The Blockchain and Decentralized Consensus

Undoubtedly we are shifting our brain from one cryptocurrency to multiple cryptocurrency based apps developed on top of the blockchain.    

In this article, we inspect the possible influence of the blockchain on developers and why does it matter?

In a few words, we can say, the blockchain is the new database, and developers are ready to rewrite it.

In case you don’t know, the technology idea behind the blockchain is same to that of a database, excluding the way we interact with that database.

For developers, the blockchain idea serves to express a paradigm shift in how software engineers will write software apps in the coming years, and it is one of the most significant concepts that demands to be understood. We need to understand the significant ideas, and how they relate to each other in the frame of reference of this latest computing paradigm that is untangling in front of us: decentralized accord, credible computing, smart contracts, and evidence of work/stake. The computing paradigm is significant because it is a catalyst for the development of decentralized apps.

If you think it is just a computing phenomenon then you probably need to think again. Decentralized apps are going to allow a decentralization fashion at legal, business, and also governance levels because there is always a group to decentralize everything and handover power to the edge of the networks. So, be ready to understand these ideas.

Decentralized Consensus

It shatters the years old paradigm of centralized consensus when one central database used to dominate transaction power. The decentralized project, on which the bitcoin protocol is based, shifts authority and credibility to a decentralized virtual network and lets its nodes regularly and sequentially record transactions on a public block building a unique chain, which is know as blockchain.

Each following block has a “hash” (a distinctive fingerprint) of the antecedent code; thus, cryptography (via hash codes) is used to protect the verification of the transaction source and eliminates the demand of a central mediator. This brilliant combination of blockchain technology and cryptography makes sure that there is never a replicate recording of the previous transaction.

We can think of consensus as the starting layer of a decentralized architecture. It is the foundation for the prime protocol that rules blockchain’s operation.

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