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What is the blockchain protocol and how does it work?

Time : 28/12/2021 Author : juwt78 Click : + -
        Protocol tracking in genesishack invites developers to build solutions to the performance and scalability problems of existing blockchain protocols, or build new protocols from scratch. In this article, we will try to understand what blockchain protocol is through two example blockchain protocols, so as to infer its basic characteristics. Protocol tracking in genesishack invites developers to build solutions to the performance and scalability problems of existing blockchain protocols, or build new protocols from scratch. In this article, we will try to understand what blockchain protocol is through two example blockchain protocols, so as to infer its basic characteristics.
 
        As we all know, in computer science, a protocol is a set of rules or procedures used to control the data transmission between two or more electronic devices. The protocol helps to determine how information must be structured in order for computers to exchange information, and how parties will send and receive information. Blockchain is a network composed of multiple devices (nodes). These devices (nodes) are equally important, and they are interconnected through the Internet. In essence, blockchain is a ledger, which stores transactions in a distributed P2P manner and records them after being verified by all participating nodes. This distributed ledger works on predefined rules that are agreed by all participating nodes (peers) in the network.
 
        These rules include:. Distributed ledger: distributed ledger is a type of database, distributed on multiple peers, and records are stored in a continuous ledger one by one. Coin and Token: each blockchain protocol requires a digital asset to keep the network running. These are also used to motivate partners who participate in the network. This requires the emergence of digital assets such as coin and token. In the field of blockchain, these two terms are often used interchangeably, but there are subtle differences between them. In fact, coin and token are digital assets used to power blockchain networks. Their functions are more or less the same.
 
        They can be distinguished only by defining their level in the agreement. Coin is defined at the lowest level by the protocol itself., Coin is the latest digital asset of blockchain network. For example, the native currency of the bitcoin protocol is bitcoin. Tokens are digital assets defined at a higher level by smart contracts rather than protocols. For example, the Ethereum protocol has a local Ethereum. Ethereum allows developers to build dapps on their protocols. The node communication rules of one DAPP may be different from that of another DAPP defined by intelligence and people to people. Therefore, token is the native digital asset of DAPP. Example: nodes on the blockchain network should broadcast their blocks to the whole network.
 
        If a node or group of nodes begin to control more than 50% of the network, it can form blocks independently without broadcasting these blocks to the network. The network still follows the public version of blockchain. Nodes can spend money on public blockchain first, and then on private blockchain, so as to realize repeated expenditure. After that, because they control 51% of the network, they can broadcast their private blockchain and form a longer chain. Because the longest chain rule is the most legitimate chain, other participants will think it is the right chain. Transactions that were not previously included in this chain (because it is private) will be reversed, allowing malicious nodes to access other people's money.
 
        Bitcoin network has introduced the world into blockchain. Different protocols are designed according to different goals and use cases. We will study the key features of three major blockchain protocols. Underlying technical components: encryption hash function, digital signature, P2P network, public-private key encryption and proof of work (POW) consensus algorithm. Ethereum blockchain provides a larger and broader vision to achieve the goal that blockchain can serve. Ethereum platform launched many cryptocurrency projects such as vechain and omisego. It has also become a platform for DAPP development, and developed cryptokitties, brave, pundix and other dapps.
 
        After this innovation, multiple agreements are launched with one or another innovation. For example, the verification feature of all nodes in blockchain makes it run slowly, which leads to scalability problems. Zilliqa, EOS and Cardano are some examples of blockchains trying to build solutions to scalability problems. Another innovation of blockchain protocol is different consensus algorithm models. Using bitcoin, POW algorithm is introduced. However, later development has produced some algorithms, such as proof of equity (POS), proof of entrustment (dpos), and so on. Hyperledger is a blockchain, which attempts to solve the problem of enterprises adopting blockchain through a licensed agreement. In this agreement, only trusted entities can join the network and verify transactions.
 
        Blockchain is essentially an account book for recording transactions. The transaction of blockchain refers to the transaction of managing assets according to the rules of blockchain (smart contract). All peers on the blockchain network agree to validate transactions. This consensus is controlled by the algorithm input to the blockchain protocol layer. Blockchain provides all peers with the same copy of each transaction, thus eliminating trust and forming an untrusted distributed network.
 
        
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