Blockchain Blocks
Blockchain blocks hold batches of valid transactions into a Merkle tree.
Basic concepts to study how they work:
· Hash
· Sign
· Genesis Block
· Fork
· Consensus Algorithm
· Peers and the database
· History
· New entries
· Redundant Computation
/thread
Blockchain blocks hold batches of valid transactions into a Merkle tree.
Basic concepts to study how they work:
· Hash
· Sign
· Genesis Block
· Fork
· Consensus Algorithm
· Peers and the database
· History
· New entries
· Redundant Computation
/thread
Hash
A hash is a math function that converts an input of arbitrary length into an encrypted output of a fixed length.
· Each block includes the cryptographic hash of the previous, linking the two.
·Blocks are hashed and encoded.
A hash is a math function that converts an input of arbitrary length into an encrypted output of a fixed length.
· Each block includes the cryptographic hash of the previous, linking the two.
·Blocks are hashed and encoded.
Digital signature
A digital signature is an auth mechanism.
It enables the creator of the message to attach a code that acts as a signature.
· The blocks are usually digitally signed.
· This is to assure the integrity and the data
A digital signature is an auth mechanism.
It enables the creator of the message to attach a code that acts as a signature.
· The blocks are usually digitally signed.
· This is to assure the integrity and the data
Genesis Block
A Genesis Block is the name given to the first block of a blockchain.
· This special block does not reference a previous one
· Almost always hardcoded into the software of the applications that utilize its blockchain.
A Genesis Block is the name given to the first block of a blockchain.
· This special block does not reference a previous one
· Almost always hardcoded into the software of the applications that utilize its blockchain.
Blockchain fork
It's a Blockchain's change to the protocol or a divergence from the previous version.
· When parties are not in agreement, alternative chains may emerge (forks).
· Different parties need to use common rules to maintain the history of the whole blockchain.
It's a Blockchain's change to the protocol or a divergence from the previous version.
· When parties are not in agreement, alternative chains may emerge (forks).
· Different parties need to use common rules to maintain the history of the whole blockchain.
Consensus algorithm
It's a process through which all the nodes of the blockchain network achieve a common agreement about the actual state
· the one with a higher score can be selected over others.
· Blocks not selected for inclusion in the chain are called orphan blocks.
It's a process through which all the nodes of the blockchain network achieve a common agreement about the actual state
· the one with a higher score can be selected over others.
· Blocks not selected for inclusion in the chain are called orphan blocks.
Peers and the database
· The peers supporting the DB can have different versions of the history.
· They keep only the highest-scoring version.
· When a peer receives a higher-scoring version they
extend/ overwrite their DB, and retransmit the improvement to the peers
· The peers supporting the DB can have different versions of the history.
· They keep only the highest-scoring version.
· When a peer receives a higher-scoring version they
extend/ overwrite their DB, and retransmit the improvement to the peers
Blockchain history
· There is no guarantee that a particular entry will remain in the best version of history.
· Blockchains are built to add the score of new blocks onto old blocks.
· Incentives are given to extend with new blocks rather than overwrite old ones.
· There is no guarantee that a particular entry will remain in the best version of history.
· Blockchains are built to add the score of new blocks onto old blocks.
· Incentives are given to extend with new blocks rather than overwrite old ones.
New blocks
· When a new block is created, other blocks are built on top of it, and the probability of being superseded decreases exponentially.
· The computation is carried out redundantly rather than in the traditional way
src: Wikipedia
· When a new block is created, other blocks are built on top of it, and the probability of being superseded decreases exponentially.
· The computation is carried out redundantly rather than in the traditional way
src: Wikipedia
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