A thread about Blockchain:
Summary:
· What is a Blockchain
· Blocks
· Resistance to modification
· Secure by design
· Structure
· Verification
· Robust workflow
· Value Exchange protocol
· Layers
/thread
Summary:
· What is a Blockchain
· Blocks
· Resistance to modification
· Secure by design
· Structure
· Verification
· Robust workflow
· Value Exchange protocol
· Layers
/thread
· What is a Blockchain
It's a growing list of records (blocks)
The Blocks are linked together using cryptography.
It's described as an immutable data storage:
- trustless
- fully decentralized
- peer-to-peer
- immutable
It's spread over a network of participants (nodes)
It's a growing list of records (blocks)
The Blocks are linked together using cryptography.
It's described as an immutable data storage:
- trustless
- fully decentralized
- peer-to-peer
- immutable
It's spread over a network of participants (nodes)
· Blocks
They contain:
- a cryptographic hash of the previous one.
- a timestamp + transaction data.
The timestamp proves that the transaction data existed when the block was published in order to get into its hash.
The blocks form a chain (hence the name).
They contain:
- a cryptographic hash of the previous one.
- a timestamp + transaction data.
The timestamp proves that the transaction data existed when the block was published in order to get into its hash.
The blocks form a chain (hence the name).
· Resistance to modification
The recorded data in a block cannot be altered without altering all subsequent blocks
They are usually managed by a p2p network for use as a publicly distributed ledger.
Nodes agree on a protocol to communicate/validate new blocks.
The recorded data in a block cannot be altered without altering all subsequent blocks
They are usually managed by a p2p network for use as a publicly distributed ledger.
Nodes agree on a protocol to communicate/validate new blocks.
· Secure by design
Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design.
They exemplify a distributed computing system with high Byzantine fault tolerance.
Here an article about the topic:
en.wikipedia.org/wiki/Byzantine…
Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design.
They exemplify a distributed computing system with high Byzantine fault tolerance.
Here an article about the topic:
en.wikipedia.org/wiki/Byzantine…
· Structure
A blockchain is a digital ledger:
- decentralized
- distributed
- often public
It consists of records (blocks)
it's used to record transactions across many devices.
Any block cannot be altered retroactively, without the alteration of all subsequent blocks.
A blockchain is a digital ledger:
- decentralized
- distributed
- often public
It consists of records (blocks)
it's used to record transactions across many devices.
Any block cannot be altered retroactively, without the alteration of all subsequent blocks.
· Verification
The participants can verify/audit transactions independently and inexpensively.
A blockchain DB is managed autonomously using a p2p network and a distributed timestamping server.
They're authenticated by mass collaboration powered by collective self-interests
The participants can verify/audit transactions independently and inexpensively.
A blockchain DB is managed autonomously using a p2p network and a distributed timestamping server.
They're authenticated by mass collaboration powered by collective self-interests
· Robust workflow
The uncertainty of the participants regarding data security is marginal.
The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset, confirming that each unit of value was transferred once.
The uncertainty of the participants regarding data security is marginal.
The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset, confirming that each unit of value was transferred once.
· Value Exchange protocol
A blockchain can maintain title rights
When properly set up to detail the exchange agreement, it provides a record that compels both offer and acceptance.
A blockchain can maintain title rights
When properly set up to detail the exchange agreement, it provides a record that compels both offer and acceptance.
· Layers
A blockchain can be seen as several layers:
- infrastructure
- networking (node discovery, information propagation, verification)
- consensus (proof of work/stake)
- data (blocks, transactions)
- application (smart contracts/decentralized applications)
SRC: Wikipedia.
A blockchain can be seen as several layers:
- infrastructure
- networking (node discovery, information propagation, verification)
- consensus (proof of work/stake)
- data (blocks, transactions)
- application (smart contracts/decentralized applications)
SRC: Wikipedia.
If you liked this, please consider sharing it and follow @FrancescoCiull4
https://twitter.com/FrancescoCiull4/status/1458871052814139397
• • •
Missing some Tweet in this thread? You can try to
force a refresh
