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Decentralization - The Essence of Blockchain

68a8092ba46ca5848bcdfc453d81c4bb?s=47 Koshik Raj
August 04, 2018

Decentralization - The Essence of Blockchain

Fundamentals of Blockchain and how Decentralization is achieved with the help of consensus algorithms. A simulation of a peer-to-peer communication in a blockchain network by creating a small application using Python was also covered.

Topics covered in the workshop were:
-Blockchain and Decentralization.
-Achieving consensus in a decentralized network.
-Decentralization with peer-to-peer (P2P) networking.
-Block synchronization, validation in the P2P network.
-Building a decentralized blockchain application in Python.

More resource used in the talk.
https://github.com/breakingtheblockchain/presentations/tree/master/decentralization

68a8092ba46ca5848bcdfc453d81c4bb?s=128

Koshik Raj

August 04, 2018
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Transcript

  1. Decentralization The Essence of Blockchain

  2. Agenda • Blockchain and Decentralization • Achieving consensus in a

    decentralized network • Peer-to-peer networking • Block exchange mechanism • Simulating the blockchain in a decentralized network
  3. Decentralization ?

  4. Byzantine Generals’ problem

  5. Decentralization Problem • Trustless entities • How to believe on

    single truth? • Bitcoin solution
  6. Blockchain Hash value Previous block hash value

  7. Blockchain 1234 1234 1235 1235 1237

  8. Blockchain

  9. Distributed Ledger Technology (DLT) Each node holds a copy of

    the blockchain Blockchain + Decentralized + Consensus algorithm = DLT
  10. Consensus mechanism • Algorithm to reach a global truth •

    Consensus mechanism solves the byzantine generals’ problem. • Bitcoin’s proof-of-work is the first and well known consensus algorithm.
  11. Proof-of-work • Uses hash puzzle to do work • Hash

    cash proposed in 1997 by Adam Back • Reduce email spam and DOS attacks
  12. Hash puzzle Find a hash value which is less than

    a specified value 0000000000000756af69e2ffbdb930261873cd71
  13. Peer-to-peer network Decentralized network is achieved with the peer-to-peer protocol.

    Every node in the network has equal responsibility.
  14. Achieving consensus Each node has to perform a few tasks

    to achieve the consensus. • Validate each incoming block • Select the longest blockchain • Create a valid block
  15. Conflict resolution ba12 ca11 fe12 ba12 ca11 be13 dd31

  16. What does it achieve? • Works in a trustless network

    • Transparency • High reliability
  17. Thanks! Contact me: Koshik Raj linkedIn: koshikraj twitter: rajkoshik koshik.raj@gmail.com

    www.koshik.me