Posted By: Admin
On: October 29th 2017
Category: Entrepreneurship, Bitcoin, Finance
The goal of distributed ledgers is to provide an ordered history of events, because in distributed systems you can’t simply trust a timestamp.
When a new participant on a blockchain-based network joins, they download any available blocks and consider every valid series of blocks that they see, starting from a hard-coded genesis block. Full node operators can be completely sure of several facts:
Nobody has inflated the monetary supply except for miners, and only according to a well-defined schedule.
Nobody ever spent money without having the appropriate private key(s).
Nobody ever spent the same money twice.
Full node operators can be reasonably sure of several other things. There is a strong guarantee that:
Any block in the chain was created within approximately two hours of the block’s timestamp.
They are syncing the “true” blockchain history.
Other algorithms that can be used to maintain consensus in distributed systems such as:
Proof of Stake
Proof of Coin Age
Proof of Deposit
Proof of Burn
Proof of Activity
Proof of Elapsed Time
Practical Byzantine Fault Tolerance
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