 163f506d7b274f8c83f |
| to | bittrex |
| Transaction Info | Block #12705441/Trx 3557dffcd97f67ee85cbcda9906b7e3c3c4c83c7 |
View Raw JSON Data
{
"block": 12705441,
"op": [
"transfer",
{
"amount": "7.135 STEEM",
"from": "avy",
"memo": "163f506d7b274f8c83f",
"to": "bittrex"
}
],
"op_in_trx": 0,
"timestamp": "2017-06-10T18:33:24",
"trx_id": "3557dffcd97f67ee85cbcda9906b7e3c3c4c83c7",
"trx_in_block": 7,
"virtual_op": 0
}avyreceived 7.135 STEEM from power down installment (9.075 SP)2017/06/09 23:17:12
avyreceived 7.135 STEEM from power down installment (9.075 SP)
2017/06/09 23:17:12
| deposited | 7.135 STEEM |
| from account | avy |
| to account | avy |
| withdrawn | 14778.252644 VESTS |
| Transaction Info | Block #12682317/Virtual Operation #10 |
View Raw JSON Data
{
"block": 12682317,
"op": [
"fill_vesting_withdraw",
{
"deposited": "7.135 STEEM",
"from_account": "avy",
"to_account": "avy",
"withdrawn": "14778.252644 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-06-09T23:17:12",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 10
}avystarted power down of 117.978 SP2017/06/02 23:17:12
avystarted power down of 117.978 SP
2017/06/02 23:17:12
| account | avy |
| vesting shares | 192117.284381 VESTS |
| Transaction Info | Block #12480959/Trx 6ef29a4a25f9edddc8bffbc9a3f1f59e851bc0a6 |
View Raw JSON Data
{
"block": 12480959,
"op": [
"withdraw_vesting",
{
"account": "avy",
"vesting_shares": "192117.284381 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2017-06-02T23:17:12",
"trx_id": "6ef29a4a25f9edddc8bffbc9a3f1f59e851bc0a6",
"trx_in_block": 1,
"virtual_op": 0
}2017/05/10 03:36:27
2017/05/10 03:36:27
| id | follow |
| json | ["follow",{"follower":"avy","following":"detol","what":["ignore"]}] |
| required auths | [] |
| required posting auths | ["avy"] |
| Transaction Info | Block #11795514/Trx c91b83beb7687531d465cd61731e2d75e36e0a81 |
View Raw JSON Data
{
"block": 11795514,
"op": [
"custom_json",
{
"id": "follow",
"json": "[\"follow\",{\"follower\":\"avy\",\"following\":\"detol\",\"what\":[\"ignore\"]}]",
"required_auths": [],
"required_posting_auths": [
"avy"
]
}
],
"op_in_trx": 0,
"timestamp": "2017-05-10T03:36:27",
"trx_id": "c91b83beb7687531d465cd61731e2d75e36e0a81",
"trx_in_block": 1,
"virtual_op": 0
}2017/04/27 17:02:00
2017/04/27 17:02:00
| id | follow |
| json | ["follow",{"follower":"avy","following":"hilarski","what":["blog"]}] |
| required auths | [] |
| required posting auths | ["avy"] |
| Transaction Info | Block #11437563/Trx bcaa72e55e152ddc7d963b9d60408283c85ea090 |
View Raw JSON Data
{
"block": 11437563,
"op": [
"custom_json",
{
"id": "follow",
"json": "[\"follow\",{\"follower\":\"avy\",\"following\":\"hilarski\",\"what\":[\"blog\"]}]",
"required_auths": [],
"required_posting_auths": [
"avy"
]
}
],
"op_in_trx": 0,
"timestamp": "2017-04-27T17:02:00",
"trx_id": "bcaa72e55e152ddc7d963b9d60408283c85ea090",
"trx_in_block": 10,
"virtual_op": 0
}2017/04/15 22:07:36
2017/04/15 22:07:36
| amount | 72.228 STEEM |
| from | avy |
| memo | 334a4ac8d9dadb48 |
| to | poloniex |
| Transaction Info | Block #11098264/Trx 25f8fcb813058e064933d2719a0b14dc7186e952 |
View Raw JSON Data
{
"block": 11098264,
"op": [
"transfer",
{
"amount": "72.228 STEEM",
"from": "avy",
"memo": "334a4ac8d9dadb48",
"to": "poloniex"
}
],
"op_in_trx": 0,
"timestamp": "2017-04-15T22:07:36",
"trx_id": "25f8fcb813058e064933d2719a0b14dc7186e952",
"trx_in_block": 2,
"virtual_op": 0
}| author | avy |
| permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| voter | humanearl |
| weight | 10000 (100.00%) |
| Transaction Info | Block #7165922/Trx d823d0e9be3cee2869064cf871edbb4b438bc85b |
View Raw JSON Data
{
"block": 7165922,
"op": [
"vote",
{
"author": "avy",
"permlink": "how-do-blockchains-bitcoin-and-related-decentralization-technologies-work",
"voter": "humanearl",
"weight": 10000
}
],
"op_in_trx": 0,
"timestamp": "2016-11-30T03:29:03",
"trx_id": "d823d0e9be3cee2869064cf871edbb4b438bc85b",
"trx_in_block": 0,
"virtual_op": 0
}avyreceived 72.228 STEEM, 102.702 SP author reward for @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
avyreceived 72.228 STEEM, 102.702 SP author reward for @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
| author | avy |
| permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| sbd payout | 0.000 SBD |
| steem payout | 72.228 STEEM |
| vesting payout | 167241.729769 VESTS |
| Transaction Info | Block #6600350/Virtual Operation #22 |
View Raw JSON Data
{
"block": 6600350,
"op": [
"author_reward",
{
"author": "avy",
"permlink": "how-do-blockchains-bitcoin-and-related-decentralization-technologies-work",
"sbd_payout": "0.000 SBD",
"steem_payout": "72.228 STEEM",
"vesting_payout": "167241.729769 VESTS"
}
],
"op_in_trx": 0,
"timestamp": "2016-11-10T11:45:45",
"trx_id": "0000000000000000000000000000000000000000",
"trx_in_block": 4294967295,
"virtual_op": 22
}| author | avy |
| permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| voter | willybobob |
| weight | 10000 (100.00%) |
| Transaction Info | Block #6581138/Trx ae6bc7731bd29f7758d8e1d27199f6136fd4d255 |
View Raw JSON Data
{
"block": 6581138,
"op": [
"vote",
{
"author": "avy",
"permlink": "how-do-blockchains-bitcoin-and-related-decentralization-technologies-work",
"voter": "willybobob",
"weight": 10000
}
],
"op_in_trx": 0,
"timestamp": "2016-11-09T19:44:54",
"trx_id": "ae6bc7731bd29f7758d8e1d27199f6136fd4d255",
"trx_in_block": 0,
"virtual_op": 0
}butanupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
butanupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
| author | avy |
| permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| voter | butan |
| weight | 10000 (100.00%) |
| Transaction Info | Block #6575771/Trx 7d32a9d370f626534eac53a5b5e0be926e5f2681 |
View Raw JSON Data
{
"block": 6575771,
"op": [
"vote",
{
"author": "avy",
"permlink": "how-do-blockchains-bitcoin-and-related-decentralization-technologies-work",
"voter": "butan",
"weight": 10000
}
],
"op_in_trx": 0,
"timestamp": "2016-11-09T15:16:21",
"trx_id": "7d32a9d370f626534eac53a5b5e0be926e5f2681",
"trx_in_block": 2,
"virtual_op": 0
}adeljaupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
adeljaupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
| author | avy |
| permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| voter | adelja |
