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Next, I'll explain the background technology used in LwTx. First, all transactions occurring on the blockchain network are signed using public key cryptography, and transactions that are not verified with a valid signature are not approved. LwTx uses the ECDSA when generating a public key from a private key. ECDSA is a cryptographic algorithm that combines an elliptic curve cryptography (ECC) with an electronic signature and is widely used in cryptocurrencies. The following Equation and graph shows the elliptic curve equation used in ECDSA. Second, in a distributed network of users full of distrust, consensus is the only and essential determinant for security update of blocks shared by everyone. LwTx uses a consensus algorithm of the proof-of-work method. Proof-of-work is participating nodes solve complex puzzles such as calculating a hash value less than a randomly changing target value. So it is similar to mining gold. |
IEEE/ICACT20210248 Slide.05
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