Difference between revisions of "Blockchain"
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* 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 | ||
| + | |||
| + | =Transactions= | ||
| + | Blockchain transaction use [[Public Key Cryptography]]. A transaction signed by the senders private key and send to the receivers public key. This way anyone can verify the sender is the actual owner of the asset and the target is uniquely identified too. | ||
=Consensus Algorithm= | =Consensus Algorithm= | ||
Revision as of 15:55, 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
Transactions
Blockchain transaction use Public Key Cryptography. A transaction signed by the senders private key and send to the receivers public key. This way anyone can verify the sender is the actual owner of the asset and the target is uniquely identified too.
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