22/03/2024, 12:51 The Fundamentals of Blockchain - Zerocap

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The Fundamentals of Blockchain

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Written by Finn Judell & Nathan Lenga

A blockchain is a distributed system that exists across a network of

nodes within a peer-to-peer framework. Blockchain technology is
founded on the principles of decentralisation and consensus that
ensure trust within the network. These distributed platforms are

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fundamental to understanding the new financial system being built

with cryptocurrencies and decentralised protocols.

The first real implementation of blockchain technology was used to

create a digital peer-to-peer cash system, Bitcoin, in 2008; this
marked the first solution to resolve the double-spending problem.
The history of this revolutionary blockchain and its coin, BTC, is
colourful and vague – we go into detail in this article. Since then, the
technology has heralded a novel, decentralised platform, opening a
multitude of use cases, such as decentralised finance (DeFi), non-
fungible tokens (NFTs), and the execution of immutable, transparent
smart contracts.

Blockchain Overview
Blockchain – referential to the name, is structurally a chain of
‘blocks’. Each ‘block’ represents a transaction or a bundle of
transactions made by network participants. These blocks are
chained together to create a database that acts as a permanent
record of transactions. In the sake of Bitcoin, the transactions
represent the transfer of digital currency from one entity to another.
In other cases, such as on Ethereum, these transactions might
represent the transfer of ownership of an NFT, or facilitate a lending
agreement between one party to another. The chain of blocks is
validated by a network of nodes (third-party computers) that work
together to timestamp transactions and reach an agreement on the
information outputted onto the blockchain.

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There are two main types of participants within a blockchain

network: users and validators. Users are individuals or entities that
choose to use a blockchain to transact on the decentralised
network as they choose. The other party, validators, play the role of
protecting the network from becoming centralised, incentivised to
append newly created blocks to the chain on a consistent basis.
Both validators and users set up an account by generating a unique
“public key” and “private key” on the blockchain, this is called a
wallet.

Think of your public key as a username or email address. Your public

key is available to the world; it is what individuals can use to send a
transaction to your blockchain account. On the other hand, your
private key represents a password; it is obfuscated from public eyes
and used to access ownership of an on-chain wallet. An individual
should never share their private key unless they intend for that party
to have full access to their wallet. Often, private keys are hidden
from the user and encrypted as a mnemonic phrase.

Blockchain Consensus
Blockchains rely on consensus algorithms for nodes to come to an
agreement on the present state of a blockchain. This means that all
nodes within the network need to come together at the same time
and produce the same outcome or the same history of transactions.
Consensus algorithms within blockchain networks solve a
fundamental problem in cryptographic academia known as the
Byzantine Generals Problem. This issue emphasises the difficulty in
ensuring that decentralised parties reach a consensus without
relying on a centralised, trusted entity.

Consensus algorithms are an integral part of blockchain

infrastructure because they ensure that every new block added to a
chain is the one and only version of the truth that is agreed upon by
the majority of nodes on the blockchain. Notably, this truth, which is
emblematic of the history of transactions on the blockchain, is
determined in a decentralised manner, as opposed to leveraging a

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server. Effective consensus algorithms can establish a common

agreement between unknown nodes within the network.

The Proof of Work (PoW) consensus algorithm was created by

Satoshi Nakamoto, an anonymous individual or group behind the
creation of Bitcoin. The PoW algorithm’s job is to determine a node
(known as a ‘miner’ in the context of PoW) to execute the next
block. Miners are selected by competing against each other in a
race to guess a specific hash through the use of a hash function
known as SHA-256. These functions have a deterministic output for
every input; therefore, though the output of the hash function might
seem random, for each unique input, there will be a unique output.
Miners use computing power to randomly guess this hash; the first
computer to correctly generate the correct hash is rewarded with
the blockchain’s native cryptocurrency – thus incentivising miners to
act in the best interest of the network. The most commonly cited
criticism of Proof of Work is its impact on the planet, with Bitcoin
alone reportedly making up 0.1% of the world’s greenhouse gas
emissions. However, some would argue that Bitcoin’s energy
consumption is a feature, not a bug as miners prove they have
capital at risk by expending energy.

