Showing posts from August, 2022

Detailed Post on Modular Blockchains

A blockchain is a decentralized ledger which you can use to  communicate without a need of central authority. You don’t need postman, you don’t need bank, you don’t need the government and you definitely don’t need these companies running AWS servers. These Blockchains fundamentally have 4 different elements,  Consensys Execution Data Availability and Settlement Consensus is related to the mechanism whereby validators/miners can come to agreement on the order of transactions (also known as messages) for a specific block. The idea is that all the nodes of this decentralized ledger need to agree on a certain state of the chain.  Next we have execution, execution refers to the computation required to make state changes from the set of transactions in a new block. It basically means that once there is agreement on order of transactions we need to ensure the execution of those transactions takes place and these transactions are added to those decentralized ledger.  Third is Data Availabilit