Kategorie: Blockchain

When the original Bitcoin Whitepaper was released in October 2008 by Satoshi Nakamoto, Satoshi was introducing a chapter considering the proof-of-work. This proof-of-work represents a cryptographic puzzle which needs to be solved using pure computing power. Integrating this step as one of the steps too persistently write a block into the chain makes any change… Proof of What? Part I: Proof-of-Work vs. Proof-of-Stake weiterlesen

Despite the enthusiasm for this new technique, there are some serious limitations to the blockchain. The blockchain hands over the responsibility for integrity to the community, and as long the absolute majority are trustworthy nodes, the concept works out. there was an in- stance controlling 51 % of the nodes in the blockchain, this instance… Understanding Blockchain Part III: Limitations of Blockchain weiterlesen

Most people directly associate the blockchain with Bitcoin. However, the blockchain is not as much a software as a set of technologies based on the idea of distributed systems, extended by integrity and security while keeping up transparency, publicity and its other advantages. The blockchain works as a shared ledger of transactions which are saved… Understanding Blockchain Part II: The Blockchain Idea weiterlesen

The idea of concurrent processes communicating directly, i.e., without a central service acting as intermediary, has its roots in the development of operating systems in the 1960s. The idea of independent communication led the technical development from early versions of Local Area Networks and finally to the largest distributed system in history, the Internet. Today,… Understanding Blockchain Part I: Understanding Distributed Architecture weiterlesen