Blockchain Consensus Mechanisms
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Blockchain Consensus Mechanisms
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Author : Parma Bains
language : en
Publisher: International Monetary Fund
Release Date : 2022-01-26
Blockchain Consensus Mechanisms written by Parma Bains and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-26 with Business & Economics categories.
Technology plays an increasingly important role in financial services. With the pace of technological inno-vation moving ever faster, the role new technology plays in the provision of financial services is becoming increasingly fundamental. New technology can generate efficiencies for firms, lowering costs that can be passed on to end users. It can increase access to financial services and products for consumers, particularly the most vulnerable; however, new technology can also create new risks and unintended consequences that can harm financial stability, consumer protection, and market integrity. This primer is designed for financial supervisors at central banks, regulatory authorities, and government departments. It adds to existing literature by summarizing key aspects of popular consensus mechanisms at a high level, with a specific focus on how such mechanisms may impact the mandates of supervisors and policymakers when deployed in financial services markets. It could also help inform IMF staff on policy development and technical assistance related to crypto assets, stablecoins, and blockchains.
Blocks And Chains
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Author : Aljosha Judmayer
language : en
Publisher: Springer Nature
Release Date : 2022-06-01
Blocks And Chains written by Aljosha Judmayer and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-01 with Computers categories.
The new field of cryptographic currencies and consensus ledgers, commonly referred to as blockchains, is receiving increasing interest from various different communities. These communities are very diverse and amongst others include: technical enthusiasts, activist groups, researchers from various disciplines, start ups, large enterprises, public authorities, banks, financial regulators, business men, investors, and also criminals. The scientific community adapted relatively slowly to this emerging and fast-moving field of cryptographic currencies and consensus ledgers. This was one reason that, for quite a while, the only resources available have been the Bitcoin source code, blog and forum posts, mailing lists, and other online publications. Also the original Bitcoin paper which initiated the hype was published online without any prior peer review. Following the original publication spirit of the Bitcoin paper, a lot of innovation in this field has repeatedly come from the community itself in the form of online publications and online conversations instead of established peer-reviewed scientific publishing. On the one side, this spirit of fast free software development, combined with the business aspects of cryptographic currencies, as well as the interests of today's time-to-market focused industry, produced a flood of publications, whitepapers, and prototypes. On the other side, this has led to deficits in systematization and a gap between practice and the theoretical understanding of this new field. This book aims to further close this gap and presents a well-structured overview of this broad field from a technical viewpoint. The archetype for modern cryptographic currencies and consensus ledgers is Bitcoin and its underlying Nakamoto consensus. Therefore we describe the inner workings of this protocol in great detail and discuss its relations to other derived systems.
Blockchain Consensus
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Author : Imran Bashir
language : en
Publisher:
Release Date : 2022
Blockchain Consensus written by Imran Bashir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
This book is your comprehensive guide to understanding Blockchain and Blockchain consensus algorithms. It covers distributed systems, distributed consensus, and relevant system models. And you'll explore how classical and modern consensus algorithms work. The book also covers quantum consensus and explains the role that quantum computing plays in distributed systems. Consensus protocols allow participants in distributed systems to agree on a common value, despite faults. It's a fundamentally important construct in distributed systems. As a result of rigorous and ground-breaking research over the last four decades, many consensus mechanisms have been developed and are used in the industry today. However, with the advent of Blockchain technology, a renewed interest has arisen in this area, resulting in more research and innovation. The first Blockchain, Bitcoin, was invented in 2008 and introduced a novel consensus protocol called Nakamoto consensus, a solution to the Byzantine General's problem formulated almost 30 years ago. Since the introduction of Bitcoin, the interest in Blockchain and consensus protocols has risen exponentially. As a result, researchers from academia and industry have proposed many new consensus mechanisms. While fundamental goals and some techniques remain the same as established classical protocols, these modern protocols introduce innovative methods to achieve consensus in Blockchain. Some classical algorithms have been modified to make them suitable for Blockchain and some new protocols have been developed. This book is a detailed account of classical distributed consensus and Blockchain consensus algorithms. It explains why and how cryptocurrencies and Blockchain remain secure and decentralized without depending on a trusted third party. In addition, you'll learn how Blockchain can endure, even with hundreds or thousands of participants, out of which some might be malicious. The book introduces quantum consensus, which deals with the problem of reaching agreement in quantum networks and how to enhance classical results. What You Will Learn Understand distributed systems, distributed consensus, and relevant system models and protocols Understand Blockchain and Blockchain consensus algorithms Know how classical and modern consensus algorithms work Know the inner workings of Paxos, RAFT, PBFT, HotStuff, proof of work, proof of stake, GRANDPA, Casper, proof of history, and other consensus protocols Understand quantum Byzantine agreement and quantum consensus.
