Book Image

Advanced Blockchain Development

By : Imran Bashir, Narayan Prusty
Book Image

Advanced Blockchain Development

By: Imran Bashir, Narayan Prusty

Overview of this book

Blockchain technology is a distributed ledger with applications in industries such as finance, government, and media. This Learning Path is your guide to building blockchain networks using Ethereum, JavaScript, and Solidity. You will get started by understanding the technical foundations of blockchain technology, including distributed systems, cryptography and how this digital ledger keeps data secure. Further into the chapters, you’ll gain insights into developing applications using Ethereum and Hyperledger. As you build on your knowledge of Ether security, mining, smart contracts, and Solidity, you’ll learn how to create robust and secure applications that run exactly as programmed without being affected by fraud, censorship, or third-party interference. Toward the concluding chapters, you’ll explore how blockchain solutions can be implemented in applications such as IoT apps, in addition to its use in currencies. This Learning Path also highlights how you can increase blockchain scalability, and discusses the future scope of this fascinating and powerful technology. By the end of this Learning Path, you'll be equipped with the skills you need to tackle pain points encountered in the blockchain life cycle and confidently design and deploy decentralized applications.
Table of Contents (25 chapters)
Title Page
Copyright and Credits
About Packt
Contributors
Preface
15
Blockchain - Outside of Currencies
16
Scalability and Other Challenges
Index

Mining


Mining is a process by which new blocks are added to the blockchain. Blocks contain transactions that are validated via the mining process by mining nodes on the Bitcoin network. Blocks, once mined and verified are added to the blockchain which keeps the blockchain growing. This process is resource-intensive due to the requirements of PoW where miners compete in order to find a number which is less than the difficulty target of the network. This difficulty in finding the correct value (also called sometimes the mathematical puzzle) is there to ensure that the required resources have been spent by miners before a new proposed block can be accepted. New coins are minted by the miners by solving the PoW problem, also known as partial hash inversion problem. This process consumes a high amount of resources including computing power and electricity. This process also secures the system against frauds and double spending attacks while adding more virtual currency to the Bitcoin ecosystem...