It is a immutable database.Data cant be edited or deleted,it can only be appended. Block+Chain=BLOCKCHAIN where block is block of code and chain is pointer to those data/block.
A network in which all clients make request to a single server.
A network in which data is stored in all the nodes of a network at a time and even if one node fails to save the transaction an error message will be generated.
A network in which if a data/transaction is saved in one node then it is treated as succesful one.
They have ledgers visible to everyone on the internet and anyone can verify and add a block of transaction to the block chain.In this type of malicious activity can be spoteed but the person behind the malicious activity wont be caught. Example- Bitcoin,Etherum.
All permissions are kept centralized to an organization.They allow only specific people in the organization to verify and add transaction blocks but everyone in the internet is generally allowed to view the blockchain. Example- Multichain,Blockstack.
Its controlled by a consortium of members where only verified set of nodes have acces to the data or block in the blockchain. Example- Ripple,R3.
It converts data of any type of size to a fixed size.
- Collision free - two different data sets wont have a same hash value.
- Hiding - when data is hashed you cant find the actual data.
- someone requests a transaction
- requested transaction is broadcasted to a peer-to-peer network consisting of nodes
- the network of nodes validates the transaction and the users status using known algorithms.
- once verified,the transaction is combined with other transactions to create a new block of data for the ledger which rom merkel root and is unalterable.
It restricts the set of rules Example - a soft fork is the one that restricts the block size limit from 1 MB to 500 KB, even though a 1MB block which was previously considered valid. Full nodes that upgrade to support this soft fork will reject any blocks larger than 500 KB after soft fork activates.
It loosens the set of rules Example - increases the blocksize limit from 1 MB to 2 MB, even though a 2 MB block which was previously considered invalid. Full nodes that upgrade to support this hard fork will accept any block upto 2 MB in size after the activation of hard fork.
a piece of data which is difficult to produce but easy for others to verify and which satisfies certain requirements
He is given a merkel root and a nonce along with a target hash, a miner has to make some computations and find a certain value from merkel root and nonce which should be less than or equal to target hash. Note - a nonce is a random number taken to solve a proof of work and we need to start our prediction setting nonce as 0 and later incrementing its value a new block is generally added in a bitcoin network after every 10 minutes.
creator of a new block is choosen depending on the wealth possesed by him called stake.
- It was conceptualized by vitalik buterin in november 2013
- it is turing complete i.e; loops can be used
- it is a platform to develop Dapp.
- value token of ethereum blockchain is ether
Everytime a contract is executed, ethereum consumes tokens which is termed as gas to run the computation minimum gas limit is 21000
its based on two factors
- GasUsed = total gas consumed by the transaction
- GasPrice = its the price in ether for 1 unit of gas specified in the transaction Note - Gas is used only because the value of ether is not constant. Total cost = GasUsed * GasPrice
- its a contact-oriented, high-level language whose syntax is similar to javascript
- it is statistically typed which supports inheritance,libraries and comlex user-defined types among other features.
- it compiles instructions into bytecode so that they can then be read by the network
- it is turing complete. refer this - https://github.com/srijithsrk/solidity
its a code which runs between two people and it also avoids middleman you can refer some smart contracts here - https://github.com/srijithsrk/Smart-Contracts
https://github.com/srijithsrk/ERC20 https://github.com/srijithsrk/my_cryptocurrency
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