Posted By: Admin

On: October 29th 2017

Category: Entrepreneurship, Bitcoin, Finance

Facebook       Google       LinkedIn       Pinterest       Twitter

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
Federated Consensus
Practical Byzantine Fault Tolerance

ALSO READ:

WHERE AND HOW DO I GET BITCOINS

WHERE AND HOW DO I SAVE MY BITCOINS AND CRYPTO CURRENCIES

WHAT DO I NEED TO KNOW TO START INVESTING IN BITCOINS AND CRYPTOCURRENCY

12 THINGS YOU SHOULD KNOW ABOUT BITCOINS

THE DANGERS OF BITCOIN

HOW DO I INVEST IN BITCOINS


We stricly abide by the FAIR USE ACT. Proposed by the Judiciary Committee, Subcommittee on Courts, the Internet, and Intellectual Property on March 19, 2007. All content remain legal property of the legitimate author. Read our Terms of services, and use of this website.
READ MORE FROM THE INFORMATION SOURCE