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)


The consensus algorithms can be classified into two broad categories:

  • Traditional—voting-based consensus
  • Lottery-based—Nakamoto and post-Nakamoto consensus

Traditional voting-based consensus has been researched in distributed systems for many decades. Many fundamental results and a lot of ground-breaking work have already been produced in this space. Algorithms like Paxos and PBFT are prime examples of such types of algorithms. Traditional consensus can also be called fault-tolerant distributed consensus. In other words, this is a class of consensus algorithms that existed before Bitcoin and has been part of distributed system research for almost three decades.

Lottery-based or Nakamoto-type consensus was first introduced with Bitcoin. This class can also be simply called blockchain consensus.

The fundamental requirements of consensus algorithms boil down to safety and liveness conditions. A consensus algorithm must be...