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Blockchain (Based on (Distributed system (Two nodes ore more work together…
Blockchain
Based on
Distributed system
Computing paradigm
Two nodes ore more work together in coordinated fashion
Honest
Faulty/Malicious (Byzantine)
Modeled in such way that end users see it as single platform
Main challenges (CAP theory)
Coordination between
node (consistency)
Consensus algorithm
Process of agreement between distrusting node upon a final state of data
Types
Byzantine fault tolerant
Federated Byzantine Consensus
Reputation Based consensus
Practical Byzantine Fault Tolerant
Leader based
PoW
PoS
DPoS
PoET
Deposit based consensus
Proof of Importance
Reputation based consensus
Fault tolerant (partition tolerance)
System must work flawlessly despite (availability):
Existence of faulty nodes
Slow network between nodes
History
Secured chain of blocks (1991)
Merkle tree algorithm (1992)
Early work on smart contract (1997)
PoW algorithm (2002)