Consensus is a process of achieving agreement between distrusting nodes on the final state of data. To achieve consensus, different algorithms are used. The process of attaining agreement on a common state or value among multiple nodes despite the failure of some nodes is known as distributed consensus. Consensus is the backbone of a […]
In this article we will discuss different types of blockchain based on its evolution and usage. The categorization of blockchains is illustrated in the figure below: Distributed Ledgers A distributed ledger is a shared database. All blockchains technically fall under distributed ledgers. But, all distributed ledgers are not blockchains. A critical difference between a […]
In this article we will learn the basic concepts of blockchain technology like what is a blockchain? the blockchain architecture and how does a blockchain work? In 2008, a groundbreaking paper, entitled Bitcoin: A Peer-to-Peer Electronic Cash System, was written on the topic of peer-to-peer e-cash under the pseudonym of Satoshi Nakamoto. It introduced […]
Blockchain was introduced with the invention of Bitcoin in 2008. Its practical implementation then occurred in 2009. We will look at a chronological order of early history and computer networks and how they evolved and contributed to the development of Bitcoin in 2008. The order of events is: 1960s – Invention of computer networks 1969 […]
The emergence of Bitcoin in 2008, introduced to the world a new technology called blockchain which promised to revolutionize the entire society. Blockchain is the technology behind the success of Bitcoin. Blockchain is a technology that has an impact on current technologies and has the ability to transform them at a fundamental level. […]