Book Image

Mastering Blockchain - Fourth Edition

By : Imran Bashir
5 (3)
Book Image

Mastering Blockchain - Fourth Edition

5 (3)
By: Imran Bashir

Overview of this book

Blockchain is the backbone of cryptocurrencies, it has had a massive impact in many sectors, including finance, supply chains, healthcare, government, and media. It’s also being used for cutting edge technologies such as AI and IoT. This new edition is thoroughly revised to offer a practical approach to using Ethereum, Hyperledger, Fabric, and Corda with step-by-step tutorials and real-world use-cases to help you understand everything you need to know about blockchain development and implementation. With new chapters on Decentralized Finance and solving privacy, identity, and security issues, as well as bonus online content exploring alternative blockchains, this is an unmissable read for everyone who wants to gain a deep understanding of blockchain. The book doesn’t shy away from advanced topics and practical expertise, such as decentralized application (DApp) development using smart contracts and oracles, and emerging trends in the blockchain space. Throughout the book, you’ll explore blockchain solutions beyond cryptocurrencies, such as the IoT with blockchain, enterprise blockchains, and tokenization, and gain insight into the future scope of this fascinating and disruptive technology. By the end of this blockchain book, you will have gained a thorough comprehension of the various facets of blockchain and understand the potential of this technology in diverse real-world scenarios.
Table of Contents (24 chapters)
23
Index

Accounts

An account is one of the main building blocks of the Ethereum blockchain. It is defined by pairs of private and public keys. Accounts are used by users to interact with the blockchain via transactions. A transaction is digitally signed by an account before submitting it to the network via a node. With Ethereum being a transaction-driven state machine, the state is created or updated as a result of the interaction between accounts and transaction executions. All accounts have a state that, when combined together, represents the state of the Ethereum network. With every new block, the state of the Ethereum network is updated. Operations performed between and on the accounts represent state transitions. The state transition is achieved using what’s called the Ethereum state transition function, which works as follows:

  1. Confirm the transaction validity by checking the syntax, signature validity, and nonce.
  2. The transaction fee is calculated, and the sending...