Proof of Stake (PoS) is the most common alternative to PoW –

recently being adopted by Ethereum, the second largest blockchain
network by transaction volume and market capitalisation. The
protocol was originally proposed by entities going under the
pseudonyms Sunny King and Scott Nadal in their paper entitled
“PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake”.
Instead of using energy expenditure as a form of financial
collateralisation like PoW, PoS requires nodes to stake direct
financial capital to secure the network. This financial capital is
generally in the form of the blockchain protocol’s native asset. The
staked assets can be burnt (destroyed) if the validator behaves
maliciously or performs lazily.

Blockchain Permissions
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Public blockchains are transparent and open to use, whereas private

blockchains are not open to use from non-authorised parties.
Permissionless blockchains allow anyone to participate in validating
the network, whereas permissioned blockchains cannot be validated
by non-authorised parties. Different use cases may require different
types of protocol permissions, resulting in several unique structures
to accommodate the needs of alternating companies. In the wider
crypto industry that strives to bring financial transparency and
instruments to all, public and permissionless blockchains have
dominated the market.

Public Permissionless Blockchains

Public permissionless blockchains, such as Bitcoin and Ethereum,
are open for anyone to join and participate in the network. There are
no restrictions on who can validate transactions, add new blocks to
the chain, or access the transaction data. These networks are
decentralised and operate on a consensus mechanism, such as
PoW or PoS, which allows for trustless and peer-to-peer
transactions without the need for a central authority. However, public
permissionless blockchains lack privacy and regulatory oversight.

Public Permissioned Blockchains

Public permissioned blockchains, on the other hand, are open for
anyone to join but have certain permissions in place for certain
network activities. A central authority or consortium of authorities
can control the network and set permissions for different types of
participants. This approach allows for increased regulatory oversight,
but it also means that the network is not truly decentralised. Public
permissioned blockchains are typically used in scenarios where the
need for regulatory compliance, transparency, and security is high,
such as in financial services and supply chain management.

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Private Permissionless Blockchain

Private permissionless blockchains, also known as consortium
blockchains, are similar to public permissionless blockchains, but the
network is restricted to a certain group of pre-approved participants.
These participants can validate transactions, add new blocks to the
chain, or access the transaction data. Private permissionless
blockchains can be used in scenarios where a group of
organisations want to share data and collaborate on a specific
project, but do not want to make the data public.

Permissioned Blockchain
Private permissioned blockchains, also known as fully private
blockchains, are restricted to a specific group of pre-approved
participants and have certain permissions in place for certain
network activities. The network is controlled by a central authority
and only authorised participants can validate transactions, add new
blocks to the chain, or access the transaction data. Private
permissioned blockchains can be used in scenarios where data
needs to be kept highly confidential, such as in government and
military operations, or in scenarios where regulatory compliance is a
must.

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Game Theory
Game theory is the study of strategic decision-making. Within a
blockchain environment, game theory is implemented to ensure that
all actors within the network are appropriately incentivised to act in
the best interests of the blockchain, while disincentivizing self-
interest and malicious activity. When combining these attempts,
blockchains encourage their participants to coordinate and
consequently achieve a collective goal of protecting the network
holistically.

Blockchain game theory principles imply that if everyone works

dishonestly, nobody can receive any token rewards. Simultaneously,
if everyone works honestly, everyone gets an equal chance at
obtaining a reward. If some parties decide to work honestly and
others maliciously, then the latter’s reward drops to zero and those
tokens are allocated towards the former’s reward. For PoW, miners
satisfy exorbitant costs for the energy they use when competing
against others. These fees represent miners’ collateral that they are
at risk of losing if they cease acting as honest parties; this is the
primary disincentive that discourages malicious behaviour from
network participants. In PoS, validators stake financial collateral to
incentivise validators to work honestly. Rewards can be distributed
differently depending on the type of PoS model; some frameworks
prioritise validators with the most cryptocurrency staked.

Blockchains like Bitcoin and Ethereum have successfully

implemented game theory within a public and permissionless
environment. Incentivising users to act within the best interest of the
network by rewarding validators with the blockchain’s native
currency has proven highly effective in ensuring the longevity of the
chain. All blockchains are susceptible to a 51% attack, implying that
an entity can gain full control over a blockchain network if it can
manipulate the majority of the total collateral within the network. The
sheer volume of validators that are present within popular
blockchains makes it considerably expensive to achieve a 51%
attack.

