Category Archives: Distributed Ledger System

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June 20, 2019

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Blockchain, Byzantine Fault Tolerant (BFT), Distributed Ledger System, Libra, Peer to Peer Network, Smart Contract, Uncategorized

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New Digital Currency Libra

Libra

Blockchain is an advanced technology and did breakthrough in IT industry recently with its unique features.  The significant power of blockchain technology is once record added into blockchain, cannot be altered or deleted, since it stored in decentralized network.

Libra is a new digital currency powered by libra blockchain technology, which enable the stable, secure and strong global financial system.  Primary goal for the new digital currency Libra is to produce a digital currency that use for billions of people everyday spending and ease convenient transfer money around the world with safe and secure.

“The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people.”

Trustworthiness:

Unlike the majority of cryptocurrencies, Libra is fully backed by a reserve of real assets. A basket of currencies and assets will be held in the Libra Reserve for every Libra that is created, building trust in its intrinsic value.

How it works:

The Libra Blockchain is operated by a network of validator nodes. The Founding Members of the Libra Association will be responsible for running a validator node. As the network grows and becomes more self-sustaining, the Libra Association will work to gradually transition to a permission-less mode of operation. In that sense, Libra will start as a permissioned blockchain.

How it connected with Facebook

Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain, working with the other Founding Members

Libra Blockchain:

  • Designing and using the new programming language called ‘Move’.
  • Using a Byzantine Fault Tolerant (BFT) consensus approach.
  • Adopting and iterating on widely adopted blockchain data structures (Merkle Tree)

Launching Date:

The target launch in the first half of 2020.

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January 6, 2019

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Blockchain, Distributed Ledger System, Ethereum, Smart Contract

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Blockchain

blocks

“Internet” was the most innovative technology in 20th Century, invented in 1990 by Tim Berners Lee. Currently, many researchers enthusiastically say that the “Blockchain” technology, the decentralized “digital ledger” system is an important invention in 21st century and it is the future.

Blockchain became most popular after invented the first crypto currency Bitcon in 2009 by Satoshi Nakamoto – is a pseudonym. Blockchain changes the software model from centralize to decentralize with its unique rich features: trust, immutable and secured.

 

What is Blockchain? 

past cannot

Hope you agree with the above unknown quote and it exactly suite for blockchain technology. Once record pushed in Blockchain, that past record cannot be changed, edited or deleted. Only you can add a new record in Blockchain.

Blockchain is a globally shared database and a distributed digital ledger that allows transactions to occur without a middleman such as government, bank, Credit Card Company, finance company etc. In Blockchain serious of records (Blocks) are linked and stored in cryptography method. Chain of blocks are created and stored in decentralized network. These blocks are not stored in centralized server nor controlled by an individual, it stored in decentralized system. There is no central database in blockchain technology. No one or group of people has the power to change or tamper the data in block chain technology.

 

Why Blockchain?

Blockchain is an extremely dynamic, fast growing and incredibly popular emerging technology in current market. Very soon Blockchain technology will replace most of the middlemen by automating business processes and the world will be running on Smart contracts. Blockchain technology can simplify, streamline, automate transactions and revolutionize many industries / sectors like Banking, Finance, Insurance, Logistics, Supply chain management, Medical & Healthcare, Government, Ecommerce, Media and Entertainment, Automotive sector and more.

 

How Blockchain works?

Blockchain is a distributed network and works in Peer to Peer Network with consensus mechanisms. The most popular consensus mechanisms are PoW (Proof of Work) and PoS (Proof of Stake).  The other types of consensus mechanisms are Delegated Proof of Stake (DPoS), Proof of Importance (PoI), Multisignature/Byzantine Fault Tolerance (BFT), Federated Byzantine Agreement (FBA), Proof Of Capacity (POC), Proof Of Elapsed Time (POET) etc.

Bitcon uses PoW and Ethereum is going to use PoS (currently PoW) consensus mechanism to validate its transaction before add to the Blockchain network. Consensus mechanisms are most important in Blockchain in order to function correctly. Its responsibility is to make sure everyone use the same Blockchain network.  Also it make sure that each node in the network are connected with each other and agree on the transactions before add to the Blockchain network.

how

In Blockchain technology data stored with previous block Hash (Cryptographic method). It makes hard for anyone to tamper the data in Blockchain network.

When Bitcoin was released in 2009, people did not know how to use it and where it can be implemented, except booking keeping transactions. After a decade a unique platform created on the Blockchain network, it is called Ethereum. Ethereum is the first Blockchain based platform implemented the concept of Smart Contract.