Book Image

Mastering Blockchain - Second Edition

By : Imran Bashir
Book Image

Mastering Blockchain - Second Edition

By: Imran Bashir

Overview of this book

Publisher's Note: This edition from 2018 is outdated and does not cover the latest insights on consensus algorithms, Ethereum 2.0, tokenization, and enterprise blockchains. A new and updated edition of this book that includes all the newest developments and improvements in Blockchain including the above topics is now available. A blockchain is a distributed ledger that is replicated across multiple nodes and enables immutable, transparent and cryptographically secure record-keeping of transactions. The blockchain technology is the backbone of cryptocurrencies, and it has applications in finance, government, media and almost all other industries. Mastering Blockchain, Second Edition has been thoroughly updated and revised to provide a detailed description of this leading technology and its implementation in the real world. This book begins with the technical foundations of blockchain technology, teaching you the fundamentals of distributed systems, 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 also explore different other blockchain solutions and get an introduction to business blockchain frameworks under Hyperledger, a collaborative effort for the advancement of blockchain technologies hosted by the Linux Foundation. You will also be shown how to implement blockchain solutions beyond currencies, Internet of Things with blockchain, blockchain scalability, and the future scope of this fascinating and powerful technology.
Table of Contents (21 chapters)
14
Introducing Web3
17
Blockchain – Outside of Currencies
18
Scalability and Other Challenges

Ethereum – bird's eye view

In this section, we will see how Ethereum works from a user's point of view. For this purpose, I will present the most common use case of transferring funds. In our use case, from one user (Bashir) to another (Irshad). We will use two Ethereum clients, one for sending funds and the other for receiving. There are several steps involved in this process which are described here:

  1. First either a user requests money by sending the request to the sender, or the sender decides to send money to the receiver. The request can be sent by sending the receivers Ethereum address to the sender. For example, there are two users, Bashir and Irshad. If Irshad requests money from Bashir, then she can send a request to Bashir by using QR code. Once Bashir receives this request he will either scan the QR code or manually type in Irshad's Ethereum address...