What does blockchain rely on to maintain its operation (what network technology does blockchain rely on)

08/06/2023 04:08 • NFT Newsflash • 104 views

What does blockchain rely on to maintain its operation? According to cryptodaily, what does blockchain mainly rely on to maintain its operation? According to a report from the Center for Emerging Technology and Regulation Research (CCAF) of Cambridge University, most Cryptocurrency exchange or decentralized applications currently maintain their systems through smart contracts. These Programming tool can help customers trade, store data and make profits – which is a good thing for Bitcoin, but Ethereum does not think so To ensure network security, reliable technology is required. Creating a distributed ledger on the traditional internet is expensive and complex because it relies on the control of large database providers, but due to a lack of trust mechanisms, they find it difficult to achieve faster and cheaper value transfer With the continuous development of blockchain technology, more and more applications are starting to establish services based on this infrastructure. Many of them are community driven networks composed of businesses aimed at making the industry more transparent. Therefore, when it comes to various use cases related to other businesses, this type of network is often referred to as a “public ledger”, managed by a new service organization specifically designed to record the entire network status, and able to track data from all parties involved

What network technology does blockchain rely on

According to CCN, blockchain relies on network technology

According to Coindesk, CONSENS, the Open-source software development team led by Eric Ervin, a computer scientist and cryptologist, is providing infrastructure support for blockchain based networks to address all the key challenges currently encountered in commercial applications, namely data management, privacy and security. And the platform utilizes a technology called “Distributed Ledger (DLT)” or similar to build decentralized databases. This research also involves a Proof of work protocol called Hyperledger Fabric. It divides blockchain into two parts: consensus layer and computing layer. The consensus layer is a data system used to store transaction records, and its working principle is different from that of Cryptocurrency.

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What does blockchain rely on to maintain its operation (what network technology does blockchain rely on)

What network technology does blockchain rely on

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