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)

Theoretical foundations

In this section, various theoretical concepts will be introduced that have been developed with the introduction of different altcoins in the past few years.

Alternatives to Proof of Work

The PoW scheme in the context of cryptocurrency was first used in Bitcoin and served as a mechanism to provide assurance that a miner had completed the required amount of work to find a block. This process, in turn, provided decentralization, security, and stability for the blockchain. This is the primary vehicle in Bitcoin for providing decentralized distributed consensus. PoW schemes are required to have a much-desired property called progress freeness, which means that the reward for consuming computational resources should be random and proportional to the contribution made by the miners. In this case, some chance of winning the block reward is given to even those miners who have comparatively less computational power.

The term progress freeness was introduced...