ledger that keeps a permanent record of all transactions that have taken place in a secure, chronological and immutable way. 》 Ledger - keeps record of transactions 》 Constantly Growing - starting with genesis block 》 Keeps Track of all Transactions - verifiable 》 Chronological - append-only, time-stamped 》 Immutable - permanent, tamper-proof, censorship resistant 》 Secure - uses cryptography and hash functions 》 Distributed Trustless Consensus - decentralized
as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. They wanted to implement a system where document timestamps could not be tampered with. In 1992, Bayer, Haber and Stornetta incorporated Merkle trees to the design, which improved its efficiency by allowing several document certificates to be collected into one block. The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. Nakamoto improved the design in an important way using a Hashcash-like method to add blocks to the chain without requiring them to be signed by a trusted party. The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network.
twice. Bitcoin manages the double spending problem by implementing a confirmation mechanism and maintaining a universal ledger (i.e. blockchain), similar to the traditional cash monetary system.
to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible. Ethereum implements a nearly Turing-complete language on its blockchain, a prominent smart contract framework.
In the presence of a network partition, one has to choose between consistency and availability 》 A blockchain has an inherent transaction rate limit, because all participants agree on the longest chain, and discard forks and side branches. 》 Trust, Complexity and Latency of Blockchain - Every fully participating node in the network must process every transaction. So there is a tradeoff between low transaction throughput and high degree of centralization.
(DAG) - IOTA’s Tangle, Byteball 》 Hashgraph (Gossip about Gossip) - Hedera 》 Holochain - No consensus, agent based peer-to-peer network 》 Hyperledger - Hyperledger is an umbrella project of open source blockchains and related tools, started in December 2015 by the Linux Foundation, and supported by big industry players like IBM, Intel and SAP Ariba, to support the collaborative development of blockchain-based distributed ledgers.
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