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The Blockchain Trilemma

While blockchains have indented a significant impact on the world,
the technology comes with various limitations that require attention
from any party looking to leverage this distributed network. The
blockchain trilemma, coined by Vitalik Buterin, the co-founder of
Ethereum, highlights the limitations of blockchain technology and
explains the various trade-offs that are made within the
infrastructure. The blockchain trilemma consists of three
fundamental benefits of blockchain systems.

The blockchain trilemma implies that only two of three benefits at

any given time can be successfully implemented. Consequently, any
priority of the three benefits will result in a reduction of one or both
of the benefits within the trilemma. It’s important to note that the
blockchain trilemma is just a model to conceptualise the limitations
of blockchain technology. There is no inherent law stating that all
three benefits of blockchain cannot be obtained collectively.

Scalability
Depending on the way a blockchain is configured and the
transaction volume requested by users of a chain, a blockchain may
experience latency in transaction speed and its ability to append
data to the chain. Given the rapid adoption of blockchain
technology, scalability has been a prioritised concern. Truly scalable
infrastructure is extremely important for a plethora of blockchain use
cases.

Security
A blockchain system should be able to defend itself from an attack.
A blockchain will generally implement security using financial
incentives that originate in game theory, ensuring that it is more
expensive to exploit the blockchain than the total value earned
through the exploitation itself. The most secure chains will not be
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susceptive to reorganisation attacks, whereby the blocks are

reorganised by a party or several parties. Further, security entails
that a blockchain is not vulnerable to network-specific attacks, such
as a denial of service or distributed denial of service exploit.

Decentralisation
Decentralisation is the term used to describe a system that
distributes control over an array of decision-makers and parties,
rather than being controlled by one single, centralised authority.
Within a blockchain setting, decentralisation is used to ensure that
transactions added to blocks and eventually appended to the chain
have been verified by a multitude of parties. In this sense, servers
are not used to cross-reference transactions. Many variables
contribute to the decentralisation of a blockchain; architectural
decentralisation, referring to the number of nodes participating in
the network, political decentralisation, which is based on how many
entities control the chain’s nodes, and logical decentralisation,
relating to the interface(s) for a blockchain and its data structures.

The Layers of Blockchains

Originally, there was only a single layer of blockchains. This layer
executed transactions, assisted nodes coordinate to reach
consensus and support the functionality of smart contracts. Over
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time, more layers have emerged to introduce new features that are
needed to scale blockchains and onboard new users.

Layer 1 Blockchains
As explained, layer 1s were the first layer of blockchains launched,
beginning with the Bitcoin network. Layer 1s are the most dominant
infrastructure layer within the cryptocurrency ecosystem, seeing the
most adoption and monetary value locked into them. After the
launch of Ethereum, most layer 1 blockchains have offered smart
contracts, resulting in numerous applications being created on top
of the chain. Layer 1s are significant given that they enable more
diverse and unique decentralised applications to launch without the
requirement of building their own blockchain.

This layer of the blockchain stack can be analogised to a city; the

city is governed by its populace and allows businesses to emerge,
generating profits and adoption of the city. Within this city, there are
roads to support traffic when citizens want to move around and
make the most of what their city has to offer; in the blockchain
context, transactions are equivalent to traffic. However, as the city’s
population grows, the roads become insufficient to accommodate
the exponentially increasing traffic. So as not to prevent the growth
of the city, its population decides to build more efficient travel
infrastructure, including trains, trams, ferries and more, for its citizens
– this infrastructure is what layer 2s represent.

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Source: AI-generated image from DALL-E

Layer 2 Blockchains
Symbolising the revolutionary technology that allows citizens of the
city (layer 1s) to commute efficiently, layer 2s fundamentally have the
purpose of easing congestion of transactions on layer 1s like
Ethereum. Upon this realisation that demand for the blockchain
would eventually eclipse its supply, layer 2s emerged to increase
layer 1s’ ability to scale. Also known as rollups, layer 2s facilitate
thousands of transactions, compressing them into a smaller number
of transactions before posting them on the layer 1. This ensures that
whilst the scalability and efficiency of layer 2s are obtained, the
security and decentralisation of layer 1s are nonetheless leveraged.
Though transactors on layer 2s still need to pay gas fees, these
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costs are distributed between all users, rendering these networks

significantly more usable for a broader audience when compared to
layer 1s.