| weight | 10000 (100.00%) |
| Transaction Info | Block #6575174/Trx dda2095f4ecc391d4f0404a2a8cce52f6d526836 |
View Raw JSON Data
{
"block": 6575174,
"op": [
"vote",
{
"author": "avy",
"permlink": "how-do-blockchains-bitcoin-and-related-decentralization-technologies-work",
"voter": "adelja",
"weight": 10000
}
],
"op_in_trx": 0,
"timestamp": "2016-11-09T14:46:24",
"trx_id": "dda2095f4ecc391d4f0404a2a8cce52f6d526836",
"trx_in_block": 2,
"virtual_op": 0
}| author | avy |
| permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| voter | nepalipahad |
| weight | 10000 (100.00%) |
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mrlogicupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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croatiaupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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curieupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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clayopupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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kushedupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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crimsonupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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oshimaupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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val-aupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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avyunfollowed @smysullivan
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brainsupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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anomalyupvoted (100.00%) @avy / how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
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avypublished a new post: how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
| author | avy |
| body | @@ -9640,17 +9640,17 @@ ises on -F +f acebook%5D |
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avypublished a new post: how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
| author | avy |
| body | @@ -8,16 +8,37 @@ ed from +%5Bavyenterprises.com%5D( http://a @@ -60,16 +60,17 @@ om/blog) +) %0A%0AEver s |
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| parent author | |
| parent permlink | decentralization |
| permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| title | How do Blockchains, Bitcoin and Related Decentralization Technologies Work? |
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avypublished a new post: how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
| author | avy |
| body | (x-posted from http://avyenterprises.com/blog) Ever since I began building my presence in the [decentralization](http://www.businessdictionary.com/definition/decentralization.html) industry I've found myself giving many an impromptu [Bitcoin 101](http://www.businessinsider.com/what-is-bitcoin-2013-4) lecture - usually about two or three questions into the [Pandora's Box](http://greece.mrdonn.org/greekgods/pandora.html) that is "So, what do you do?" <center> <sup>*[<3 Charles Shultz](http://schulzmuseum.org/about-the-man/schulz-biography/)*</sup></center> While I do enjoy bouncing my explanations off of various friends and colleagues; honing my pitch and presentation with each delivery, I can't help but think it might be a little easier for everyone involved if I wrote it all out like I were answering a question on [r/explainlikeimfive](https://www.reddit.com/r/explainlikeimfive/) that I could reference and refer to. That is what I intend to do here. We'll see how that goes. You be the judge! ## WTF is a Bitcoin? Whoa, hold on there pal. Bitcoin - with a capital 'B' - is the [peer-to-peer](http://searchnetworking.techtarget.com/definition/peer-to-peer) [network](http://www.webopedia.com/TERM/N/network.html) that allows the transacting of bitcoin(s) (little 'b'). Thus a bitcoin is simply a unit representing the transfer of value within the Bitcoin ecosystem. To better understand just what a bitcoin is and how it is able to traverse the Bitcoin Network we will ultimately follow one all the way from its creation to whomever 'mined' it [to an exchange](https://www.coinbase.com/join/549ec6c724efa6d7eb00011b) or perhaps even your own wallet. First we need to get a few basics out of the way so please bear with me... <center> <sup>*I'll try not to fall too far into the weeds, I promise! via [Media Marathoning](http://mediamarathoning.com/beware-the-dvr/in-the-weeds/)*</sup></center> ## The Network Bitcoin (capital B, aka 'the network') is essentially comprised of [tens or hundreds of thousands](https://en.bitcoin.it/wiki/Clearing_Up_Misconceptions_About_Full_Nodes) of computers worldwide running a copy of the [Bitcoin Core](https://bitcoin.org/en/bitcoin-core/) software or another [compatible program](https://bitcoin.org/en/choose-your-wallet). Each installation is called a node and each [full node](https://en.bitcoin.it/wiki/Full_node) is tasked with maintaining a copy of the [blockchain](https://en.wikipedia.org/wiki/Blockchain_(database)) while accepting and propagating new transactions and blocks from/to the rest of the network. ## Blocks? Like Legos? Yeah... kindof. In order for transactions to be confirmed as valid by the network they need to be included in a block that is built upon the chain of previous blocks that came before it. Hence: 'blockchain'. "But how are transactions put into blocks" you ask? Great question! Some of the nodes on the network participate in a process called mining through which they collect the stray transactions relayed to them by other nodes and build them into blocks which are then broadcast back out to the network. ## Mining Difficulties Each block is subject to a number of rules governed by the network and the software that underlies it all. [Most controversial for Bitcoin](https://en.bitcoin.it/wiki/Block_size_limit_controversy) as of recent is the 1 megabyte size limit miners must work within, cramming as many transactions as possible into each block to maximize the collection of [transaction fees](https://en.bitcoin.it/wiki/Transaction_fees). Alternatively some miners [choose to produce empty