YavarTechWorks
Published in

YavarTechWorks

Web3.0 — #2 Blockchain

Cover Image
Quick Read
Click Read more or Scan the QR code :)

On this Post

  1. Blockchain Fundamentals
  2. Key elements of a blockchain
  3. Types of blockchain network
  4. Types of blockchain platforms
  5. How does a transaction get into blockchain network

1. Blockchain Fundamentals

But why blockchain is so important?

2. Key elements of a blockchain

About Distributed Ledger Technology
About Immutable Records
About Smart Contracts

3. Types of blockchain network

  • Public
  • Private
  • Hybrid
  • Consortium

Public Blockchains

  • DLT does not store data in a single space. Instead, this application allows distribution across peer-to-peer networks.
  • The decentralized nature of blockchain does require methods of verification of the authenticity of the data.
  • It offers a consensus algorithm for all participating parties within the blockchain to come to an agreement about the ledger’s status.
  • Public blockchains offer permissionless and non-restrictive use for anyone with access to the internet can sign onto the platform for authorization.
  • Users can access past and current records and also perform mining tasks. You cannot change any viable transaction or record on said network. Anyone can verify transactions, propose changes, and find bugs.
Public Blockchain

Private Blockchains

  • Unlike the public blockchain network model, the private blockchain offers a more restrictive environment such as a closed network under the management and control of one entity.
  • It works the same way as a public network in terms of decentralization and peer-to-peer connections on a smaller scale. Not just anyone can join private blockchain networks. These are used on smaller networks within an organization.
  • Private blockchains are also called as enterprise blockchain or permissioned blockchain
Private blockchain

Hybrid blockchains

  • Organizations can set up a public permissionless network alongside a private permission-based network.This allows them to control who can have access to certain data that is stored inside the blockchain, or what can be publicly accessed.
  • You won’t see records or transactions publicly within the hybrid blockchain system without verification that is gained through the smart contract model.The confidential data is stored in the network, but is not accessible by just anyone.
  • A private organization can own a hybrid blockchain, but it still can’t change transactions.When users join the hybrid blockchain, they will obtain total access to the network.
Hybrid Blockchain

Consortium Blockchains

  • This type of blockchain is similar to the hybrid type with its combination of private and public blockchain elements. Where this type of blockchain differs is that it allows multiple members to collaborate across a decentralized network.
  • In other words, it’s a private blockchain with restricted access to a specific group for removing risks that come from only a single entity controlling said network as it is on a private blockchain network.

The members can initiate or receive transactions only.

Consortium Blockchain
Fact #1

4. Types of blockchain platforms

  • Ethereum is the first blockchain system that allows you to create smart contracts and decentralized applications, or dApps. This platform launched in 2015.
  • NEO, formerly Antshares, a blockchain platform created for scalability with a main focus on asset digitization across the blockchain. It’s China’s first blockchain.
  • Waves offers a blockchain platform that is decentralized and provides an easy interface for its users to create custom tokens. It makes it easier to launch ICOs.
  • EOS is similar to the Ethereum blockchain platform in terms of allowing the creation of dApps and smart contracts. The primary difference is that EOS can also be used to support enterprise-level applications.
  • Stellar is based on the distributed blockchain model and acts as a payment network. It also supports ICOs.
  • The IBM blockchain platform offers an enterprise solution with intuitive blockchain tools.
  • Corda’s blockchain platform is ideal for use in the healthcare, digital assets, government, digital identity, insurance, and capital markets.
  • MultiChain is seen as one of the most developer-friendly platforms on the market. It allows for easy blockchain customization and is ideal for streaming data.
  • Tron is a blockchain platform based on operating system technology. It’s one of the fastest-growing blockchain platforms. It’s especially ideal for people who create content.
Fact #2

5. How does a transaction get into blockchain network

Transaction in Blockchain

Authentication

Authorisation

Proof of Work

Power of Mining

Proof of Stake

Congratulations!

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Nidhin kumar

As a species, we have an inbuilt need to connect with others to communicate and share.