3.2. Summary¶
We covered how the blockchain network works. We went into the details of how nodes coordinate to manage the blockchain data structure.
The Blockchain network is a collection of nodes that store the same Blockchain data structure
Nodes are divided by their responsibilities into ‘full’ and ‘light’ categories with the light nodes sacrificing utility for efficiency.
Consensus makes sure that honest nodes always have the same version of the blockchain. This process happens independently at every node but always reaches the same conclusion.
Consensus algorithms guarantee consensus across a blockchain and they come in differnt types like Proof-of-Work or Proof-of-Stake.
Forking is the situation when two valid chains exist on a blockchain. This can either be because of a Proof-of-Work accident or an intentional change of blockchain rules.
Miners are nodes that are responsible for generating new blocks and blockchains often incentivize them because block production is vital to a blockchain’s validity.
Miners often pool resources to earn more or more stable returns for the extra effort it takes being a miner.
There are different types of Blockchain for different use-cases. These include public, private and permissioned blockchains.
Blockchain is a solution to the Byzantine Generals Problem by combining a novel data structure, cryptography and network architecture.