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Basics of Blockchain Architecture
Published in Latesh Malik, Sandhya Arora, Urmila Shrawankar, Vivek Deshpande, Blockchain for Smart Systems, 2022
Peercoin uses a variant of POS wherein higher the stake and longer the coins are at stake, higher are the chances for a node to mint or forge a block. Once a node uses its stake to forge a block, the coin age for holdings is set to zero. Also, many a time this variant requires a locking period for coins before the node becomes eligible for forging a block.
Blockchain-Based Security Solutions for Big Data and IoT Applications
Published in Arun Solanki, Vishal Jain, Loveleen Gaur, Applications of Blockchain and Big Iot Systems, 2023
Rajdeep Chakraborty, Abhik Banerjee, Sounak Ghosh
The above criteria are used to determine the performance of a consensus algorithm implemented on a specific platform. The BC platforms and frameworks used for this purpose are as follows: Bitcoin (BTC): First-generation BC which utilizes PoW and runs on BTC script-a scripting language implemented along with the platform and tokens.Peercoin: The first cryptocurrency which used Proof of Stake instead of PoW as its consensus algorithm.Ethereum (ETH): The first second-generation BC platform sporting a Turing complete scripting language-Solidity and running on SCs. This sparked the development of decentralized apps. At the time of writing, ETH uses PoW with the Ethash scheme for hashing the blocks. However, a long-overdue community plan has been to migrate the BC from PoW to Proof of Stake.EOS.IO: A BC platform designed after the release of ETH to enable high-throughput and help scale the BC better. Thus, it was made with the motive to replace ETH as the go-to BC platform for the design of decentralized apps.Tezos: A distributed ledger which is focused on on-chain governance and enabling security via liquefaction of assets owned by the network members. Tezos has been particularly popular with financial institutions.Hyperledger Sawtooth: A framework for developing Distributed Ledger Solution conceived by Intel. It was termed as Sawtooth Lake while it was being developed by Intel. Later, it was contributed to the Hyperledger ecosystem where it graduated to a production-grade framework. Hyperledger Sawtooth employs pluggable consensus mechanisms. It is known for its use of Proof of Elapsed Time consensus mechanism and focuses on ‘interoperability’ with other BC platforms.Hyperledger Fabric: Made by Intel, Hyperledger Fabric is one of the most widely used frameworks for developing distributed ledger solutions for private and consortium class of BCs. This framework, too, has graduated from the Hyperledger Ecosystem.
‘Un’-blocking the industry 4.0 value chain with cyber-physical social thinking
Published in Enterprise Information Systems, 2023
Subodh Mendhurwar, Rajhans Mishra
A block comprises (a) block header and (b) block body (transaction counter with transactions) (Zheng et al. 2018). The block header typically consisting of (i) block version (an indicator of applicable block validation rules), (ii) parent block hash (previous block pointer), (iii) Merkle tree root hash (of all earlier transactions), current timestamp, current hashing target (typically decided by the network) and (iv) nonce (increments for every hash computation till solution arrived or target changed). Existing blockchains typically use four major consensus mechanisms: (i) PoW (Proof of Work), e.g., Bitcoin and Ethereum, (ii) PoS (Proof of Stake), e.g., PeerCoin, ShadowCash, (iii) PBFT (Practical Byzantine Fault Tolerance), and (iv) DPoS (Delegated Proof of Stake);besides others such as PoB (Proof of Bandwidth), PoET (Proof of Elapsed Time), PoA (Proof of Authority), e.g., Ethereum (Li et al. 2020), Ripple, Tendermint, PeerConsensus, GHOST, etc. (Zheng et al. 2018), or specialised mechanisms (‘Proof of X’ – Yu et al. 2020) for niche requirements (e.g., lightweight blockchain-based, distributed trust architectures for IoT – e.g., Dorri, Kanhere, and Jurdak 2017; Dorri et al. 2019).