Decentralized Consensus
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Introduction to Decentralised Consensus by Blockchain Workspace
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Decentralized Consensus
- 3. 3Blockchain Workspace www.blockchainworkspace.com How the Hell is it possible to make clear decisions without a middle man?? Decentralised Consensus
- 4. 4Blockchain Workspace www.blockchainworkspace.com Decentralised Consensus Source: Youtube, Rocketboom: https://www.youtube.com/watch?v=X7jzXlt6CgE
- 6. 6Blockchain Workspace www.blockchainworkspace.com • Independent verification of each transaction by every full node, based on a comprehensive list of criteria • Independent aggregation of those transactions into new blocks by mining nodes coupled with demonstrated computation through a proof-of-work algorithm • Independent verification of the new blocks by every node and assembly into a chain • Independent selection, by every node, of the chain with the most cumulative computation demonstrated through proof of work (or X) In a Peer-to-Peer Network Decentralised Consensus From: “Mastering Bitcoin” by A. Antonopolous, licensed under CC by SA 4.0
- 7. 7Blockchain Workspace www.blockchainworkspace.com CBlockTX BLOCK CHAIN Independent checks from Tx to chain In a decentralised Network *Every Node* checks everything
- 8. 8Blockchain Workspace www.blockchainworkspace.com CBlockTX BLOCK CHAIN Independent checks from Tx to chain FULL NODES • Is the Tx valid: yes/no? • Fill and Mine a block • Validate if a block is valid yes/no? • Add block (and choose fork) In a decentralised Network *Every Node* checks everything
- 9. 9Blockchain Workspace www.blockchainworkspace.com Why Mine (Proof of WORK)? Or do any other kind of “Proof of X?” The blockchain is not free. Proof of X makes it “expensive” AND fun to participate So lets play a game
- 10. 10Blockchain Workspace www.blockchainworkspace.com But what happens if we get a fork? Doesn’t that mean we now have two blockchains?
- 11. 11Blockchain Workspace www.blockchainworkspace.com How are forks handled? From: “Mastering Bitcoin” by A. Antonopolous, licensed under CC by SA 4.0
- 12. 12Blockchain Workspace www.blockchainworkspace.com How are forks handled? From: “Mastering Bitcoin” by A. Antonopolous, licensed under CC by SA 4.0
- 13. 13Blockchain Workspace www.blockchainworkspace.com How are forks handled? From: “Mastering Bitcoin” by A. Antonopolous, licensed under CC by SA 4.0
- 14. 14Blockchain Workspace www.blockchainworkspace.com How are forks handled? From: “Mastering Bitcoin” by A. Antonopolous, licensed under CC by SA 4.0
- 15. 15Blockchain Workspace www.blockchainworkspace.com How are forks handled? From: “Mastering Bitcoin” by A. Antonopolous, licensed under CC by SA 4.0
- 16. 16Blockchain Workspace www.blockchainworkspace.com License This work is licensed under a Creative Commons Attribution-Share Alike 4.0 license https://creativecommons.org/licenses/by-sa/4.0/
Editor's Notes
- This section’s aim is to ensure people get a grasp of how consensus emerges in the bitcoin network.It focuses on explaining the redundancies in the system and how they ensure that consensus can be arrived at with no one having the casting vote.
- The central question, of course
- A short video to prime the participants on the BGP
- In this segment, we explain the general structure of the blockchain. Topics covered: Content of a block in general How a block links to a next block, creating a conditional chain where changes in the past are progressively more unlikely and difficult The position of Game theoretical concepts in blockchains Economic incentives to stay honest.
- In this section, we explain how by having an extremely redundant check and balance system, we ensure the system in hard to game. We also explain how the “longest chain with the most cumulative computation” rule ensures eventual consensus
- A visualisation of the previous slide. May be changed.
- Another of same.
- An explanation of Proof of X consensus, with an emphasis of Proof of Work, but also touching of Proof of Stake as an alternative. Proof of Stake also serves to highlight key concepts by contrasting it with Proof of Work. Game: We each take a deck of cards. We agree on a target card We all start flipping the cards together (after shuffling our decks) Once someone hits the target, he shouts and shows the cards. After this the target changes (one number up, one colour shift (Hearts>Clubs>Diamonds>Spades) We then do the same. This shows in general how “mining” works. The fact that the deck is not random (not puzzle friendly) will be used later to explain puzzle-friendliness. We then can also team up (pools) or flip faster (better hardware) to explain how these affect mining.
- The next slides come directly from “Mastering Bitcoin” to simply explain how the longest chain rule ensures eventual consensus.