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Programare de Blockchain - Rezumat

Bitcoin introduced four key innovations: (1) a decentralized peer-to-peer network, (2) a public transaction ledger called the blockchain, (3) a set of consensus rules for validating transactions and currency issuance, and (4) a proof-of-work algorithm to reach global decentralized consensus on the valid blockchain. While Bitcoin uses proof-of-work, other cryptocurrencies use different algorithms like proof-of-stake to validate transactions and tailor the crypto for different uses.

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57 views1 page

Programare de Blockchain - Rezumat

Bitcoin introduced four key innovations: (1) a decentralized peer-to-peer network, (2) a public transaction ledger called the blockchain, (3) a set of consensus rules for validating transactions and currency issuance, and (4) a proof-of-work algorithm to reach global decentralized consensus on the valid blockchain. While Bitcoin uses proof-of-work, other cryptocurrencies use different algorithms like proof-of-stake to validate transactions and tailor the crypto for different uses.

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dinucami62
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Notes from “Mastering Bitcoin – Programming the Open Blockchain”

Bitcoin represents the culmination of decades of research in cryptography and distributed systems and includes four
key innovations brought together:

(1) A decentralized peer-to-peer network (the bitcoin protocol)


(2) A public transaction ledger (the blockchain)
(3) A set of rules for independent transaction validation and currency issuance (consensus rules)
(4) A mechanism for reaching global decentralized consensus on the valid blockchain (Proof-of-Work algorithm*)

* other cryptocurrencies use different algorithms to reduce the validation process for transactions and also so
“specialize” their crypto for different uses (e.g. ARK uses DPoS – Delegated Proof of Stake)

The biggest issue with this is how do you know that previous owners did not sign any earlier transactions. To solve this
you just need to hash the TIMESTAMP and include it in the block. Each timestamp includes the previous timestamp in
its hash, forming a chain, with each additional timestamp reinforcing the ones before it.

Proof of Work

The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a
number of zero bits. The average work required is exponential in the number of zero bits required and can be verified
by executing a single hash. The PoW works by incrementing a nonce (random UNIQUE generated number) in the block
until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to
make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained
after it, the work to change the block would include redoing all the blocks after it.

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