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MONS, personal resarch, MADE BY EMRE YILMAZKAYA AND BATUHAN ŞAHİN - Coggle…
MONS
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investigating how the distributed nature of a blockchain cryptocurrency and the confirmation process may have disadvantages for the citizens of Santa Monica.
disadvantages
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cost is greater, perhaps need more taxes from citizens to work
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how it works
distributed consensus
A replicated state machine is a set of distributed computers that all start with the same initial value.
For each state transition, each of the processes decides on the next value. Reaching “consensus” means that all the computers must collectively agree on the output of this value.
understanding how the MONS architecture is scalable and can remain efficient as the number of users increases
how it works..
queues
If there are more than a certain amount of transfers per second, then all transactions are queued for refill. This queue is formed due to the free commission of MONS. A person who paid the largest amount as a commission, takes a higher place in the queue.
miners
A large number of transactions requires a large number of blocks. The miners come to rescue with this. They provide “deciphering” of blocks with subsequent confirmation of transactions.
“However, one of the great things about the blockchain is that we can ensure that the solution time remains at 10 minutes, and we can do this even as the number of MONS miners increases.” How?
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understanding how new blocks are added to the ledger and how the proof of work prevents malicious nodes from taking over the MONS network
how new blocks are added
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miners
In the ledgers, blocks are secured by Blockchain miners and are connected to each other forming a chain.
proof of work
block header
As a part of a standard mining exercise, a block header is hashed repeatedly by miners by altering the nonce value.
Through this exercise, they attempt to create a proof of work, which helps miners get rewarded for their contributions to keep the blockchain system running smoothly and efficiently.
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digital signature
Digital signature is a cryptographic value that is calculated from the data and a secret key known only by the signer.
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Real Life Examples
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Wörgl Experiment
One of the most celebrated cases of community currency was that which occurred in the small town of Wörgl in Austria.
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explaining to the Santa Monica citizens how their MONS balance is calculated from transaction data securely stored in a publicly accessible blockchain ledger
how it works
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storage
The ledger maintains participants’ identities anonymously, their respective cryptocurrency balances, and a record of all the genuine transactions executed between network participants.
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