SUMMARY - Blockchain By Example - Bellaj Badr

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Here are the key points summarized:

  • The project builds a Bitcoin payment gateway using the Bitcoin Payment Protocol (BIP70) to enable direct Bitcoin payments on an e-commerce website.

  • It uses Node.js, bitcore-lib, and BitcoinJ to implement the merchant server, frontend, and wallet client respectively.

  • The payment gateway is deployed on Bitcoin's testnet for development/testing purposes.

  • BIP70 defines how a merchant can generate signed payment requests that allow customers to directly pay from their wallets without filling forms.

  • The process involves the merchant creating a request, the wallet validating and authorizing it, and the merchant acknowledging receipt.

  • SSL is setup to secure the requests as specified in BIP70.

  • The code sets up an HTTPS server using Node.js/Express to handle the payment flow by generating requests, parsing incoming payments, and more.

  • Bitcore-lib is used to generate addresses, create signed payment requests, and parse payments according to BIP70 standards.

So in summary, it outlines building a Bitcoin payment gateway that enables easy direct crypto payments from a customer's wallet to a merchant site using the Bitcoin Payment Protocol.

Here is a summary of the key steps to set up a new cryptocurrency based on the Bitcoin codebase:

  1. Clone the Bitcoin source code repository.

  2. Replace all references of "Bitcoin" with the new coin's name in code, files, documentation etc.

  3. Modify network parameters like port numbers, magic values, checkpoints to differentiate the new network.

  4. Generate a new genesis block using a script, specifying attributes like timestamp, difficulty, block rewards etc.

  5. Update consensus code (chainparams.cpp) with new genesis block fields and cryptocurrency parameters.

  6. Remove hard-coded seed nodes and replace subsidy/halving schedules as needed.

  7. Recompile the source code to build binaries for the new coin's daemon and wallet software.

  8. Run the new daemon/wallet software to initialize the blockchain with the custom genesis block.

  9. Additional changes can include: new logo/graphics, optimized blockchain settings, hard/soft fork activation heights etc.

  10. Publish an open-source release to allow others to mine, develop and participate in the new cryptocurrency network.

The key aspect is modifying parameters and replacing the hardcoded genesis block to initialize an independent blockchain while reusing Bitcoin's tested codebase.

Here is a summary of the key points:

  • The Readercoin GUI could be customized by editing files in the src/qt/res directory to change the splash screen and testnet color. The .ui dialog form files in src/qt/forms could also be modified to redesign the wallet interfaces.

  • Qt Creator IDE and Qt Designer could both be used to import and edit the Readercoin project code and GUI.

  • A basic Readercoin network was built by installing the software on two nodes (Node A and B), configuring them to connect to each other, and verifying the connection using getpeerinfo.

  • RPC commands could be run from the Readercoin GUI without using the terminal by accessing the debug window and console.

  • Mining was required to generate Readercoins using cpuminer as a CPU miner with the coinbase address option to direct rewards to a wallet.

  • Transactions could be sent once 50 blocks had been mined due to the 50 block coinbase maturity setting.

  • An explorer like Iquidus provided a web interface for the blockchain and transactions but needed to be configured and connected to the Readercoin node database.

  • The Iquidus sync script kept the explorer in sync with new blocks from the node, and txindex needed to be enabled on the node for retrieving transaction data.

  • An exchange like Peatio could build a market for trading Readercoins.

  • Key considerations for creating an altcoin included having a useful purpose beyond financial motives and improving on existing blockchain technology.

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