What is Biti (What is the technology behind Bitcoin)

What is Biti According to official information from Biti, BTI is an encrypted asset based on Bitcoin. The BitTorrent protocol is an open-source platform created by Stephen Curry, a computer postdoctoral fellow at Stanford University in the United States. It provides an infrastructure for decentralized applications and can develop any type of application. The BitTorrent protocol has partnered with other blockchain projects such as Ethereum to establish the first DeFi ecosystem.

In the past year, the price of Bitcoin has risen to over $14,000. As more and more people begin to pay attention to network security issues, the price of Bitcoin is also rising. On May 24, 2020, the global market value of the largest stablecoin USDT reached $400 million. In mid-February of this year, Paolo Ardoino, the Chief Technology Officer of Tether, announced that the stablecoin DAI issued by Tether would be listed on the Coinbase exchange within six months.

What is the technology behind Bitcoin

Bitcoin is a distributed cryptocurrency that uses blockchain technology to verify and manage transactions. The only way to store data in the network is to confirm it through a hash function. This allows Bitcoin to be as secure, confidential, and anonymous as all other digital currencies, and it is not susceptible to third-party attacks or interference. According to Bitcoinist news, Bitcoin was invented by computer scientist Nicholas Kasriel and is known as the “world’s first proof-of-work” algorithm. It is reported that he believes that although Bitcoin’s proof-of-work protocol has anti-ASIC functionality, Bitcoin does not rely on such software as they are unable to handle a large number of transactions. (U.Today)