Blockchain deeper insights.pdf world of blockchain

Blockchain deeper insights.pdf world of blockchain

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  Blockchain Deeper Insights
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  Peer to Peer/ P2P ● Peer-to-peer (P2P) is a decentralized communications model in which each party has the same capabilities and either party can initiate a communication session. ● Peers are equally privileged, equipotent participants in the application ● They are said to form a peer-to-peer network of nodes. ● Typically, peer-to-peer applications allow users to control many parameters of operation. 1. how many member connections to seek or allow at one time 2. whose systems to connect to or avoid 3. what services to offer 4. how many system resources to devote to the network when P2P networks are established over the internet, the size of the network and the files available allow huge amounts of data to be shared Kazaa and BitTorrent
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  Peer to Peer/ P2P ● Peer-to-peer (P2P) is a decentralized communications model in which each party has the same capabilities and either party can initiate a communication session. ● Peers are equally privileged, equipotent participants in the application ● They are said to form a peer-to-peer network of nodes. ● Typically, peer-to-peer applications allow users to control many parameters of operation. 1. how many member connections to seek or allow at one time 2. whose systems to connect to or avoid 3. what services to offer 4. how many system resources to devote to the network when P2P networks are established over the internet, the size of the network and the files available allow huge amounts of data to be shared
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  How Blockchain Txworks?
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  How Blockchain Txworks? It involves 7 steps: 1) Users sign off on transactions from their wallet application, attempting to send a certain crypto from them to someone else. 2) The transaction is picked up by the according blockchain network and is inserted into a ‘pool of unconfirmed transactions’. This pool is a collection of all the transactions on that network that have not been confirmed yet. 3) miners on the network select transactions from the pool of unconfirmed transactions and collect them in a block. 4) When a miner has filled up its block with transactions, it will start to try and solve a complicated mathematical problem that is unique to that block all together (this is the process referred to as mining). 5) The miner that finds a solution to its mathematical problem first, broadcasts this solution to all of the other miners. 6) Other miners now check if solution of all transactions are still valid according to the blockchain, the other miners will agree and ‘consensus’ is reached. 7) If the majority of the miners reaches consensus, the block gets added to the blockchain.
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  Different Mining Mechanism ●Proof of Work - PoW ● Proof of Stake - PoS ● Delegated Proof of Stake - DPoS ● Proof of Importance - PoI ● Proof of Elapsed Time - PoET