2. Quick overview
In the last lecture, we talked about:
●Asymmetric Cryptography
●Hash functions
●Merkle tree
●Distributed Systems
●Peer-To-Peer (P2P) networks
●Bitcoin network and nodes
3. Blockchain technology
What is it? Where is it implemented?
A blockchain is a digital record of transactions. Blockchain is a distributed,
transparent and immutable database technology used for recording
transactions made with cryptocurrencies, such as Bitcoin, in a
decentralized way. Besides cryptocurrencies, blockchain has many other
applications.
4. Blockchain technology
What is so special about it?
Bitcoin’s breakthrough contribution was to create a means of achieving
consensus within an open, ‘permissionless’ environment – anyone can join
the Bitcoin network and become a miner, compete for bitcoin currency
rewards, and contribute to the ledger by engaging in proof of work.
5. Blockchain technology
Public & Private type of blockchain?
●Anyone can access the network
and make transactions
●No permission required to
publish blocks
●The appearance of malicious
nodes
●Not everyone can access the
network and make transactions
●Authorized nodes publish blocks
●Consensus protocols are faster
and less expensive in terms of
computing resources
24. “Study how to write smart contracts, which
is the basic unit of programming a
blockchain for business purposes. It is the
equivalent of being taught HTML and Java
during the early Internet days. And master
how to create assets or tokenize existing
ones on a blockchain.”