Blockchain is a
distributed ledger system with a growing list of records, called blocks, which
are linked using cryptography. Each block contains a cryptographic hash of the
previous block, a timestamp, and transaction data.
A blockchain is
typically managed by a peer-to-peer network collectively adhering to a protocol
for inter-node communication and validating new blocks. Due to high Byzantine
fault tolerance, the data, once recorded in any given block, cannot be altered
retroactively without alteration of all subsequent blocks, which requires
consensus of the network majority.
By storing data
across its peer-to-peer network, the blockchain provides decentralization and
eliminates central point of failure. Every node in a decentralized system has a
copy of the blockchain. No centralized "official" copy exists and no
user is "trusted" more than any other.
Blockchain
platforms vary from one another due to its implementation style. A good
distributed ledger system can be assessed by the following metrics:
Scalability
The most
important feature distinguishing different blockchain platforms is the ability
to scale. There are two major factors affecting the scalability of a system.
A.
Firstly, blockchain is a
growing list of records which increases in size after every block. This in
turns make blockchain more scalable and it keeps on growing.
B.
Secondly, the transaction
time, often referred to as block-time, defines the frequency at which
transactions are added to the blockchain.
This
depends highly on the network organization and consensus. In consensus
algorithms like POW, validators solve mathematically complex problems, making
the system take up a certain amount of time to reach consensus, inherently
limiting the transaction speed. A low block-time can increase your transactions
per second but can also open up security threats like Race attacks or Finney
attacks and keeping it too high could result in reduced transaction speed.
Security
Blockchains are
different from classical distributed databases due to the security it offers,
which is paramount for any distributed system. They are designed from the
ground up to be secure. Malicious practices are taken for granted and care is
taken to minimize impact when a security vulnerability is discovered or on
invalid user input.
The two
important features adding to security are immutability and decentralization.
A.
Immutability is partially
achieved through novel methods of public-key cryptography, which makes sure
that any data on blockchain is tamperproof. Since the data is stored across its
peer-to-peer network, no centralized "official" copy exists. This
removes the central point of failure. Although data that currently exists are
secure, it is very much vulnerable when new data are added.
B.
The security of blockchain is achieved
mostly throughdecentralized consensus. State transitions or data additions are
made only when majority of the network agrees on it. Due to the network effect,
as the network grows larger in size, the ability to counter bad actors also
increases.Thus based on the features, blockchain proves its worth and has been
used to create DAPP (Blockchain based decentralized Apps) for the betterment of
the community and to provide benefit to the society.
Using the
abovementioned features of next gen blockchain technology; Era Swap is coming
up with a blockchain based decentralized P2P global marketplace for service
providers and service seekers which empowers both buyers and sellers. It
tokenizes time as service and offers solution to various elementary and still
prevailing challenges of other traditional platforms or marketplaces.
Be a part of
this next gen global marketplace to seek maximum benefits as the marketplace
will have several complementing components to make it completely
self-sustainable empowering the users with ease of trading on Era Swap
marketplace.
Explore www.eraswaptoken.io
to know more about Era Swap marketplace ecosystem or subscribe to Era Swap
YouTube channel for the latest updates on Era Swap : http://bit.ly/2D5jE90
No comments:
Post a Comment