This course contains scientific errors, and the cryptocurrency sector is suffering very much from such sloppy research and a poor understanding of certain aspects of computation which will become increasingly relevant in the future. In the section, "Energy In the section, "Energy consumption and ecology", the authors claim that since SHA is a non-reversible computation, Bitcoin mining must consume a minimum amount of energy due to Landauer's limit.
This is false. Landauer's principle should be thought of as a consequence of the second law of thermodynamics since any violation of Landauer's principle would cause a decrease in entropy. Reversible computing is the type of computing where one does not delete any information or where one deletes as little information as possible. Since reversible computing does not delete any information, reversible computation is not subject to Landauer's limit.
While reversible computing is potentially many times more energy efficient than conventional computation, today there are no reversible computers out on the free market. Today, there is much hype about quantum computation, but people do not seem to understand that reversible computation is much more feasible than quantum computation and that we should expect to see reversible computers outperform irreversible computers long before we get our money's worth from all the quantum computation research by some estimates, we are quite close to the day when reversible computers start to outperform conventional computers.
There are a few reasons we have not seen reversible computation get much attention by much of anyone. In the past the efficiency of conventional computation was so far away from Landauer's limit that Landauer's limit was not relevant. The performance gains in computation were achieved simply by shrinking the size of the components in an integrated circuit. Now, reversible computers as soon as people start building them will be capable of doing any computation that can be done by conventional computers.
As you might expect, it typically takes more steps to perform a computation reversibly than it does to perform the same computation using a conventional computer. This means that the computational overhead incurred from reversibility is quite reasonable.
This computational overhead can be further reduced by incorporating a small amount of irreversibility into the computation. Landauer's limit is irrelevant for producing any theoretical limits to the energy consumption for performing any computation.
For Bitcoin mining, one however does not need to use Bennett's pebble game in order to conclude that Bitcoin mining can be done on a reversible computer at an efficiency rate well below Landauer's limit per hash.
Two of the main security requirements of cryptographic hash functions are collision resistance and second pre-image resistance, and both of these security requirements are weak versions of reversibility, so cryptographic hash functions by their very nature should be at least partially reversible.
If you look at the inner workings of SHA, you will find that SHA uses much modular addition which is a quite reversible operation since there are reversible ripple carry adders that can perform this operation along with other components which can be constructed with very few reversible gates and which leave behind none of the garbage information that often comes from reversible computation.
Even without regarding anything that I had just said about Bennett's pebble game and SHA, one should still conclude that all cryptocurrencies can be effectively mined using a reversible computer simply by uncomputing all of the garbage data after every hash attempt. In case I have not convinced you, here is a general template for a computer program for mining a cryptocurrency in the completely reversible programming language Janus.
While this scientific error may seem as a minor issue, for heat production and energy use issues, we should all expect for nearly reversible computers to replace the conventional computers that we have today. Furthermore, cryptocurrency mining problems can be used to stimulate the initial development of the energy efficient reversible computer. Unfortunately, the cryptocurrency community does not seem to care that their mining efforts have only wasted resources and polluted our planet without producing any technology or scientific advancement to show for it.
Helpful Thorough in content and very well structured, this course takes you from the basics of cryptography to a sweeping overview of how Bitcoin and cyptocurrencies work, their ecosystems, impact, political effects, ramifications, potential and more. I personally I personally found it an excellent balance of theory and code. Only once did I need to do any research outside the course itself to fully understand something - and that was for merkel trees.
While some of the lecturers do not look like they're used to presenting in front of a camera, their content is nevertheless lucid and more. Some level of CS knowledge is required. I found a basic idea of how P2P networks operate, a basic idea of encryption and some idea of GPU processing to be needed. Note that you do not get a Coursera certificate for this course. Excellent course. Cleanly separates the different pieces that go into making bitcoin, and explains each of them simply and clearly.
Covers not only bitcoin and cryptocurrencies, but also the wider implications and applications of the blockchain to non-currency applications. Highly recommended for anyone interested in bitcoin or the blockchain. Very interesting course explaining cryptocurrencies in different aspects.
