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Mastering Blockchain

Mastering Blockchain

3.3 (10)
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Mastering Blockchain

Mastering Blockchain

3.3 (10)

Overview of this book

Blockchain is a distributed database that enables permanent, transparent, and secure storage of data. The blockchain technology is the backbone of cryptocurrency – in fact, it’s the shared public ledger upon which the entire Bitcoin network relies – and it’s gaining popularity with people who work in finance, government, and the arts. Blockhchain technology uses cryptography to keep data secure. This book gives a detailed description of this leading technology and its implementation in the real world. This book begins with the technical foundations of blockchain, teaching you the fundamentals of cryptography and how it keeps data secure. You will learn about the mechanisms behind cryptocurrencies and how to develop applications using Ethereum, a decentralized virtual machine. You will explore different blockchain solutions and get an exclusive preview into Hyperledger, an upcoming blockchain solution from IBM and the Linux Foundation. You will also be shown how to implement blockchain beyond currencies, scability with blockchain, and the future scope of this fascinating and powerful technology.
Table of Contents (14 chapters)
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10
10. Alternative Blockchains
12
12. Scalability and Other Challenges

Litecoin


Litecoin is a fork of the bitcoin source code released in 2011. It uses Scrypt as PoW, originally introduced in the Tenebrix coin. Litecoin allows for faster transactions as compared to bitcoin due to its faster block generation time of 2.5 minutes. Also difficulty readjustment is achieved every 3.5 days roughly due to faster block generation time. The total coin supply is 84 million.

Scrypt is a sequentially memory hard function that is the first alternative to the SHA-256-based PoW algorithm. It was originally proposed as a password-based key derivation function PBKDF. The key idea is that if the function requires large number of memory to run then custom hardware such as ASICs will require more VLSI area, which would be unfeasible to build. The Scrypt algorithm requires a large array of pseudo random bits to be held in memory and a key is derived from this in a pseudo random fashion. The algorithm is based on a phenomenon called Time-Memory Tradeoff (TMTO). If memory requirements...

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