#PoW helps determine how the blockchain reaches consensus. In other words, how can the network be sure that the transaction is valid and double-spending is prevented? Proof of Work is based on an advanced form of mathematics called “#cryptography”.
The #stake is based on the number of coins the person has for the particular blockchain they are attempting to mine. Different from PoW, those who contribute to the Proof of Stake system simply earn the transaction fee.
In a dynamically changing status of the #blockchain, publicly shared ledgers need an efficient, real-time, #reliable, and secure mechanism to ensure that all the transactions occurring on the network are genuine and all participants agree on the status of the ledger. This all-important task is performed by the consensus mechanism. To be validated, a transaction has to be approved by 51% of the network.
#Bitcoin, the most popular cryptocurrency blockchain, allows anyone to participate in the network. Anyone can make legit changes to the blockchain like adding a new block or maintaining a full copy of the entire blockchain. This is an unpermissioned ledger.
Permissioned ledgers are popular among industry-level enterprises and businesses, for which security, identity, and role definition are important. These ledgers maintain an access control layer to allow certain actions to be performed only by authorized participants.
P2P file-sharing was introduced to the general public in 1999 when American college student Shawn Fanning created the music-sharing service #Napster. It employed a centralized index server, which users would search based on a song title or artist name.
In short, blockchain is a specific type of distributed ledger. It is designed to record transactions or digital interactions and bring much-needed #transparency, efficiency, and added #security to businesses. Blockchain is just the tip of the proverbial iceberg.
Did you know that Satoshi Nakamoto is supposed to be the person behind #bitcoin and blockchain #technology as we know it today? We say supposed because the actual person that the name represents has never been found, leading many people to believe that it is a pseudonym for a person with a different identity or a group of people.
Albert Einstein once said, “Strive not to be a success, but rather to be of value”. With MyLime’s platform, we aim to fight #counterfeit and continuously generate #value for businesses and their customers.
My signifies #ownership. Ownership consists of the relationship between an individual and an object. This #relationship can be very strong such that the individual considers their possessions as extensions of themselves.