The state machine replication helps us to achieve a consensus in a permission model. We do not need to execute a smart contract to all the nodes. Rather, the selected subset of contract executor executes it and propagates it with other nodes to ensure the contract’s status is propagated to all the nodes uniformly in …
Permissioned Blockchain – State Machine Replication Read More »
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A smart contract is a self-executing contract and the contract terms between the two parties are written directly in code or programable logic using some general-purpose, high-level programming language rather than on paper documents. The blockchain environment facilitates the execution of these kinds of contracts as similar to bitcoin scripts. However, the bitcoin script was …
Permissioned Blockchain – Smart Contracts Read More »
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Permissioned blockchain – A decentralized computation and information sharing platform that enables multiple authoritative domains which do not trust each other to cooperate, coordinate, and collaborate in a rational decision-making process under a closed environment with the enablement of security services such as authentication and authorization. In the permissioned blockchain architecture, the users have to …
Permissioned Blockchain – Introduction Read More »
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Proof of Work (PoW) The probability of mining a block depends on the work done by the miner. So the amount of work to be done is totally depends on the computing resource possessed by the miner. In PoW: Do some work to mine a new block, consumes physical resources, like CPU power and time, …
Bitcoin – Other Consensus Algorithms Read More »
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A mining pool is a joint group of multiple miners who share the processing power over a network to mine the new blocks and split the reward proportionally to the amount of work they contributed. In a mining pool, hundreds or thousands of miners may be participating in a pool, and they communicate through some …
Bitcoin – Mining Pool Read More »
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The life of a Miner in Bitcoin Network The first task is to validate the transactions and construct a new block. Once they have constructed a new block, they employ their hash power and vote on consensus to determine who will complete the work first and then propose that block as a new block. Add …
Bitcoin – The Miners Read More »
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The Monopoly Problem Proof of Work depends on the computing resources available to a miner. If a miner can possess a huge amount of computational resources, then there is a possibility that the miner can control the entire network or gain control over the network. It may happen that a minor can gradually generate a …
Bitcoin – Inherent problems of the Proof of Work (PoW) based System Read More »
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Many kinds of attacks can launch on the Proof of Work (PoW) based system. However, one of the popular attacks that people were trying to perform was the Sybil Attack. Sybil Attack The attacker tries to fill the network with the clients under his control and suppose the attacker can succeed in his intention. In …
Bitcoin – Attacks on the Proof of Work (PoW) based System Read More »
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Distributed consensus algorithms can’t be used directly in the bitcoin type of architecture as it is designed and developed based on a permissionless blockchain architecture where anyone can join the network without authentication. Consensus algorithm The objective of the consensus algorithm is to agree unanimously on the validity of transitions of the newly added block …
Bitcoin – Consensus in Bitcoin Read More »
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This note will see how Bitcoin Proof of Work extends the Hashcash Proof of Work base system and developed the methodology to protect the blockchain by applying a distributed consensus mechanism. Along with this, we will also look into several other consensus algorithms applied on a permission-less model of blockchain, which are most similar to …
Bitcoin – PoW mechanism in Bitcoin Read More »
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