Proof Of Merit
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Author : Haozhao Zhang
language : en
Publisher:
Release Date : 2022
Proof Of Merit written by Haozhao Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Existing popular Blockchain consensus mechanisms, such as Proof-of-Work (PoW), are designed to record existing transactions. However, they play no role in the transaction generation process. Many blockchain applications require high computation costs to generate and record transactions (e.g., in the case of PoW). In this paper, we propose an approach that allows us to utilize the consensus generation process to generate transactions by solving complex problems. We call it the Proof-of-Merit (PoM) mechanism - this approach decentralizes the transaction-generation process and selects proposed solutions to the problem based on their merit. We illustrate the PoM mechanism in the context of ridesharing, where a group of solvers provide solutions to the problem of matching riders with drivers. Moreover, we define two objectives - efficiency and equity - to evaluate PoM. We demonstrate PoM's performance and nuanced properties using agent-based simulation. We show how Decentralized Control Parameter (DCP) influences the intrinsic tradeoffs between efficiency and equity. Further, we explore how to find the proper value of DCP towards achieving a desirable balance of the two objectives.
The Economics Of Blockchain Consensus
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Author : Joshua Gans
language : en
Publisher: Springer Nature
Release Date : 2023-06-29
The Economics Of Blockchain Consensus written by Joshua Gans and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-29 with Business & Economics categories.
Blockchain technologies have been rapidly adopted for the creation of cryptocurrencies and have been explored for a myriad of applications. While this is of important economic interest, the computer science behind how blockchains operate to provide security and provenance has been largely inaccessible to economists. This book is a bridge between the computer science and the economics of blockchains. The focus is on the value and the achievement of blockchain consensus; that is, how distributed and independent nodes are able to reach an agreement on what the current state of digital ledgers, that are the product of blockchains, are. The book shows that the goals of computer scientists in designing blockchains place very high weight on security beyond what an economist trained in game theory and mechanism design would require. It shows how blockchains can be redesigned to account for key economic trade-offs, and will be of interest to researchers and students of economics, financial technology and computer science, alongside policymakers.
Blockchain Technology And Applications
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Author : Manoj Kumar M V
language : en
Publisher: CRC Press
Release Date : 2022-12-13
Blockchain Technology And Applications written by Manoj Kumar M V and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-13 with Technology & Engineering categories.
Blockchain is an emerging platform for developing decentralized applications and data storage, over and beyond its role as a platform for cryptocurrencies. This reference text provides a comprehensive discussion on blockchain technology from research and application perspective. Discusses different approaches for building distributed applications (DAPPS). Provides detailed listing and discussion of blockchain technology applications in solving real life problems. Covers proof of work (PoW) based blockchain consensus, and proof of stake (PoS) based blockchain consensus. Discusses blockchain algorithms including practical byzantine fault tolerance (PBFT) and simplified byzantine fault tolerance (SBFT). It comprehensively covers important topics including blockchain consensus algorithms, Ethereum, Hyperledger, blockchain scalability, smart contracts with solidity, ERC20 standards, building DApp with Golang, building DApp using Hyperledger, building PoCs with Hyperledger fabric, blockchain as a server, blockchain security and privacy. The text will serve as a useful text for senior undergraduate and graduate students in interdisciplinary areas including electronics and communications engineering, electrical engineering, computer science, and information technology.
Mechanism Design Approaches To Blockchain Consensus
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Author : Joshua S. Gans
language : en
Publisher:
Release Date : 2022
Mechanism Design Approaches To Blockchain Consensus written by Joshua S. Gans and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Blockchain consensus is a state whereby each node in a network agrees on the current state of the blockchain. Existing protocols achieve consensus via a contest or voting procedure to select one node as a dictator to propose new blocks. However, this procedure can still lead to potential attacks that make consensus harder to achieve or lead to coordination issues if multiple, competing chains (i.e., forks) are created with the potential that an untruthful fork might be selected. We explore the potential for mechanisms to be used to achieve consensus that are triggered when there is a dispute impeding consensus. Using the feature that nodes stake tokens in proof of stake (POS) protocols, we construct revelation mechanisms in which the unique (subgame perfect) equilibrium involves validating nodes propose truthful blocks using only the information that exists amongst all nodes. We construct operationally and computationally simple mechanisms under both Byzantine Fault Tolerance and a Longest Chain Rule, and discuss their robustness to attacks. Our perspective is that the use of simple mechanisms is an unexplored area of blockchain consensus and has the potential to mitigate known trade-offs and enhance scalability.
Blockchain A To Z Explained
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Author : Rajesh Dhuddu
language : en
Publisher: BPB Publications
Release Date : 2021-08-31
Blockchain A To Z Explained written by Rajesh Dhuddu and has been published by BPB Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-31 with Computers categories.