Highly recommended to anyone interested in bitcoins, cryptocurrencies or just normal currencies as well. As mentioned in other comments, please, note you will not have any types of homework and will not get any statement of accomplishment. Bitcoin is the future of money, invest wisely now!! According to report many leading economists, crypto enthusiasts like myself, definitely! You do not need a lot of money to You do not need a lot of money to invest in bitcoin, trust me i started with a small amount and I have made so much money in just a couple of months.
I made about 78, dollars on my first week and this would not have been possible without the help of my very good friend that introduced me to the best bitcoin investment platform online. I reached out to them via their email at.. I received almost dollars the next day and I said to myself that I will take my time to share this with the world because I really believe in the blockchain technology and not just the money or gains. I was surprised at how much money one can make just by investing and not doing anything.
Week 8 - Alternative Mining Puzzles Not everyone is happy about how Bitcoin mining works: its energy consumption and the fact that it requires specialized hardware are major sticking points. This week we'll look at how mining can be re-designed in alternative cryptocurrencies. Week 9 - Bitcoin as a Platform One of the most exciting things about Bitcoin technology is its potential to support applications other than currency.
We'll study several of these and study the properties of Bitcoin that makes this possible. Week 10 - Altcoins and the Cryptocurrency Ecosystem Hundreds of altcoins, or alternative cryptocurrencies, have been started, either to fix Bitcoin's perceived flaws or to pursue different goals and properties. We'll look at everything that goes into an altcoin and how they interact with Bitcoin. Week 11 - The Future of Bitcoin? The use of Bitcoin technology for decentralizing property, markets, and so on has been hailed as a recipe for economic and political disruption.
We'll look at the technological underpinnings of these proposals and the potential impact on society. It is one of the eight universities of the Ivy League, and one of the nine Colonial Colleges founded before the American Revolution. You are the designer of this MOOC? What is your opinion on this resource? You may be interested in Introduction to FinTech. Blockchain: Understanding Its Uses and Implications.
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Can cryptocurrencies be regulated? What might the future hold? It does not offer a certificate upon completion. Coursera is a digital company offering massive open online course founded by computer teachers Andrew Ng and Daphne Koller Stanford University, located in Mountain View, California.
Coursera works with top universities and organizations to make some of their courses available online, and offers courses in many subjects, including: physics, engineering, humanities, medicine, biology, social sciences, mathematics, business, computer science, digital marketing, data science, and other subjects.
Users' reviews. About the content To really understand what is special about Bitcoin, we need to understand how it works at a technical level. Syllabus Week 1 - Introduction to Crypto and Cryptocurrencies Learn about cryptographic building blocks "primitives" and reason about their security. Work through how these primitives can be used to construct simple cryptocurrencies.
Appreciate how security comes from a combination of technical methods and clever incentive engineering. Week 3 - Mechanics of Bitcoin Learn how the individual components of the Bitcoin protocol make the whole system tick: transactions, script, blocks, and the peer-to-peer network.
Week 4 - How to Store and Use Bitcoins This week we'll explore how using Bitcoins works in practice: different ways of storing Bitcoin keys, security measures, and various types of services that allow you to trade and transact with bitcoins. Week 5 - Bitcoin Mining We already know that Bitcoin relies crucially on mining.
But who are the miners? How did they get into this? How do they operate? What's the business model like for miners? What impact do they have on the environment? Week 6 - Bitcoin and Anonymity Is Bitcoin anonymous? What does that statement even mean—can we define it rigorously? We'll learn about the various ways to improve Bitcoin's anonymity and privacy and learn about Bitcoin's role in Silk Road and other hidden marketplaces.
Week 7 - Community, Politics, and Regulation We'll look at all the ways that the world of Bitcoin and cryptocurrency technology touches the world of people. We'll discuss the community, politics within Bitcoin and the way that Bitcoin interacts with politics, and law enforcement and regulation issues. Week 8 - Alternative Mining Puzzles Not everyone is happy about how Bitcoin mining works: its energy consumption and the fact that it requires specialized hardware are major sticking points.
This week we'll look at how mining can be re-designed in alternative cryptocurrencies. Week 9 - Bitcoin as a Platform One of the most exciting things about Bitcoin technology is its potential to support applications other than currency. We'll study several of these and study the properties of Bitcoin that makes this possible. Week 10 - Altcoins and the Cryptocurrency Ecosystem Hundreds of altcoins, or alternative cryptocurrencies, have been started, either to fix Bitcoin's perceived flaws or to pursue different goals and properties.
