The level of access granted to the participants to be able to validate the data, is the key differentiator of private and public blockchains.
Like Proof of Authority, Proof of Participation takes advantage of a federated consensus algorithm. However, unlike Proof of Authority, the process of joining the federation is fully decentralized, permissionless, and fair.
Proof of Participation takes the best part of proof of stake and takes a step further by reducing dependence on the token’s value for security as explained in this infographic.
ZooBC’s Proof of Participation consensus was designed to overcome problems in other consensus algorithms like Proof of Work. Check out some of their differences in this infographic.
Dapps store the data on the decentralized systems where it gets distributed among several nodes eliminating the presence, and power, of a central authority.
Contracts that perform credible transactions without a need of third parties. Digitally facilitate, verify, or enforce a negotiation or performance of contract.
Blockchains reward the nodes with newly created tokens or transactions fees for validating the blocks and functioning by the set of rules.
A fork is a mere change to the protocol, or a divergence from the previous version of the blockchain.
The blockchain scene is always evolving. Here are the top 5 developments to look out for in 2020.
Nodes are participants in a blockchain network that provide a copy of the entire blockchain to the network. All miners host a node, but not all nodes mine cryptocurrency.