Scan the History, Trace Evolution and Mine the terms of Blockchain KEY FEATURES ● World’s largest blockchain glossary covering 400+ blockchain terms explained in a simple and lucid manner. ● Easy to scan and find terms as they are arranged in an alphabetical orderIn-depth coverage on core principles, challenges, and application of Emotion Analysis. DESCRIPTION Blockchain has emerged as one of the most widely discussed technologies in the last few years among the students, practitioners, crypto enthusiasts and academicians alike. With Blockchain’s growing adoption, several new terms and lexicon are being added continuously to expand its universe comprising concepts, key contributors, latest developments, protocols, tools and lots more. We felt there was a need to introduce an all-encompassing ‘Blockchain Thesaurus’ that would enable practitioners and students to stay abreast of the ‘Who’, ‘Why’ and ‘What’ of the blockchain world as it stands today. With 400+ blockchain terms and growing, this book will address this requirement and equip the readers with all they want to know to become a blockchain pro. Blockchain technology will soon power the currency for entire countries, change the world’s financial systems and level the playing field for small companies to have the same access to opportunities as the large incumbents. Yet little has been done to make the core concepts of blockchain accessible and understandable to the everyday business user. With this essential guide, Rajesh has made these powerful concepts real to everyone. -Todd McDonald, Co-founder & Chief Product Officer, R3 New-age technologies like blockchain have become all pervasive and we find ourselves inundated with new tech jargon at the rate of knots. Authored by blockchain industry veterans, this new thesaurus of blockchain is your quintessential ‘one-stop’ source that lists all the blockchain lexicon (400+ terms) that you ever need to know and explains them in a simple, easy to understand language. It is comprehensive in its coverage – from cryptocurrencies, contributors, protocols, consensus mechanisms, consortiums and lots more – you name it and it will have it! In short, it is the world’s shortest course to make you a Blockchain Pro! - Brian Behlendorf, Executive Director, Hyperledger Foundation WHAT YOU WILL LEARN ● Comprehensive blockchain knowledge that enhances our readers learning about key contributors, protocols, cryptocurrencies and much more. ● Applicability and usability of terms and concepts in diverse scenarios. WHO THIS BOOK IS FOR Book is a comprehensive compendium of Blockchain terms to become a valuable resource for everyone be it – Students, Academicians, Researchers, Blockchain Practitioners, Crypto enthusiasts who are interested in learning Blockchain. TABLE OF CONTENTS 1. A 2. B 3. C 4. D 5. E 6. F 7. G 8. H 9. I 10. J 11. K 12. L 13. M 14. N 15. O 16. P 17. Q 18. R 19. S 20. T 21. U 22. V 23. W 24. X 25. Y 26. Z Others Index
Unblockchain
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Author :
language : en
Publisher: Henrique Centieiro
Release Date : 2021-03-31
Unblockchain written by and has been published by Henrique Centieiro this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-31 with Computers categories.
What will you learn with this book? Why is everyone talking about blockchain? What is it all about? Wouldn’t it be great if there is something out there that can help you understand the latest trending technology - Blockchain in a relaxed manner with tons of graphics, which is even more fun than a barrel full of monkeys?! With this book Unblockchain, you will learn how blockchains are architected, what the main technology components are such as cryptography, hashing, applications as well as the constraints and limitations of blockchain.In this book we are going to cover in dept all the components of blockchains. We are going to understand how the hashing mechanisms work, what the cryptography role is, how transactions are signed and much more! We are also going to look at the blockchain use cases, understand the blockchain architecture and even deploy an Ethereum node and play around with the blockchain. I will help you to better understand when to use blockchain, the key concepts, the industry jargon and a lot of additional information that will help you interact with stakeholders in any blockchain project you may get involved in.No matter what your background is, you will be able to follow along with this book and do the hands-on! After this, you will for sure be able to get involved in any blockchain project and to show off your knowledge in front of your pals! Why does this book look so different? Based on cognitive science and learning theory researches, Unblockchain uses a visually rich format to engage with your mind, rather than using solely heavy boring text. You will also have a few hands-on that will help you understand the technology by trying it yourself! This multi-sensory book is designed to turn you into a blockchain expert!
Foundations Of Blockchain
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Author : Ahmed Imteaj
language : en
Publisher: Springer Nature
Release Date : 2021-07-16
Foundations Of Blockchain written by Ahmed Imteaj and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-16 with Technology & Engineering categories.
This book provides a comprehensive analysis of fundamental topics related to blockchain. Throughout, the authors explore different vital issues and specific areas of blockchain. For convenience, the authors present the elementary description, visualize the working procedure of blockchain paradigm, and highlight the areas it can be applied in real life. They explain the blockchain process from a diverse perspective i.e. distributed Internet of Things (IoT), interdependent networks, intelligent mining, etc. They also analyze the interconnection of a blockchain network and such novel research areas to show a pathway towards a new research direction. This book also holds the core challenges and open research issues of blockchain technology, considering existing applications. Chapters include consensus mechanisms of blockchain, blockchain applicability in centralized and decentralized internet of things, blockchain interoperability from the perspective of interdependent networks, and blockchain for resource-constrained devices. Specifies the importance of theoretical methods in dealing with problems in the context of blockchain for interdependent decision making; Provides a comprehensive investigation of blockchain algorithms and the recently developed methods based on this algorithm; Provides basics and mathematical foundations needed to learn and deploy blockchain.