Difference between revisions of "Blockchain"
Jump to navigation
Jump to search
m |
|||
| Line 4: | Line 4: | ||
* Blocks are chained together by the [[hash]] of the content of the last block. Except the first (genesis) block all blocks start with the hash of the block it succeeds. | * Blocks are chained together by the [[hash]] of the content of the last block. Except the first (genesis) block all blocks start with the hash of the block it succeeds. | ||
* Any change in any of the previous blocks will change the hash of that block an so break the chain | * Any change in any of the previous blocks will change the hash of that block an so break the chain | ||
| + | |||
| + | =Consensus Algorithm= | ||
| + | A consensus algorithm is used to verify a block's correctness. | ||
| + | * Nodes in the [[blockchain network]] verify the blocks. | ||
| + | * A block is valid when the majority of nodes think so. | ||
| + | Nodes must prove they are allowed to participate in the blockchain network. The consensus algorithm defines how a node can do that. These are the algorithms I know of. | ||
| + | * [[Proof of Work]] - Bitcoin - Solving a cryptographic puzzle | ||
| + | * [[Proof of stake]] - Cardano - Having an amount of tokens (e.g. cryptocurrencies) | ||
| + | * [[Proof of authority]] | ||
| + | * [[Proof of Elapsed time]] | ||
| + | * [[Proof of Capacity and Proof of Space]] | ||
| + | * [[Proof of Burn]] | ||
Revision as of 10:26, 25 May 2021
- A blockchain is a recording of data.
- Blocks can have one or more records.
- Blocks are chained together by the hash of the content of the last block. Except the first (genesis) block all blocks start with the hash of the block it succeeds.
- Any change in any of the previous blocks will change the hash of that block an so break the chain
Consensus Algorithm
A consensus algorithm is used to verify a block's correctness.
- Nodes in the blockchain network verify the blocks.
- A block is valid when the majority of nodes think so.
Nodes must prove they are allowed to participate in the blockchain network. The consensus algorithm defines how a node can do that. These are the algorithms I know of.
- Proof of Work - Bitcoin - Solving a cryptographic puzzle
- Proof of stake - Cardano - Having an amount of tokens (e.g. cryptocurrencies)
- Proof of authority
- Proof of Elapsed time
- Proof of Capacity and Proof of Space
- Proof of Burn