Bitcoin Educator Andreas Antonopoulos Gives a Digital Deep Dive on Blockchain Transactions
One of the ways by which the crypto industry can make significant process is through the education of those who make use of crypto and those who simply observe the industry.
The number of people who do this is growing and one of the most prominent is Andreas Antonopoulos, who is a bitcoin enthusiast and an author.
He recently uploaded a video in which he touched the process of manual construction of transactions that have multiple inputs in response to a question posed by a user about whether the process will be done by a blockchain or not. Antonopoulos explained that the process is done by a wallet and not a blockchain.
“You can conduct the process with a variety of wallets that allow you to construct transactions. With multiple inputs. Electrum wallets and other web-based wallets are good examples of platforms that give you the liberty to control transactions. Just to clarify, the process is done by the wallets and not by the blockchain,” Antonopoulos said.
He also pointed out that the construction wallet is based on an algorithm and if more than one payment is needed due to small amounts the wallet will construct the transactions with payments. This process, he explained, is called coin selection and helps in the movement of various transactions.
Also, he touched on the concept of change on the blockchain and pointed out that bitcoin transaction outputs have two states in which the exist which are spent or unspent and that there is no concept of a half-spent transaction.
While this was very helpful for users, some controversy was caused when Antonopoulos pointed out that the scalability problem that bitcoin struggles with will always exist and that solving one issue will inevitably bring up more.
“..and you can’t, in the beginning, solves the problem for the end there is no end and also if you prematurely optimize if you try to solve scale problems for a scale that doesn’t yet exist you shift the problem somewhere else in the case of cryptocurrencies,” he said.
The Need for an Education
While Antonopoulos might have caused some controversy, it cannot be denied that his efforts to educate the public on blockchain and crypto are highly needed, especially seeing as many of the problems faced by users can put down to a lack of education about how blockchain works.
An example of this can be seen in security as a research piece that was published recently pointed out that over 700 crypto wallets were broken into by the researchers merely guessing the passphrases which were usually weak and repetitive phrases.
In such a case, education about how wallets, blockchain, and crypto work could go a long way to prevent such issues, ensuring Industries safer for all.