Blockchain, calm

Understanding blockchain requires to understand many other disparate parts:

peer-to-peer network, proof of work, cryptographic hash, consensus algorithm, decentralized architectures, double-spending, mining, unspent transaction output, wallets, distributed ledgers, the genesis block, nonce, …

blockchain calm is a web site to visualize those parts, interactively explore possibilities, play with parameters, consider alternatives, question assumptions, and even questions the trustworthiness of blockchain technology.

This article presents you snapshots from blockchain calm, a springboard for critical thought and deep understanding on blockchain.

1. Peer to peer network

A network consisting of 12 peers is slowly built before records are sent

2. From the genesis block all the way up

The Genesis Block kicks off by giving 1,000 coins to Joe. Money will flow from account to account but without the concept of mining the sum-game will always be 1,000.

3. Computing the ledger

Any new block in the chain forces an update on the ledger

4. Double Spending

Joe has 1,000 coins. An attempt to send 500 to Ronald and 800 to Freddie ends with one transaction being rejected.

5. Proof of work

When creating a block we look for a value called a nonce to combine with the payload to form a hash beginning with as many 0-bits as the difficulty property defines

Blockchain, calm was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
07/11/2018 - 21:53