Humans tend to attract each other and build tribes, villages, town, cities, or empires. With that comes social norms among those who are living with or near each other. These norms have different ways of coming into existence. It doesn’t matter if the governance is the real world or the digital world, there are shared underlying principles within both.
These principles are:
Governance can be undertaken by a government, market, network, or social system (family, tribe, development team, etc.).
The blockchain is a distributed and decentralised system, which means that it needs to have a way of tracking the official current state of the system. Since the blockchain can include financial transactions and business agreements, it is important that all parties involved are in sync regarding the terms of the agreement.
So, one of the most important components to blockchain is this idea of group consensus.
Even though it might appear odd, blockchain is a very inefficient system.
We’re asking multiple nodes, sometimes tens of thousands of computer nodes, to all repeat the same work. …
Well, because people have fear… we always fear the unknown, right?. And Blockchains and cryptocurrencies are still too complicated to be understood by the masses. Some time it is difficult to completely understand how they work even for those who already have a technical background.
So, now think about the old lady who doesn’t even trust banks (she is right, though), or the guy that lives in your neighbourhood, who doesn’t know how to use a smartphone and comes to ring at your door every time the printer is not printing (and it is usually because his cat walked over the cable and accidentally disconnected the printer cable from the pc, but still after 1000 times he keeps thinking that you are the only one able to solve the mystery!). …
Today we’re going to talk about a cybersecurity idea in blockchain known as “Zero-Knowledge Proofs”.
Zero-knowledge proof is the ability to prove a secret without revealing what the secret is.
Let’s review an example:
Let’s say there are two toy cars, identical in shape and size, except, one is red and one is blue. Jimmy, who is color-blind, holds the toy cars behind his back. Jimmy then shows one of the cars to David. Jimmy then hides that car behind his back and shows David the other car. …
Blockchain makes use of several different types of cryptography.
Among these is:
Public Key Cryptography
Public key cryptography uses a pair of a public key and a private key to perform different tasks. Public keys are widely distributed, while private keys are kept secret.
Using a person’s public key, it is possible to encrypt a message so that only the person with the private key can decrypt and read it. …
When you start to get more into blockchain, one term that you’re going to hear a lot is Byzantine Fault Tolerance.
Now if you’re wondering what that means, that very strange and cryptic sounding term, that can be explained with a story.
In 1982, a mathematical problem was formulated called the Byzantine Generals Problem, and without getting too detailed into the mathematics behind it, essentially, the Byzantine Generals Problem was a story about two empires fighting a battle.
Blockchain technology is new, that’s true, but while blockchain itself may be new and cutting-edge, it’s built out of nothing more than very old technology.
And one of those is cryptography.
The word cryptography has been used a lot lately, and many people think it’s a very new cutting-edge science.
But even though there are new developments being made everyday, cryptography itself is a very old science.
One really good and old example of this is the story of Rose O’Neal Greenhow (Wikipedia has a really good explanation of who she was).
The short story is that Rose Greenhow lived in the Washington DC area during the American Civil War, and she was actually an undercover spy for the Confederate Army.
She used to have many fancy parties, and was also invited to many high-end social events. Usually these events were attended by members of the Union Army, generals, strategists, etc.
In secret, at all these events she was soaking up all the information she could.
She developed her own encryption scheme and she used this scheme to mail letters to the Confederate Army, revealing the plans of the Union Army, troop positions, general strategy, etc. …