Book Image

Mastering Blockchain

Book Image

Mastering Blockchain

Overview of this book

Blockchain is a distributed database that enables permanent, transparent, and secure storage of data. The blockchain technology is the backbone of cryptocurrency – in fact, it’s the shared public ledger upon which the entire Bitcoin network relies – and it’s gaining popularity with people who work in finance, government, and the arts. Blockhchain technology uses cryptography to keep data secure. This book gives a detailed description of this leading technology and its implementation in the real world. This book begins with the technical foundations of blockchain, teaching you the fundamentals of cryptography and how it keeps data secure. You will learn about the mechanisms behind cryptocurrencies and how to develop applications using Ethereum, a decentralized virtual machine. You will explore different blockchain solutions and get an exclusive preview into Hyperledger, an upcoming blockchain solution from IBM and the Linux Foundation. You will also be shown how to implement blockchain beyond currencies, scability with blockchain, and the future scope of this fascinating and powerful technology.
Table of Contents (20 chapters)
Mastering Blockchain
Credits
About the Author
About the Reviewer
www.PacktPub.com
Customer Feedback
Preface

Primecoin


Primecoin is the first digital currency on the market that introduced a useful PoW, as opposed to bitcoin's SHA256-based PoW. Primecoin uses searching prime numbers as a PoW. Not all types of prime number meet the requirements to be selected as PoW. Three types of prime numbers (known as Cunningham chain of first kind, Cunningham chain of second kind, and bi-twin chains) meet the requirements of a PoW algorithm to be used in cryptocurrencies. The difficulty is dynamically adjusted via a continuous difficulty evaluation scheme in Primecoin blockchain. The efficient verification of PoW based on prime numbers is also of high importance, because if verification is slow then PoW is not suitable. Therefore prime chains are selected as a PoW because finding prime chains gets difficult as the chain increases in length whereas verification remains quick enough to warrant being used as an efficient PoW algorithm. It is also important that once a PoW has been verified on a block it must not...