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Tag: consensusalgorythms

Inside the blockchain developer’s mind: Blockchain consensus, Part 1

Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind. In previous parts, Andrew Levine of Koinos Group discussed some of the challenges the team has faced since identifying the key issues they intend to solve and outlined three of the “crises” that are holding back blockchain adoption: upgradeability, scalability, and governance. This series is focused on the consensus algorithm: part one is about proof-of-work, part two is about proof-of-stake and part three is about…

Partnerships, Rallies, Falls, Musks, CZs and 20 Crypto Jokes

This week in crypto, Coinbase partnered with Adidas Original, though we don’t know much about it yet, and Coinbase acquired the BRD wallet, while the BRD price jumped over 700%. Cardano and tron fell as eToro said it would restrict access to them for US users, zcash rallied more than 50% following the news from last week that the coin will switch to a PoS consensus algorithm, Coin Metrics found that Ethereum gas fees are the highest during the US business hours, and the on-chain data said that long-term bitcoin and ethereum…

VeChain subverts market expectations, but what does it mean

Until a few weeks ago, VeChain’s price, amid anticipation for POA 2.0 Phase 1, seemed to register an independent rally. On 16 November, as VeChain’s first phase of the Proof of Authority (PoA) 2.0 SURFACE consensus algorithm went live, the market expected a similar upswing in price.
However, exposed by the broader market’s weakness, VET had some other plans. 
Opposite expectations 
The latest consensus mechanism upgrade is set to improve several aspects of the network’s security and key operations. It will also make the blockchain more environment-friendly. Notably, a week ago,…

TeDefi Network: The New Consensus Mechanism About to Define Blockchain Communication

Blockchain runs in a decentralized manner, but still provides privacy, security, and immutability. The lack of a central authority is the main reason users love the ecosystem, yet every transaction is verified, recorded, and safeguarded. This happens because blockchain technology runs on a consensus algorithm, which is a fundamental part of the technology.
Blockchain consensus mechanisms allow users and machines to coordinate in a distributed setting. These algorithms ensure that all parties in the protocol reach a common agreement about the present condition…

Consensus Algorythms

A consensus algorithm is a process in computer science used to achieve agreement on a single data value among distributed processes or systems. Consensus algorithms are designed to achieve reliability in a network involving multiple unreliable nodes. As a result, consensus algorithms must be fault-tolerant. Lets review some of the most popular algos:

PROOF OF WORK (PoW)
A proof of work is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify and which satisfies certain requirements. Producing a proof of work can be a random process with low probability so that a lot of trial and error is required on average before a valid proof of work is generated.

Bitcoin uses the Hashcash proof of work system.… Read more...

Key design goals for a Blockchain, and games theory

Let’s review the main functional design objectives that a Blockchain should have.

P2P DATA DISTRIBUTION

We want to prevent some central server to host the whole chain, distributing data and copies of it among participants. In here all nodes have a complete copy of the whole chain. Notice you can  still have distributed data with centralized access.

Distribution brings transparency: everybody can see and check the whole chain. But on the other side is the privacy thing, which is partially solved through “pseudonymity”. Each user connects with a pseudo and you don’t know which human is assigned to each user. And also the amount of information to keep which only keeps growing.

DECENTRALIZATION

Some networks are distributed by centralized: Napster kept the list of the files in the central server and the logic to maintain the network, making it easier to delete.… Read more...