blocks](https://bitcoinmagazine.com/articles/why-do-some-bitcoin-mining-pools-mine-empty-blocks-1468337739) to decrease latency in producing/transmitting blocks. The other major factor built into the system is the [network difficulty](https://en.bitcoin.it/wiki/Difficulty) which governs how often blocks are 'found' and added to the chain. Difficulty is [adjusted every 2016 blocks](https://en.bitcoin.it/wiki/Protocol_documentation) to [target](https://en.bitcoin.it/wiki/Target) a spacing of 10 minutes between each block based upon the average inter-block-time of the previous 2016 blocks. This functions to keep the network running at a steady pace despite computing power being added to or removed from the network and underpins what is known as the [Proof of Work](https://en.wikipedia.org/wiki/Proof-of-work_system) method for securing our blockchain. ## Imagination Time! <center> <sup>*We're off to Imagination Land! - via [South Park](http://southpark.wikia.com/wiki/Imaginationland)*</sup></center> Let's pretend we are a piece of [mining software](https://99bitcoins.com/the-6-best-bitcoin-mining-software/). At any given moment our job is to put together a collection of [unconfirmed transactions](https://blockchain.info/unconfirmed-transactions), the header from the previous block on the blockchain and [a random value called a nonce](https://en.bitcoin.it/wiki/Nonce). Together with a few other bits and pieces this is our block-candidate. Below is an approximation of our block in pseudo-code. This may not accurately represent [how the data is actually structured](https://en.bitcoin.it/wiki/Block) but should serve to help illustrate what's going on. Nonce Previous Block Header Transaction A Transaction B ... Transaction N We then take this block of data and put it through a [cryptographic](https://en.wikipedia.org/wiki/Cryptography) [hashing algorithm](https://en.wikipedia.org/wiki/Hash_function) - in Bitcoin's case we use [a variation on SHA256d](https://en.bitcoin.it/wiki/Block_hashing_algorithm) - which reduces it all down to a string of hexadecimal characters that we will include in our block's header. 0000000000000000030a686697841075284e815db663943d9939c99aa0b90ca6 This example is [an IRL Bitcoin block's](https://blockchain.info/block/0000000000000000030a686697841075284e815db663943d9939c99aa0b90ca6) hash, the top block when I copy/pasted it here actually. Notice the string of 0's at the beginning. Those in the computer science field will instinctively understand that each of those 0's [corresponds to a longer sequence of four 'off bits'](http://www.rapidtables.com/convert/number/how-binary-to-hex.htm) (0's) when the number is denoted in binary rather than hexadecimal. Network difficulty governs how many of these leading zeros must exist in the beginning of our block's binary hash before it will even be [considered for acceptance by the network](http://bitcoin.stackexchange.com/questions/29742/strongest-vs-longest-chain-and-orphaned-blocks). Because the hash function maps to this space of numbers in a statistically unbiased way we can know the probability of generating a hash that meets the difficulty criterion and thus how many hashes we will need to generate on average in order to find one that does. This is where the nonce comes in. If we just rehash the same data then the resulting output will not change, so rather than rearrange the contents of our block we'll simply change (increment, typically) the nonce we're using after each failure and check to see if that results in a valid hash. If it does we send that puppy out to the network to be confirmed so we can collect our reward! ## Money From Nothing https://www.youtube.com/watch?v=lAD6Obi7Cag I can already hear you saying "that's all fine and dandy, AvY but all we really care about is the money. Show us the money already, dammit!" Fair enough. For all of this work we've put in I agree that we deserve some kind of compensation for securing everyone's transactions. Luckily so does the network! As a reward for doing all of this as a miner we are allowed to include one extra transaction known as the [coinbase transaction](http://bitcoin.stackexchange.com/questions/4571/what-is-the-coinbase) in each block we mine which effectively creates coins out of thin air and transfers them into our wallet. When Bitcoin was brand new [circa January 2009](https://blockchain.info/block-index/14849) this reward started at 50 bitcoins per block and roughly every four years the block-reward is cut in half in an event that has come to be known as [The Halving](https://bitcoinmagazine.com/articles/how-bitcoin-s-second-halving-came-and-went-and-not-much-happened-1468856719) or Halvening. This dispersion schedule ensures that the total supply of bitcoins will never exceed 21 million. ## And so our journey begins.... https://www.youtube.com/watch?v=lPkVt7U0Gvs As a freshly minted - or mined - bitcoin we find ourselves assigned to whichever Bitcoin address was specified as the destination or '[output](https://en.bitcoin.it/wiki/Transaction#Output)' in the [aforementioned coinbase transaction](https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b). We don't actually exist anywhere, we are just referred to by this transaction verifying the validity of our ownership on the blockchain. Before we can go any further we'll need cover some more theory to explain addresses, public/private keys and just how transactions are constructed/signed using cryptography. Stay tuned for part two where we'll continue our blockchain adventure! To be notified whenever a new post goes live and increase bloodflow to your genitalia* please be sure to [like and follow AvY Enterprises on Facebook](https://www.facebook.com/AvYEnterprises). *This statement has not been evaluated by the [United States FDA](http://www.fda.gov/). Please don't sue me! |
