The Blockchain and Decentralized Consensus
Posted By : Kiran Bisht | 13-May-2015
Undoubtedly we are shifting our brain from one cryptocurrency to multiple cryptocurrency based apps developed on top of the
In this article, we inspect the possible influence of the
In a few words, we can say, the
In case you don’t know, the technology idea behind the
For developers, the
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.
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.