Blockchain is a public ledger of a timestamped, ordered, and immutable list of all transactions on the Bitcoin network. Each block is identified by a hash in the chain and is linked to its previous block by referencing the previous block’s hash. In the following table structure of a block is presented, followed […]
Bitcoin Transactions Transactions are at the core of the bitcoin ecosystem. Transactions can be as simple as just sending some bitcoins to a bitcoin address, or it can be quite complex depending on the requirements. Each transaction is composed of at least one input and output. Inputs can be thought of as coins being […]
Introduction Bitcoin has started a revolution with the introduction of the very first fully decentralized digital currency, and the one that has proven to be extremely secure and stable from a network and protocol point of view. As a currency bitcoin is quite unstable and highly volatile, albeit valuable. Since its introduction in […]
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The consensus algorithms in blockchain can be classified into two broad categories: Traditional—voting-based consensus Lottery-based—Nakamoto and post-Nakamoto consensus Traditional voting-based consensus has been researched in distributed systems for many decades. Algorithms like Paxos and PBFT are prime examples of such types of algorithms. Traditional consensus can also be called fault-tolerant distributed consensus. In […]
Consensus is a fundamental problem in distributed systems. Since the 1970s this problem has been researched in the context of distributed systems, but recently, with the advent of blockchain technology, a renewed interest has arisen in developing distributed consensus algorithms that are suitable for blockchain networks. The distributed consensus problem has been studied extensively […]
With the growth of blockchain, several ideas have emerged that make use of the decentralized property of blockchain to provide more user centric and fully decentralized services. Some of the key trends or ideas in decentralization are decentralized web, decentralized identity, and decentralized finance. Decentralized Web Decentralized web is a term that’s used […]
Today, there are many platforms available for decentralization. Any blockchain network, such as Bitcoin, Ethereum, Hyperledger Fabric, or Quorum, can be used to provide a decentralization service. Many organizations around the world have introduced platforms that promise to make distributed application development easy, accessible, and secure. Some of these platforms are described as follows: […]
A Decentralized Application (DApp) run on top of a blockchain in a peer-to-peer network. They represent the latest advancement in decentralization technology. DApps at a fundamental level are software programs that execute using either of the following methods. They are categorized as Type 1, Type 2, or Type 3 DApps: Type 1: Run […]
The following concepts are worth citing in the context of decentralization. The terminology introduced here is often used in the literature concerning decentralization and its applications. Smart Contracts A smart contract is a software program that usually runs on a blockchain. Smart contracts do not necessarily need a blockchain to run; however, due to […]