| json metadata | {"tags":["bitcoin","blockchain","theory","decentralization"],"image":["http://avyenterprises.com/blog/wp-content/uploads/2016/11/for-a-living.jpg","http://avyenterprises.com/blog/wp-content/uploads/2016/11/In-the-weeds.jpg","http://avyenterprises.com/blog/wp-content/uploads/2016/11/Mayor.png","https://img.youtube.com/vi/lAD6Obi7Cag/0.jpg","https://img.youtube.com/vi/lPkVt7U0Gvs/0.jpg"],"links":["http://avyenterprises.com/blog","http://www.businessdictionary.com/definition/decentralization.html","http://www.businessinsider.com/what-is-bitcoin-2013-4","http://greece.mrdonn.org/greekgods/pandora.html","http://schulzmuseum.org/about-the-man/schulz-biography/","https://www.reddit.com/r/explainlikeimfive/","http://searchnetworking.techtarget.com/definition/peer-to-peer","http://www.webopedia.com/TERM/N/network.html","https://www.coinbase.com/join/549ec6c724efa6d7eb00011b","http://mediamarathoning.com/beware-the-dvr/in-the-weeds/","https://en.bitcoin.it/wiki/Clearing_Up_Misconceptions_About_Full_Nodes","https://bitcoin.org/en/bitcoin-core/","https://bitcoin.org/en/choose-your-wallet","https://en.bitcoin.it/wiki/Full_node","https://en.wikipedia.org/wiki/Blockchain_(database)","https://en.bitcoin.it/wiki/Block_size_limit_controversy","https://en.bitcoin.it/wiki/Transaction_fees","https://bitcoinmagazine.com/articles/why-do-some-bitcoin-mining-pools-mine-empty-blocks-1468337739","https://en.bitcoin.it/wiki/Difficulty","https://en.bitcoin.it/wiki/Protocol_documentation","https://en.bitcoin.it/wiki/Target","https://en.wikipedia.org/wiki/Proof-of-work_system","http://southpark.wikia.com/wiki/Imaginationland","https://99bitcoins.com/the-6-best-bitcoin-mining-software/","https://blockchain.info/unconfirmed-transactions","https://en.bitcoin.it/wiki/Nonce","https://en.bitcoin.it/wiki/Block","https://en.wikipedia.org/wiki/Cryptography","https://en.wikipedia.org/wiki/Hash_function","https://en.bitcoin.it/wiki/Block_hashing_algorithm","https://blockchain.info/block/0000000000000000030a686697841075284e815db663943d9939c99aa0b90ca6","http://www.rapidtables.com/convert/number/how-binary-to-hex.htm","http://bitcoin.stackexchange.com/questions/29742/strongest-vs-longest-chain-and-orphaned-blocks","https://www.youtube.com/watch?v=lAD6Obi7Cag","http://bitcoin.stackexchange.com/questions/4571/what-is-the-coinbase","https://blockchain.info/block-index/14849","https://bitcoinmagazine.com/articles/how-bitcoin-s-second-halving-came-and-went-and-not-much-happened-1468856719","https://www.youtube.com/watch?v=lPkVt7U0Gvs","https://en.bitcoin.it/wiki/Transaction#Output","https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b","https://www.facebook.com/AvYEnterprises","http://www.fda.gov/"],"app":"steemit/0.1","format":"markdown"} |
| parent author | |
| parent permlink | decentralization |
| permlink | how-do-blockchains-bitcoin-and-related-decentralization-technologies-work |
| title | How do Blockchains, Bitcoin and Related Decentralization Technologies Work? |
| Transaction Info | Block #6553802/Trx fe45c69354333aed0013b46b2e9f86ee9f4bd1ae |
View Raw JSON Data
{
"block": 6553802,
"op": [
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"author": "avy",
"body": "(x-posted from http://avyenterprises.com/blog)\n\nEver since I began building my presence in the [decentralization](http://www.businessdictionary.com/definition/decentralization.html) industry I've found myself giving many an impromptu [Bitcoin 101](http://www.businessinsider.com/what-is-bitcoin-2013-4) lecture - usually about two or three questions into the [Pandora's Box](http://greece.mrdonn.org/greekgods/pandora.html) that is \"So, what do you do?\"\n\n<center>\n<sup>*[<3 Charles Shultz](http://schulzmuseum.org/about-the-man/schulz-biography/)*</sup></center>\n\nWhile I do enjoy bouncing my explanations off of various friends and colleagues; honing my pitch and presentation with each delivery, I can't help but think it might be a little easier for everyone involved if I wrote it all out like I were answering a question on [r/explainlikeimfive](https://www.reddit.com/r/explainlikeimfive/) that I could reference and refer to.\n\nThat is what I intend to do here. We'll see how that goes. You be the judge!\n\n## WTF is a Bitcoin?\n\nWhoa, hold on there pal. Bitcoin - with a capital 'B' - is the [peer-to-peer](http://searchnetworking.techtarget.com/definition/peer-to-peer) [network](http://www.webopedia.com/TERM/N/network.html) that allows the transacting of bitcoin(s) (little 'b'). Thus a bitcoin is simply a unit representing the transfer of value within the Bitcoin ecosystem.\n\nTo better understand just what a bitcoin is and how it is able to traverse the Bitcoin Network we will ultimately follow one all the way from its creation to whomever 'mined' it [to an exchange](https://www.coinbase.com/join/549ec6c724efa6d7eb00011b) or perhaps even your own wallet.\n\nFirst we need to get a few basics out of the way so please bear with me...\n\n<center>\n<sup>*I'll try not to fall too far into the weeds, I promise!\nvia [Media Marathoning](http://mediamarathoning.com/beware-the-dvr/in-the-weeds/)*</sup></center>\n\n## The Network\n\nBitcoin (capital B, aka 'the network') is essentially comprised of [tens or hundreds of thousands](https://en.bitcoin.it/wiki/Clearing_Up_Misconceptions_About_Full_Nodes) of computers worldwide running a copy of the [Bitcoin Core](https://bitcoin.org/en/bitcoin-core/) software or another [compatible program](https://bitcoin.org/en/choose-your-wallet).\n\nEach installation is called a node and each [full node](https://en.bitcoin.it/wiki/Full_node) is tasked with maintaining a copy of the [blockchain](https://en.wikipedia.org/wiki/Blockchain_(database)) while accepting and propagating new transactions and blocks from/to the rest of the network.\n\n## Blocks? Like Legos?\n\nYeah... kindof. In order for transactions to be confirmed as valid by the network they need to be included in a block that is built upon the chain of previous blocks that came before it.\n\nHence: 'blockchain'.\n\n\"But how are transactions put into blocks\" you ask? Great question!\n\nSome of the nodes on the network participate in a process called mining through which they collect the stray transactions relayed to them by other nodes and build them into blocks which are then broadcast back out to the network.\n\n## Mining Difficulties\n\nEach block is subject to a number of rules governed by the network and the software that underlies it all. [Most controversial for Bitcoin](https://en.bitcoin.it/wiki/Block_size_limit_controversy) as of recent is the 1 megabyte size limit miners must work within, cramming as many transactions as possible into each block to maximize the collection of [transaction fees](https://en.bitcoin.it/wiki/Transaction_fees). Alternatively some miners [choose to produce empty blocks](https://bitcoinmagazine.com/articles/why-do-some-bitcoin-mining-pools-mine-empty-blocks-1468337739) to decrease latency in producing/transmitting blocks.