Book Image

Mastering Blockchain - Third Edition

By : Imran Bashir
Book Image

Mastering Blockchain - Third Edition

By: Imran Bashir

Overview of this book

Blockchain is the backbone of cryptocurrencies, with applications in finance, government, media, and other industries. With a legacy of providing technologists with executable insights, this new edition of Mastering Blockchain is thoroughly revised and updated to the latest blockchain research with four new chapters on consensus algorithms, Serenity (the update that will introduce Ethereum 2.0), tokenization, and enterprise blockchains. This book covers the basics, including blockchain’s technical underpinnings, cryptography and consensus protocols. It also provides you with expert knowledge on decentralization, decentralized application development on Ethereum, Bitcoin, alternative coins, smart contracts, alternative blockchains, and Hyperledger. Further, you will explore blockchain solutions beyond cryptocurrencies such as the Internet of Things with blockchain, enterprise blockchains, tokenization using blockchain, and consider the future scope of this fascinating and disruptive technology. By the end of this book, you will have gained a thorough comprehension of the various facets of blockchain and understand their potential in diverse real-world scenarios.
Table of Contents (24 chapters)

Components of a private network

A private net allows the creation of an entirely new blockchain usually on a local network. This is different from testnet or mainnet in the sense that it uses its own genesis block and network ID. In order to create a private net, three components are needed:

  • Network ID
  • The genesis file
  • Data directory to store blockchain data

Even though the data directory does not strictly need to be mentioned, if there is more than one blockchain already active on the system, then the data directory should be specified so that a separate directory is used for the new blockchain.

On the mainnet, the Geth Ethereum client is capable of discovering boot nodes by default as they are hardcoded in the Geth client, and connects automatically, but on a private network, Geth needs to be configured by specifying appropriate flags and configurations in order for it to discover, or be discoverable by, other peers. We will see how this is achieved...