Blockchain Nanodegree Notes 20181029

Term 1 S3 Lesson 2: Bitcoin Core Testnet

Lesson Introduction

Goals:

  • Set up your own bitcoin core development environment
  • Introduce bitcoin core - its purpose and the tools
  • Create transactions between wallets using a bitcoin core test environment
  • Investigate the transactions made using the online block explorer to get a better idea of how transactions flow

Bitcoin Core - Overview

Bitcoin: Network of bitcoin users creating and validating transactions

Bitcoin Core: Implementation of bitcoin that encompasses all of the software behind bitcoin. (software, alias: Bitcoin-QT)

  • connect to the network
  • validate the blockchain
  • send and receive bitcoin

Bitcoin Core - Networks

Mainnet, Testnet, Regent

  • Mainnet: primary network where live transactions take place
  • Testnet: alternative bitcoin blockchain that provides a test environment for applications (still a network and takes time)
  • Regent: alternative test network for testing bitcoin applications (no real network,instantaneously create new blocks and have complete control over the environment; saves time)

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Mainnet vs Testnet

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Testnet vs Regression Testing

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In this course we will use testnet because we want to be able to interact with other users.

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