\n\nThe other major factor built into the system is the [network difficulty](https://en.bitcoin.it/wiki/Difficulty) which governs how often blocks are 'found' and added to the chain. Difficulty is [adjusted every 2016 blocks](https://en.bitcoin.it/wiki/Protocol_documentation) to [target](https://en.bitcoin.it/wiki/Target) a spacing of 10 minutes between each block based upon the average inter-block-time of the previous 2016 blocks.\n\nThis functions to keep the network running at a steady pace despite computing power being added to or removed from the network and underpins what is known as the [Proof of Work](https://en.wikipedia.org/wiki/Proof-of-work_system) method for securing our blockchain.\n\n## Imagination Time!\n<center>\n<sup>*We're off to Imagination Land! - via [South Park](http://southpark.wikia.com/wiki/Imaginationland)*</sup></center>\n\nLet's pretend we are a piece of [mining software](https://99bitcoins.com/the-6-best-bitcoin-mining-software/). At any given moment our job is to put together a collection of [unconfirmed transactions](https://blockchain.info/unconfirmed-transactions), the header from the previous block on the blockchain and [a random value called a nonce](https://en.bitcoin.it/wiki/Nonce). Together with a few other bits and pieces this is our block-candidate.\n\nBelow is an approximation of our block in pseudo-code. This may not accurately represent [how the data is actually structured](https://en.bitcoin.it/wiki/Block) but should serve to help illustrate what's going on.\n\n Nonce\n Previous Block Header\n Transaction A\n Transaction B\n ...\n Transaction N\n\nWe then take this block of data and put it through a [cryptographic](https://en.wikipedia.org/wiki/Cryptography) [hashing algorithm](https://en.wikipedia.org/wiki/Hash_function) - in Bitcoin's case we use [a variation on SHA256d](https://en.bitcoin.it/wiki/Block_hashing_algorithm) - which reduces it all down to a string of hexadecimal characters that we will include in our block's header.\n\n 0000000000000000030a686697841075284e815db663943d9939c99aa0b90ca6\n\nThis example is [an IRL Bitcoin block's](https://blockchain.info/block/0000000000000000030a686697841075284e815db663943d9939c99aa0b90ca6) hash, the top block when I copy/pasted it here actually.\n\nNotice the string of 0's at the beginning. Those in the computer science field will instinctively understand that each of those 0's [corresponds to a longer sequence of four 'off bits'](http://www.rapidtables.com/convert/number/how-binary-to-hex.htm) (0's) when the number is denoted in binary rather than hexadecimal.\n\nNetwork difficulty governs how many of these leading zeros must exist in the beginning of our block's binary hash before it will even be [considered for acceptance by the network](http://bitcoin.stackexchange.com/questions/29742/strongest-vs-longest-chain-and-orphaned-blocks).\n\nBecause the hash function maps to this space of numbers in a statistically unbiased way we can know the probability of generating a hash that meets the difficulty criterion and thus how many hashes we will need to generate on average in order to find one that does.\n\nThis is where the nonce comes in. If we just rehash the same data then the resulting output will not change, so rather than rearrange the contents of our block we'll simply change (increment, typically) the nonce we're using after each failure and check to see if that results in a valid hash.\n\nIf it does we send that puppy out to the network to be confirmed so we can collect our reward!\n\n## Money From Nothing\nhttps://www.youtube.com/watch?v=lAD6Obi7Cag\n\nI can already hear you saying \"that's all fine and dandy, AvY but all we really care about is the money. Show us the money already, dammit!\"\n\nFair enough. For all of this work we've put in I agree that we deserve some kind of compensation for securing everyone's transactions.\n\nLuckily so does the network!\n\nAs a reward for doing all of this as a miner we are allowed to include one extra transaction known as the [coinbase transaction](http://bitcoin.stackexchange.com/questions/4571/what-is-the-coinbase) in each block we mine which effectively creates coins out of thin air and transfers them into our wallet.\n\nWhen Bitcoin was brand new [circa January 2009](https://blockchain.info/block-index/14849) this reward started at 50 bitcoins per block and roughly every four years the block-reward is cut in half in an event that has come to be known as [The Halving](https://bitcoinmagazine.com/articles/how-bitcoin-s-second-halving-came-and-went-and-not-much-happened-1468856719) or Halvening. This dispersion schedule ensures that the total supply of bitcoins will never exceed 21 million.\n\n## And so our journey begins....\nhttps://www.youtube.com/watch?v=lPkVt7U0Gvs\n\nAs a freshly minted - or mined - bitcoin we find ourselves assigned to whichever Bitcoin address was specified as the destination or '[output](https://en.bitcoin.it/wiki/Transaction#Output)' in the [aforementioned coinbase transaction](https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b). We don't actually exist anywhere, we are just referred to by this transaction verifying the validity of our ownership on the blockchain.\n\nBefore we can go any further we'll need cover some more theory to explain addresses, public/private keys and just how transactions are constructed/signed using cryptography.\n\nStay tuned for part two where we'll continue our blockchain adventure!\n\nTo be notified whenever a new post goes live and increase bloodflow to your genitalia* please be sure to [like and follow AvY Enterprises on Facebook](https://www.facebook.com/AvYEnterprises).\n\n*This statement has not been evaluated by the [United States FDA](http://www.fda.gov/). Please don't sue me!",
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"parent_permlink": "decentralization",
"permlink": "how-do-blockchains-bitcoin-and-related-decentralization-technologies-work",
"title": "How do Blockchains, Bitcoin and Related Decentralization Technologies Work?"
