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Blockchain - Unit - 2 - Notes GPT

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8 views3 pages

Blockchain - Unit - 2 - Notes GPT

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pnamitesh9873
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© © All Rights Reserved
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Blockchain - Unit 2 Notes

UNIT 2 - Blockchain Consensus & Permissioned Blockchains

Part-1: Introduction to Consensus

In Blockchain, consensus means agreement among all nodes (computers) on

the validity of transactions.

Without a central authority, consensus ensures all participants agree on a

single version of truth.

Example: If 10 friends keep a digital diary, they must all agree on every new

entry.

Part-2: Requirements for Consensus Protocols

1. Agreement: All honest nodes agree on the same block.

2. Validity: The added block must be valid.

3. Termination: Consensus should finish in limited time.

4. Fault Tolerance: It should tolerate some node failures or attacks.

Proof of Work (PoW)

- Used in Bitcoin.

- Miners solve a complex puzzle (hashing).

- Winner adds a block and earns cryptocurrency.

- Secure but slow and energy-intensive.

Part-3: Scalability Aspects of Consensus Protocols

Scalability = ability to handle more transactions/users.


Problems: Low TPS, high latency, energy use.

Solutions: Layer-2 (e.g., Lightning Network), or alternate protocols like PoS,

PBFT.

Part-4: Permissioned Blockchains

Only authorized users can participate.

Faster and efficient, used in banks, companies.

Examples: Hyperledger Fabric, Corda, Quorum

Pros: Privacy, speed, control

Cons: Less decentralization, trusted nodes needed

Part-5: Design Goals of Permissioned Blockchains

1. Privacy

2. Security

3. Scalability

4. Auditability

5. Flexibility

6. Performance

Part-6: Consensus Protocols for Permissioned Blockchains

Since participants are known, lighter consensus is used:

1. PBFT (Practical Byzantine Fault Tolerance): Fast, used in Hyperledger.

2. RAFT & Paxos: Reliable coordination, fault tolerance.

3. PoA (Proof of Authority): Trusted validators, very fast.


Summary Table:

| Topic | Key Idea |

|-----------------------------|----------|

| Consensus | Agreement on blockchain state |

| Proof of Work | Solve puzzles, add blocks |

| Scalability | Handle more users, TPS |

| Permissioned Blockchains | Private networks, trusted users |

| Design Goals | Privacy, Speed, Audit, Security |

| Consensus (Permissioned) | PBFT, RAFT, PoA (fast, no mining) |

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