Blockchains: Key Concepts and Mechanisms
Discover the core concepts of blockchains, including consensus mechanisms, mining incentives, and distributed systems in this informative content. Explore the inner workings of blockchains and their role in ensuring global consensus through replicated state machines. Learn about the significance of participation, consensus on the hardest chain, and the process of adding blocks to the chain. Gain insights into the systematization of knowledge and the importance of surveys in navigating new research areas.
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Presentation Transcript
Blockchains CSE 552 preparation for reading
Systematization of knowledge A special kind of paper that appears in IEEE S&P Doesn t have new research Surveys existing research Provides a new viewpoint not necessarily understood by the purveyors of that research A survey is useful to introduce yourself to a new area
A blockchain is a replicated state machine ...but with only probabilistic properties Header Header Header Header Header ... The key is to ensure global consensus on the sequence of inputs
Each block can succeed only one log prefix hash hash hash hash ...
Consensus is on the hardest chain to produce hash hash hash hash PoW PoW PoW PoW PoW ... Work is to find a such that the hash of the is less than the current target nonce block
Participation is motivated by payment hash hash hash hash PoW PoW PoW PoW PoW $$$ for miner $$$ for miner $$$ for miner $$$ for miner $$$ for miner ... $ $ $ $ $ $ $ Adding a block to the chain (mining) lets you add a transaction creating currency in your personal account A transaction can also specify that the miner gets whatever change is left over from running it
Distributed systems in a blockchain The blockchain itself The dissemination network Lets clients send transactions to miners Lets miners publicize the blocks they mine