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"timestamp": "2016-11-08T20:55:06",
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}avypublished a new post: how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
avypublished a new post: how-do-blockchains-bitcoin-and-related-decentralization-technologies-work
| author | avy |
| body | (x-posted from http://avyenterprises.com/blog) Ever since I began building my presence in the [decentralization](http://www.businessdictionary.com/definition/decentralization.html) industry I've found myself giving many an impromptu [Bitcoin 101](http://www.businessinsider.com/what-is-bitcoin-2013-4) lecture - usually about two or three questions into the [Pandora's Box](http://greece.mrdonn.org/greekgods/pandora.html) that is "So, what do you do?" <center> <sup>*[<3 Charles Shultz](http://schulzmuseum.org/about-the-man/schulz-biography/)*</sup></center> While I do enjoy bouncing my explanations off of various friends and colleagues; honing my pitch and presentation with each delivery, I can't help but think it might be a little easier for everyone involved if I wrote it all out like I were answering a question on [r/explainlikeimfive](https://www.reddit.com/r/explainlikeimfive/) that I could reference and refer to. That is what I intend to do here. We'll see how that goes. You be the judge! ## WTF is a Bitcoin? Whoa, hold on there pal. Bitcoin - with a capital 'B' - is the [peer-to-peer](http://searchnetworking.techtarget.com/definition/peer-to-peer) [network](http://www.webopedia.com/TERM/N/network.html) that allows the transacting of bitcoin(s) (little 'b'). Thus a bitcoin is simply a unit representing the transfer of value within the Bitcoin ecosystem. To better understand just what a bitcoin is and how it is able to traverse the Bitcoin Network we will ultimately follow one all the way from its creation to whomever 'mined' it [to an exchange](https://www.coinbase.com/join/549ec6c724efa6d7eb00011b) or perhaps even your own wallet. First we need to get a few basics out of the way so please bear with me... <center> <sup>*I'll try not to fall too far into the weeds, I promise! via [Media Marathoning](http://mediamarathoning.com/beware-the-dvr/in-the-weeds/)*</sup></center> ## The Network Bitcoin (capital B, aka 'the network') is essentially comprised of [tens or hundreds of thousands](https://en.bitcoin.it/wiki/Clearing_Up_Misconceptions_About_Full_Nodes) of computers worldwide running a copy of the [Bitcoin Core](https://bitcoin.org/en/bitcoin-core/) software or another [compatible program](https://bitcoin.org/en/choose-your-wallet). Each installation is called a node and each [full node](https://en.bitcoin.it/wiki/Full_node) is tasked with maintaining a copy of the [blockchain](https://en.wikipedia.org/wiki/Blockchain_(database)) while accepting and propagating new transactions and blocks from/to the rest of the network. ## Blocks? Like Legos? Yeah... kindof. In order for transactions to be confirmed as valid by the network they need to be included in a block that is built upon the chain of previous blocks that came before it. Hence: 'blockchain'. "But how are transactions put into blocks" you ask? Great question! Some of the nodes on the network participate in a process called mining through which they collect the stray transactions relayed to them by other nodes and build them into blocks which are then broadcast back out to the network. ## Mining Difficulties Each block is subject to a number of rules governed by the network and the software that underlies it all. [Most controversial for Bitcoin](https://en.bitcoin.it/wiki/Block_size_limit_controversy) as of recent is the 1 megabyte size limit miners must work within, cramming as many transactions as possible into each block to maximize the collection of [transaction fees](https://en.bitcoin.it/wiki/Transaction_fees). Alternatively some miners [choose to produce empty blocks](https://bitcoinmagazine.com/articles/why-do-some-bitcoin-mining-pools-mine-empty-blocks-1468337739) to decrease latency in producing/transmitting blocks. The other major factor built into the system is the [network difficulty](https://en.bitcoin.it/wiki/Difficulty) which governs how often blocks are 'found' and added to the chain. Difficulty is [adjusted every 2016 blocks](https://en.bitcoin.it/wiki/Protocol_documentation) to [target](https://en.bitcoin.it/wiki/Target) a spacing of 10 minutes between each block based upon the average inter-block-time of the previous 2016 blocks. This functions to keep the network running at a steady pace despite computing power being added to or removed from the network and underpins what is known as the [Proof of Work](https://en.wikipedia.org/wiki/Proof-of-work_system) method for securing our blockchain. ## Imagination Time! <center> <sup>*We're off to Imagination Land! - via [South Park](http://southpark.wikia.com/wiki/Imaginationland)*</sup></center> Let's pretend we are a piece of [mining software](https://99bitcoins.com/the-6-best-bitcoin-mining-software/). At any given moment our job is to put together a collection of [unconfirmed transactions](https://blockchain.info/unconfirmed-transactions), the header from the previous block on the blockchain and [a random value called a nonce](https://en.bitcoin.it/wiki/Nonce). Together with a few other bits and pieces this is our block-candidate. Below is an approximation of our block in pseudo-code. This may not accurately represent [how the data is actually structured](https://en.bitcoin.it/wiki/Block) but should serve to help illustrate what's going on. Nonce Previous Block Header Transaction A Transaction B ... Transaction N We then take this block of data and put it through a [cryptographic](https://en.wikipedia.org/wiki/Cryptography) [hashing algorithm](https://en.wikipedia.org/wiki/Hash_function) - in Bitcoin's case we use [a variation on SHA256d](https://en.bitcoin.it/wiki/Block_hashing_algorithm) - which reduces it all down to a string of hexadecimal characters that we will include in our block's header. 