The Lightning Network offers an easy way for users to make “off-chain” bitcoin payments with low fees, near instant settlement, high transaction throughput, and increased privacy.
Consensus algorithms are what make the blockchain network so secure and decentralized. A consensus algorithm is a mechanism used to achieve agreement on a single data value among distributed systems.
Decentralised systems have been in the ‘limelight’ only recently, specifically blockchain. In the daily lives of people the understanding that something can be managed in a decentralised manner is a topic that has just begun.
How the blockchain consensus algorithms work, what their benefits and limitations are, and what types of consensus algorithms are available.
The inventor of the first steam engine created something new yet, for today’s standards, inefficient and imperfect. The evolution of the steam engine has lead to very efficient machinery that we have today. Using this analogy,
A block is a collection of transactions that have happened during a certain amount of time that is added to the blockchain.
The Proof of Participation consensus equally distributes decision power and rewards amongst every node contributing to a blockchain’s operation. This approach removes the link between decision power and resources.
Who signed a charter to join the Libra Association, and who dropped out?
Similar to Proof of Work but instead of computing resources, Proof of Capacity leverages available disk space (storage).
Do you know the consensus mechanism whose reputation of a node is constructed based on its asset, transaction activity, and consensus participation?