Blockchain Basics
Oct 17, 2024
Definition and Working Principles of Blockchain
A blockchain is a decentralized, distributed ledger that records transactions across many computers. This ensures that the record cannot be altered retroactively without altering all subsequent blocks and the consensus of the network. Each block contains a list of transactions, a timestamp, and a reference to the previous block, forming a chain.
Consensus Mechanisms (PoW, PoS, DPoS, etc.)
Proof of Work (PoW): Miners solve complex mathematical problems to validate transactions and create new blocks. It’s secure but energy-intensive (e.g., Bitcoin).
Proof of Stake (PoS): Validators are chosen based on the number of coins they hold and are willing to "stake" as collateral. It’s more energy-efficient (e.g., Ethereum 2.0).
Delegated Proof of Stake (DPoS): Coin holders vote for a small number of delegates who validate transactions and maintain the blockchain. It aims to be more democratic and scalable (e.g., TRON).