0000000000000000030a686697841075284e815db663943d9939c99aa0b90ca6 This example is [an IRL Bitcoin block's](https://blockchain.info/block/0000000000000000030a686697841075284e815db663943d9939c99aa0b90ca6) hash, the top block when I copy/pasted it here actually. Notice the string of 0's at the beginning. Those in the computer science field will instinctively understand that each of those 0's [corresponds to a longer sequence of four 'off bits'](http://www.rapidtables.com/convert/number/how-binary-to-hex.htm) (0's) when the number is denoted in binary rather than hexadecimal. Network difficulty governs how many of these leading zeros must exist in the beginning of our block's binary hash before it will even be [considered for acceptance by the network](http://bitcoin.stackexchange.com/questions/29742/strongest-vs-longest-chain-and-orphaned-blocks). Because the hash function maps to this space of numbers in a statistically unbiased way we can know the probability of generating a hash that meets the difficulty criterion and thus how many hashes we will need to generate on average in order to find one that does. This is where the nonce comes in. If we just rehash the same data then the resulting output will not change, so rather than rearrange the contents of our block we'll simply change (increment, typically) the nonce we're using after each failure and check to see if that results in a valid hash. If it does we send that puppy out to the network to be confirmed so we can collect our reward! ## Money From Nothing https://www.youtube.com/watch?v=lAD6Obi7Cag I can already hear you saying "that's all fine and dandy, AvY but all we really care about is the money. Show us the money already, dammit!" Fair enough. For all of this work we've put in I agree that we deserve some kind of compensation for securing everyone's transactions. Luckily so does the network! As a reward for doing all of this as a miner we are allowed to include one extra transaction known as the [coinbase transaction](http://bitcoin.stackexchange.com/questions/4571/what-is-the-coinbase) in each block we mine which effectively creates coins out of thin air and transfers them into our wallet. When Bitcoin was brand new [circa January 2009](https://blockchain.info/block-index/14849) this reward started at 50 bitcoins per block and roughly every four years the block-reward is cut in half in an event that has come to be known as [The Halving](https://bitcoinmagazine.com/articles/how-bitcoin-s-second-halving-came-and-went-and-not-much-happened-1468856719) or Halvening. This dispersion schedule ensures that the total supply of bitcoins will never exceed 21 million. ## And so our journey begins.... https://www.youtube.com/watch?v=lPkVt7U0Gvs As a freshly minted - or mined - bitcoin we find ourselves assigned to whichever Bitcoin address was specified as the destination or '[output](https://en.bitcoin.it/wiki/Transaction#Output)' in the [aforementioned coinbase transaction](https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b). We don't actually exist anywhere, we are just referred to by this transaction verifying the validity of our ownership on the blockchain. Before we can go any further we'll need cover some more theory to explain addresses, public/private keys and just how transactions are constructed/signed using cryptography. Stay tuned for part two where we'll continue our blockchain adventure! To be notified whenever a new post goes live and increase bloodflow to your genitalia* please be sure to [like and follow AvY Enterprises on Facebook](https://www.facebook.com/AvYEnterprises). *This statement has not been evaluated by the [United States FDA](http://www.fda.gov/). Please don't sue me! |
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"body": "(x-posted from http://avyenterprises.com/blog)\n\nEver since I began building my presence in the [decentralization](http://www.businessdictionary.com/definition/decentralization.html) industry I've found myself giving many an impromptu [Bitcoin 101](http://www.businessinsider.com/what-is-bitcoin-2013-4) lecture - usually about two or three questions into the [Pandora's Box](http://greece.mrdonn.org/greekgods/pandora.html) that is \"So, what do you do?\"\n\n<center>\n<sup>*[<3 Charles Shultz](http://schulzmuseum.org/about-the-man/schulz-biography/)*</sup></center>\n\nWhile I do enjoy bouncing my explanations off of various friends and colleagues; honing my pitch and presentation with each delivery, I can't help but think it might be a little easier for everyone involved if I wrote it all out like I were answering a question on [r/explainlikeimfive](https://www.reddit.com/r/explainlikeimfive/) that I could reference and refer to.\n\nThat is what I intend to do here. We'll see how that goes. You be the judge!\n\n## WTF is a Bitcoin?\n\nWhoa, hold on there pal. Bitcoin - with a capital 'B' - is the [peer-to-peer](http://searchnetworking.techtarget.com/definition/peer-to-peer) [network](http://www.webopedia.com/TERM/N/network.html) that allows the transacting of bitcoin(s) (little 'b'). Thus a bitcoin is simply a unit representing the transfer of value within the Bitcoin ecosystem.\n\nTo better understand just what a bitcoin is and how it is able to traverse the Bitcoin Network we will ultimately follow one all the way from its creation to whomever 'mined' it [to an exchange](https://www.coinbase.com/join/549ec6c724efa6d7eb00011b) or perhaps even your own wallet.\n\nFirst we need to get a few basics out of the way so please bear with me...\n\n<center>\n<sup>*I'll try not to fall too far into the weeds, I promise!\nvia [Media Marathoning](http://mediamarathoning.com/beware-the-dvr/in-the-weeds/)*</sup></center>\n\n## The Network\n\nBitcoin (capital B, aka 'the network') is essentially comprised of [tens or hundreds of thousands](https://en.bitcoin.it/wiki/Clearing_Up_Misconceptions_About_Full_Nodes) of computers worldwide running a copy of the [Bitcoin Core](https://bitcoin.org/en/bitcoin-core/) software or another [compatible program](https://bitcoin.org/en/choose-your-wallet).\n\nEach installation is called a node and each [full node](https://en.bitcoin.it/wiki/Full_node) is tasked with maintaining a copy of the [blockchain](https://en.wikipedia.org/wiki/Blockchain_(database)) while accepting and propagating new transactions and blocks from/to the rest of the network.\n\n## Blocks? Like Legos?\n\nYeah... kindof. In order for transactions to be confirmed as valid by the network they need to be included in a block that is built upon the chain of previous blocks that came before it.\n\nHence: 'blockchain'.\n\n\"But how are transactions put into blocks\" you ask? Great question!\n\nSome of the nodes on the network participate in a process called mining through which they collect the stray transactions relayed to them by other nodes and build them into blocks which are then broadcast back out to the network.