There was a problem filtering reviews right now. Please try again later. Verified Purchase. This book is one of a very few that offer a clear and balanced introduction to what crytocurrencies are, how they originated, and what the future might hold. This is not a book about bitcoin or the currency exchange markets in cryto, it is a book about the collection of technologies that make up what we now call "the blockchain" and how and why value can be stored and transferred securely and publicly on these chains.
It does not address Ethereum or programmable blockchains in any real way, but it will give you deep foundational understanding about how such a thing can possibly exist. If you care about where networked computational technologies will be going in the next 25 years start here. Don't bother with any other book than this gem for getting up-to-speed on Blockchain Technology.
Tough sledding to get through, but it is thorough in taking you from start to finish about crypto, how it works, and how it can be implemented in business and society. I ordered several other books that I thought could do the job, but Mr. Narayanan and his co-authors nail it. Yes, in some parts it can be a bit technical, which causes a bit of slowdown in reading, but it will not leave you lacking for details of how BCT works and how it can be implemented.
Hard copy that costs a bit more, but is worth it. I simply wanted to learn about BCT, and this book delivers. Prof Felten et al have written a technical yet approachable introduction to blockchain technology and its applications bitcoin and other cryptocurrencies. A first or second-year CS student will be comfortable with the technical portions of the book. But the general material is suitable for any audience.
It would be good to update the book to reflect current hash rates which are 25x higher , the rise of Etherium, and the hard fork that resulted in Bitcoin Cash. This has just the right amount of detail to understand the mechanics of how bitcoin and various altcoins work, without drowning in enough details to re-implement them.
Each chapter focuses on a specific aspect of cryptocurrencies, covering it succinctly and with a balanced approach. Arvind does not come across as a cryptocurrency fanatic, nor is he dismissive of the technology. This outstanding book gives a comprehensive description of the technology behind bitcoin and related currencies.
It covers not only the programs used inside the bitcoin system, but also gives a clear, intelligent discussion of such issues as the security risks, the incentives to maintain the system, the economics of mining and mining pools, and government regulation. It goes beyond bitcoin, with a chapter or two on applications which build upon bitcoin, development of related cryptocurrencies and future research directions.
This is a serious effort, suitable as an introduction to research in the subject; each chapter includes appropriate references. There is also a wonderful preface about how the technology behind bitcoin evolved over a couple of decades. The book is really a pleasure to read, I couldn't put it down, and I've been recommending it broadly. Very interesting and thorough explanation of how cryptocurrencies work and the details of Bitcoin.
There are video lectures available for each chapter which are very useful! This is a very good book on a timely topic. I started reading it and quickly got stuck. I don't have the cryptography prerequisites. Hopefully the course will give me enough background to finish the bitcoin book. There is also a Coursera course on this book. So, I am looking forward to getting through this book.
Great book on the technology surrounding bitcoin and blockchain technology. Great hardcover and nice durable pages. This is NOT for a beginner as it delves into some very technical aspects of this technology. Recommended if your block geek. See all reviews. Top reviews from other countries. Begins with a fantastic overview and a few worked examples. Then descends into a far more technical discussion of blockchains.
I have a masters in computer science and found some chapters challenging to get my head around But then if it didn't have that content it wouldn't be a comprehensive guide Be prepared for some insightful technical explanation. Excellent, in-depth book.
I found in very well written and easy to read, and it offers a deep and balanced view of the technologies behind bitcoin and the blockchain. Report abuse. Must read for everyone interested in crypto currency One cannot understand them without first understanding bitcoins I took the online certificate on Coursera.
One person found this helpful. A rather excellent book. Lots of detail and information on a weighty subject. What other items do customers buy after viewing this item? Pages with related products. See and discover other items: mathematics for computer science , mathematics of finance , andrew miller , Best cryptocurrency for beginners. There's a problem loading this menu right now. Learn more about Amazon Prime. Get free delivery with Amazon Prime. Back to top. Get to Know Us. Amazon Payment Products.
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