What is BitV (What does Bit mean?)

08/17/2023 05:42 • AI Insights • 96 views

What is BitV According to official sources, BitV is the next generation upgrade version of the Bitcoin core protocol. BitV is a blockchain layered architecture based on POS consensus algorithm and distributed ledger technology, built using DAG (Digital Asset Base) encryption technology. Its main features include security, scalability, and high throughput without sacrificing decentralization; optimizing transaction speed and reducing costs by demand for block space.

Compared to traditional POW mechanism (proof-of-work mining), this novel design has stronger resilience and anti-ASIC capabilities: allowing anyone to easily run their own node using the PoS mechanism; and because of its unique functionality similar to POS, it does not affect the security of the entire network.

What does Bit mean?

Editor’s note: This article comes from the Fenghuolun Community (ID: FHBT18), author: Pepe, Odaily Planet Daily authorized reprint.

Hello everyone, I am Pepe. Bit means the combination of mining machines and Bitcoin, also known as “bit” in English, which simply means “Bit.” This term was invented by American mathematician and cryptography expert Edward Hathaway as a concept to explain whether the encryption algorithm in the proof-of-work consensus mechanism of Bitcoin can be integrated with the blockchain. It is a protocol within a digital currency system aimed at ensuring transaction security and price stability by centralizing the computational power of block producers. It can also be referred to as “Bit” or “BTC”, indicating that any coin generated using a certain technology must be added to the network in a certain amount to be called “Bit”; it refers to the common mining hardware: “ASIC” (Application-Specific Integrated Circuit).

So why is there such a definition? Because this is actually a relatively complex vocabulary system, so for ordinary people, it may not be very deeply understood. In fact, the operation of the Bitcoin peer-to-peer electronic cash system is more like an application that a company or organization uses to manage its own accounts and other data. Therefore, in many cases, “bit” translated into the Chinese meaning of Bitcoin is to add an address to a separate wallet. If someone wants to own a million bitcoins, they can choose to transfer money to a part of it, but how much amount is required depends on the price of Bitcoin.

Of course, when we talk about “bt” here, it does not mean that all bitcoins are the same, but it includes virtual units composed of the same string of code: for example, the original creator of Bitcoin, Whitfield Diffie, the author of the Bitcoin white paper, and a former Google engineer named David Chaum, who respectively serve as the CEO/CTO of the project, and have responsibilities for maintaining servers, developing software, providing cloud storage services, and even specifically working on open source projects.

Theoretically, “Bitcoin is a decentralized computer system”, and because it is based on a cryptographic distributed database structure, its design ideas are in line with the characteristics of the current Internet era-users can participate directly in running smart contracts without the need for intermediaries.

In addition, what happens when you purchase a device? First, you need to determine whether your device is installed with a new version of a computer with a mnemonic, or if you have deployed some new machines. This way, parameters can be automatically set according to your operating habits to ensure the security of the device. The second important thing is, if you don’t have friends who have installed new machines, it is recommended not to try using old graphics cards again!

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What is BitV (What does Bit mean?)

What does Bit mean?

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