Blockchain Technology: Foundations of Decentralized Systems
Blockchain is a revolutionary distributed ledger technology that enables secure, transparent, and decentralized record-keeping across various domains.
Core Consensus Mechanisms
1. Proof of Work (PoW)
- First blockchain consensus mechanism
- High computational complexity
- Examples: Bitcoin, early blockchain networks
2. Proof of Stake (PoS)
- Energy-efficient alternative to PoW
- Validators stake cryptocurrency
- Examples: Cardano, Ethereum 2.0
3. Delegated Proof of Stake (DPoS)
- Representative democracy model
- Elected validators process transactions
- Examples: Bitshares, Hive
Key Technologies
Smart Contracts
- Self-executing contracts with predefined rules
- Enables complex decentralized applications
- Platforms:
Stable Coins
- Cryptocurrencies with stable value
- Mechanisms to maintain price consistency
- Use cases in DeFi and global transactions
Related Concepts
Emerging Trends
- Interoperability between blockchains
- Layer 2 scaling solutions
- Sustainable blockchain technologies