Minimal Slashing Condition in Ethereum

The Minimal Slashing Condition is a set of rules to work with many hashes and some number of nodes to finalize a block. It is carefully designed that if two incompatible blocks are finalized, then no matter how such a situation arises, there MUST exist some set of validators, with total size equal to at least 1/3 of recent active validator set, which sent messages that trigger some slashing condition. A key goal of...

Proof of Work (POW)

Proof of Work Existing Blockchain technology is working on the core concept of 'Proof Of Work' (POW). A proof-of-work (PoW) is a protocol that is difficult to compute but easy to verify. It can be verified in far less time than it took to compute in first place. The process involves scanning for a value that when hashed, (such as with SHA-256), the hash begins with a number of zero bits. The average work required...

Proof of Stake - Casper “the friendly ghost”

Overview Casper is the idea of Proof of Stake (POS) in Ethereum. It is being designed by Vlad Zamfir, Vitalik B. and other community members. Vlad came in touch with Ethereum community in September 2014. Ethereum foundation team had wanted to have Proof of Stake (POS) even before the Ethereum network was launched, but because it wasn't designed completely, they started Etherum blockchain with Proof of Work algorithm, keeping POS in the roadmap. Vlad Zamfir...

Bitcoin Mining Block Reward (Halving)

Bitcoin has a unique mining block reward strategy. Each time a miner successfully solves Bitcoin’s proof of work algorithm, he is rewarded a set amount of bitcoins agreed upon by the network. The bitcoins included in the block reward are all new bitcoins. This is the only way that new bitcoins are created. At present Bitcoin reward is 12.5 BTC per block. When Bitcoin was created, Satoshi Nakamoto (creator of Bitcoin) set some...

TrueBit – A scalable verification solution for blockchains

Scalability in blockchain Most popular debate in bitcoin community is that blockchain do not scale properly. It doesn't scale because every full node has to verify every transaction. The scaling doesn't really work well because of fixed block time (time between two blocks creation). If there are more and more transaction (meaning system grows); then every single node has to process more transactions in that fixed time. The transactions in Ethereum are more complicated than...

Ethereum Ice Age and Metropolis

Ethereum Ice Age Ethereum Ice Age is considered to be an external factor that can affect decision making on other application on Ethereum like ZoE (Zerocash Over Ethereum) and several others. Basically, there is a feature in the protocol that makes Ethereum blockchain blow up after some amount of time. This was introduced in Ethereum because in Bitcoin, it was observed that in due course of time, huge pressure is developed towards the default protocol....

Hard Fork and Soft Fork in blockchain

Hard fork and soft fork are the protocol upgrade mechanism in blockchain. Hard fork creates an incompatibility between the previous version and the latest version on software. There is always a possibility of split of blockchain (like Ethereum Classic). However, it is debatable, if they are preferred upgrade mechanism for blockchain. Fig: Hard Fork Vs. Soft Fork There are also two sub-types of hard forks: strictly expanding hard forks, which strictly expand the set of...

zk-SNARKS in Ethereum

zk-SNARKS It is one of the hottest topics in cryptography over the last year. One major reason behind it being hot is Zcash launch. Zcash is a cryptocurrency, whose flagship feature is that it integrated zk-SNARKS (Zero Knowledge Succinct Non-Interactive Argument of Knowledge). General principles: As the title suggests, this is ultimate in privacy. It is about proving thing about encrypted data without revealing anything about the data except for the claim that you are...

Concept of Merkle Tree in Ethereum

Merkle Tree Merkle Tree also known as 'hash tree' is a data structure in cryptography in which each leaf node is a hash of a block of data, and each non-leaf node is a hash of its child nodes. In the most general sense, Merkle tree (named after Ralph Merkle who patented it in 1979) is a way of hashing many “chunks” of data together which relies on splitting the chunks into nodes, where each...

Ethereum Ecosystem (part-2)

This is in continuation to Ethereum Ecosystem (part-1) in which we've covered Understanding Ethereum System, Ethereum System State, Code Execution and Full Node. Gas It is one of the key mechanism underlying the security of Ethereum system. Ethereum, being a complete programming language and an open-source blockchain, tempts untrusted parties to send 'untrusted' codes that is executed in a programing language by every single computer in the entire network may be forever. It is known...

Ethereum Ecosystem (part-1)

Understanding Ethereum System Idea of Ethereum was floored by the end of 2013. People started realizing that blockchain could be used for various other applications other than just money; like Asset issuance, crowdfunding, domain registration, title registration, gambling, prediction marketing, internet of things (IoT), voting and hundreds of similar applications. Ethereum system provides the open-source blockchain platform with an in-built programming language which allows developers to write their code, test and run to check if...

Blockchain beginner's guide (part - 2)

In Blockchain beginner's guide (part - 1), we've covered Blockchain, Blockchain Technology, Blockchain and Ethereum and Applications of Ethereum. Blockchain Protocols Formerly, most protocols of blockchains were designed like single purpose tools that are specifically designed around one particular application (transaction type). For example, in Bitcoin – “Currency”, Namecoin – “Domain registration”, Primecoin – “Trying to do scientific computing” etc. Then, comes second generation protocols. Here, we know 50 different transactions types. Protocol development was based on this...

Blockchain beginner's guide (part - 1)

Blockchain The blockchain is the latest revolution in technology world. Is it really the start of the new digital era? The concept of blockchain is ingenious invention of a person (or a group of people) known by the pseudo name, Satoshi Nakamoto in 2008. They designed bitcoin and as a part of the implementation, they also devised the first blockchain database. On January 3, 2009 first block named 'Genesis' was mined. Bitcoin, the first decentralized...

What is EDCON?

One of the milestone events in the world of blockchain and cryptocurrency took place at the Ecole Supérieure de Commerce de Paris - Europe (ESCP) on 17-18 February 2017 called The EDCON. The European Ethereum Development Conference (EDCON) was organized by LinkTime with the support and cooperation of developers from the Ethereum Foundation and the wider Ethereum community, as well as ADETIF, the Ecole Supérieure de Commerce de Paris - Europe (ESCP), the Asseth (French...

Running Ethereum testnet using Geth

In this post, we are going to setup a testnet of ethereum using Geth. Testnet is use full in many cases like when we want to do some transactions on ethereum network without spending actual ethers. we will still need ethers to do transactions on testnet but generating ether on test is very easy and can be done on your laptop and may be within in 10 minutes we will have enough ethers to do...

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