Ultimately, however, rollups derive their utility from layer 1s – without

a city that has a sufficiently large population, the efficient travel
infrastructure is unnecessary as congestion of roads is not a threat.
As more entities are onboarded into the blockchain space, more
cities will be needed; similarly to how cities are created in various
geographical areas based on demand, novel layer 1s are needed to
respond to different inefficiencies in the market. Notably,
establishing a layer 1 blockchain, like erecting a new city, is arduous
and expensive. To mitigate this difficulty and cost, countries are
required to fund the building of cities and provide the infrastructure
they have already designed; these countries represent layer 0s.

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Source: AI-generated image from DALL-E

Layer 0 Blockchains
Although not all layer 1 blockchains exist upon layer 0s, these
networks have been gaining meaningful traction recently due to their
ability to offer developers software development kits (SDKs) that
assist them in building layer 1s. As the infrastructure underpinning
layer 1 blockchains, layer 0s ensure that all blockchains are natively
connecting, consequently establishing communication lines
between autonomous chains. This layer significantly reduces the
technical and fiscal requirements of building novel layer 1s.
Resultantly, more blockchains are being built to accommodate
specific needs such as gaming-focused and DeFi-focused chains.

Layer 0s serve the role of a country that is looking to stimulate

population growth through the modernization of cities. These
countries have the funding, experience and infrastructure to
expedite the creation process of new, diverse and unique cities,
bringing individuals into the population at an order of magnitude
previously thought to be impossible. This is what layer 0s offer for
the cryptocurrency industry; a platform to efficiently establish layer 1
blockchains that can be optimised to respond to a distinct set of
needs.

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Source: AI-generated image from DALL-E

Conclusion
Blockchains are a useful tool to establish cryptographic,
decentralised trust within systems. Use cases for blockchain
technology continue to emerge and evolve as more innovative
technology is created. With that said, various limitations apply to
blockchains. To combat these limitations, developers have taken a
“not one size fits all” approach, developing a number of different
blockchains designed for particular use cases. Additionally,
blockchain developers may opt to work with modular solutions,
creating application-specific blockchains that cater to different
areas of blockchain technology while letting other blockchains
handle specific functions within the same development stack.

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light of your objectives, financial situation and needs before making
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asset. Investments in digital assets can be risky and you may lose
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FAQs

What is a Blockchain and How Does it

Work?
A blockchain is a distributed system that operates across a network
of nodes within a peer-to-peer framework. It’s based on principles
of decentralisation and consensus, ensuring trust within the
network. Each ‘block’ in the blockchain represents a transaction or a
bundle of transactions made by network participants. These blocks

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are chained together to create a database that acts as a permanent

record of transactions.

What are the Different Types of Participants

in a Blockchain Network?
There are two main types of participants within a blockchain
network: users and validators. Users are individuals or entities that
use a blockchain to transact on the decentralised network.
Validators, on the other hand, protect the network from becoming
centralised and are incentivised to append newly created blocks to
the chain consistently.

What are Consensus Algorithms in

Blockchain?
Consensus algorithms are used for nodes to agree on the present
state of a blockchain. They solve a fundamental problem known as
the Byzantine Generals Problem, which emphasises the difficulty in
ensuring that decentralised parties reach a consensus without
relying on a centralised, trusted entity. Examples of consensus
algorithms include Proof of Work (PoW) and Proof of Stake (PoS).

What is the Blockchain Trilemma?

The blockchain trilemma, coined by Vitalik Buterin, the co-founder of
Ethereum, highlights the limitations of blockchain technology. It
suggests that only two of the three benefits – scalability, security,
and decentralisation – can be successfully implemented at any
given time.

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What are the Different Layers of

Blockchains?
Blockchains can have multiple layers. Layer 1 blockchains, like Bitcoin
and Ethereum, execute transactions and support the functionality of
smart contracts. Layer 2 blockchains, also known as rollups,
increase the scalability of Layer 1s by facilitating thousands of
transactions and compressing them into a smaller number of
transactions before posting them on the Layer 1. Layer 0 blockchains
underpin Layer 1 blockchains and ensure that all blockchains are
natively connecting, establishing communication lines between
autonomous chains.

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