We know many examples of decentralized consensus: Bitcoin, Ethereum, LiteCoin, ZCash, Monero, etc. They rely on a data structure called the blockchain.
But if we may get rid of the Proof of Work, could we get rid of the blockchain? Is there a way to design a decentralized system that does not rely on the blockchain? What would they look like?
In the following, we dig into a blockchain alternative: the Tangle.
We hear a lot about Proof Of Work and Proof Of Stake. And It’s hard to talk about Blockchain Platforms like Bitcoin and Ethereum without getting into mining.
But what is Proof Of Work? How does it work and how does it relate to mining? More critical: why are some projects trying to get rid of it?
The Need For Proof Of In a Distributed Consensus Platform architecture, you find:
We saw the use of Blockchain Structures in Decentralized Consensus Systems. And we even detailed how these structures prevent data tampering.
But how to implement a Blockchain in real life?
Let’s take a break from concepts & algorithms to describe actual code. We’re going to define three core functions to implement a Blockchain Structure: init, append and add.
This article is the first in a series that’ll describe the implementation for each of the [3 pillars] of Blockchain: blockchain, P2P, and Proof Of.
The Ethereum project is in the process of getting rid of the Proof Of Work Algorithm. We’re going to see a Proof Of Stake algorithm running at a significant scale (Casper).
But what are these Proof Of Work and Proof Of Stakes algorithms? What are they used for exactly? And are they important?
In the three pillars of the Blockchain, I described the core components of Distributed Consensus:
P2P protocols enable the creation of an organic network of machines.
Blockchain Structures are central to systems such as Bitcoin and Ethereum. They are one of the three pillars of Decentralized Consensus Systems.
For a Currency, Blockchain Structures allow any participant to:
Check, at any time, that nobody cheated by sending the same unit of money twice (double spending). Check the whole dataset. No central authority is responsible for data quality. Detect quickly any hostile participant sending tampered data. How can the blockchain capable ensure data integrity?
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