\n\n## Mining Difficulties\n\nEach block is subject to a number of rules governed by the network and the software that underlies it all. [Most controversial for Bitcoin](https://en.bitcoin.it/wiki/Block_size_limit_controversy) as of recent is the 1 megabyte size limit miners must work within, cramming as many transactions as possible into each block to maximize the collection of [transaction fees](https://en.bitcoin.it/wiki/Transaction_fees). Alternatively some miners [choose to produce empty blocks](https://bitcoinmagazine.com/articles/why-do-some-bitcoin-mining-pools-mine-empty-blocks-1468337739) to decrease latency in producing/transmitting blocks.\n\nThe other major factor built into the system is the [network difficulty](https://en.bitcoin.it/wiki/Difficulty) which governs how often blocks are 'found' and added to the chain. Difficulty is [adjusted every 2016 blocks](https://en.bitcoin.it/wiki/Protocol_documentation) to [target](https://en.bitcoin.it/wiki/Target) a spacing of 10 minutes between each block based upon the average inter-block-time of the previous 2016 blocks.\n\nThis functions to keep the network running at a steady pace despite computing power being added to or removed from the network and underpins what is known as the [Proof of Work](https://en.wikipedia.org/wiki/Proof-of-work_system) method for securing our blockchain.\n\n## Imagination Time!\n<center>\n<sup>*We're off to Imagination Land! - via [South Park](http://southpark.wikia.com/wiki/Imaginationland)*</sup></center>\n\nLet's pretend we are a piece of [mining software](https://99bitcoins.com/the-6-best-bitcoin-mining-software/). At any given moment our job is to put together a collection of [unconfirmed transactions](https://blockchain.info/unconfirmed-transactions), the header from the previous block on the blockchain and [a random value called a nonce](https://en.bitcoin.it/wiki/Nonce). Together with a few other bits and pieces this is our block-candidate.\n\nBelow is an approximation of our block in pseudo-code. This may not accurately represent [how the data is actually structured](https://en.bitcoin.it/wiki/Block) but should serve to help illustrate what's going on.\n\n Nonce\n Previous Block Header\n Transaction A\n Transaction B\n ...\n Transaction N\n\nWe then take this block of data and put it through a [cryptographic](https://en.wikipedia.org/wiki/Cryptography) [hashing algorithm](https://en.wikipedia.org/wiki/Hash_function) - in Bitcoin's case we use [a variation on SHA256d](https://en.bitcoin.it/wiki/Block_hashing_algorithm) - which reduces it all down to a string of hexadecimal characters that we will include in our block's header.\n\n 0000000000000000030a686697841075284e815db663943d9939c99aa0b90ca6\n\nThis example is [an IRL Bitcoin block's](https://blockchain.info/block/0000000000000000030a686697841075284e815db663943d9939c99aa0b90ca6) hash, the top block when I copy/pasted it here actually.\n\nNotice the string of 0's at the beginning. Those in the computer science field will instinctively understand that each of those 0's [corresponds to a longer sequence of four 'off bits'](http://www.rapidtables.com/convert/number/how-binary-to-hex.htm) (0's) when the number is denoted in binary rather than hexadecimal.\n\nNetwork difficulty governs how many of these leading zeros must exist in the beginning of our block's binary hash before it will even be [considered for acceptance by the network](http://bitcoin.stackexchange.com/questions/29742/strongest-vs-longest-chain-and-orphaned-blocks).\n\nBecause the hash function maps to this space of numbers in a statistically unbiased way we can know the probability of generating a hash that meets the difficulty criterion and thus how many hashes we will need to generate on average in order to find one that does.\n\nThis is where the nonce comes in. If we just rehash the same data then the resulting output will not change, so rather than rearrange the contents of our block we'll simply change (increment, typically) the nonce we're using after each failure and check to see if that results in a valid hash.\n\nIf it does we send that puppy out to the network to be confirmed so we can collect our reward!\n\n## Money From Nothing\nhttps://www.youtube.com/watch?v=lAD6Obi7Cag\n\nI can already hear you saying \"that's all fine and dandy, AvY but all we really care about is the money. Show us the money already, dammit!\"\n\nFair enough. For all of this work we've put in I agree that we deserve some kind of compensation for securing everyone's transactions.\n\nLuckily so does the network!\n\nAs a reward for doing all of this as a miner we are allowed to include one extra transaction known as the [coinbase transaction](http://bitcoin.stackexchange.com/questions/4571/what-is-the-coinbase) in each block we mine which effectively creates coins out of thin air and transfers them into our wallet.\n\nWhen Bitcoin was brand new [circa January 2009](https://blockchain.info/block-index/14849) this reward started at 50 bitcoins per block and roughly every four years the block-reward is cut in half in an event that has come to be known as [The Halving](https://bitcoinmagazine.com/articles/how-bitcoin-s-second-halving-came-and-went-and-not-much-happened-1468856719) or Halvening. This dispersion schedule ensures that the total supply of bitcoins will never exceed 21 million.\n\n## And so our journey begins....\nhttps://www.youtube.com/watch?v=lPkVt7U0Gvs\n\nAs a freshly minted - or mined - bitcoin we find ourselves assigned to whichever Bitcoin address was specified as the destination or '[output](https://en.bitcoin.it/wiki/Transaction#Output)' in the [aforementioned coinbase transaction](https://blockchain.info/tx/4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b). We don't actually exist anywhere, we are just referred to by this transaction verifying the validity of our ownership on the blockchain.\n\nBefore we can go any further we'll need cover some more theory to explain addresses, public/private keys and just how transactions are constructed/signed using cryptography.\n\nStay tuned for part two where we'll continue our blockchain adventure!\n\nTo be notified whenever a new post goes live and increase bloodflow to your genitalia* please be sure to [like and follow AvY Enterprises on Facebook](https://www.facebook.com/AvYEnterprises).\n\n*This statement has not been evaluated by the [United States FDA](http://www.fda.gov/). Please don't sue me!",
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"posting": {
"account_auths": [],
"key_auths": [
[
"STM79QFUQ7B11VtUqm15jpMnBXhmWDCJqEvKnztJrNiuVBFF5ybTx",
1
]
],
"weight_threshold": 1
},
"memo": "STM8kthvbREq8TTXAqHLpJw2yVSUk6xTqv4tDAtYDhEiTJdJyrsCX"
}Witness Votes
0 / 30
No active witness votes.
[]