Lead Machine Pink 160x1200

Lead Machine green 160x1200

Lead Machine Pink 160x1200

Lead Machine green 160x1200

promote webinar 600x108 2

Wednesday, 27 October 2021 14:37

How tough is it to code a blockchain?

By Unicsoft

COMPANY NEWS: Talking about how to quickly implement a simple custom blockchain development, I believe that friends already have a basic understanding of this. We then refactored on that basis and added a hotly debated technology - implementing the Proof of Stake code.

Before we start implementing it, let's get to know it.

  • Consensus Mechanism.
  • Verification of Work (PoW) and Proof of Rights and Interest (PoS).
  • PoS implementation.
  • Test race.

The unique security and encryption features of blockchain technology make it an ideal testing ground for the Internet of Things (IoT).

Simply put, in today's implementation of proof of work blockchain, in most cases, the accepted way is that the node calculates a random hash value according to a certain rule number, which node is calculated first, you can compete for the right to keep records. To get the correct value, the ability to generate blocks is a specific manifestation of the processing power of a node, which is proof of congestion.

Despite the huge advantages of blockchain technology, it can in no way be considered a magic wand, since any transactions, and especially those involving large amounts of money, can be tracked by hackers. Another problem is the decentralized nature of the blockchain. Instead of passwords, keys are used that directly control users. If a key is lost, then everything associated with that private key is also lost. And if the private key is stolen, the attacker gains full access to all digital assets controlled by that private key. The security of private keys is important, and many users rely on secure hardware to store the keys.

Considering that the potential of blockchain is very promising, the company is more than ever required to adopt the cybersecurity standards published by the joint IEC and ISO technical committee (JTC 1) for critical infrastructure from external attacks. To their ISO / IEC 27000 series of security standards for information security systems, developed by ISO/IEC Technical Subcommittee JTC 1 / SC 27, Information Security Techniques.

Consensus Mechanism

Before implementation, let's first understand the concept of blockchain, the "consensus mechanism".

The so-called "consensus mechanism" consists in completing the verification and confirmation of the transaction in a very short time by voting by special nodes; for a transaction, if several nodes with irrelevant interests can reach a consensus, we can consider the entire network. A consensus can also be reached on this. As a data structure that stores data in chronological order, blockchain can support various consensus mechanisms. The purpose of the blockchain consensus mechanism is to enable all honest nodes to maintain a consistent view of the blockchain supply chain while respecting two properties:

  1. Consistency. The prefix part of the blockchain stored by all honest nodes is exactly the same.
  2. Efficiency. The information posted by an honest node will eventually be written to its own blockchain by all honest nodes.

Today's blockchain consensus mechanisms can be divided into four categories: workload confirmation mechanism, fairness confirmation mechanism, shared authorization confirmation mechanism, and pool verification pool.

What are the risks?

So far, blockchain technology is little known to Ukrainians. But in the future, subject to the necessary conditions and the adoption of the necessary bills regulating business relations in the field of high technologies, it can become a real breakthrough for the agro-industrial complex.

But here it is important to consider the possibility of fraud against the background of developing innovation. So, recently, information about the Lithuanian startup Prodeum appeared on the network. They promised to develop a new coding for vegetables and fruits aPLU (price reference). The essence of the project was that thanks to the use of the popular Ethereum cryptocurrency, it would be possible to instantly predict the origin of products. But as a result, the startup disappeared with millions of dollars raised on the crowdfunding platform.


Please join our community here and become a VIP.

Subscribe to ITWIRE UPDATE Newsletter here
JOIN our iTWireTV our YouTube Community here
BACK TO LATEST NEWS here

PROMOTE YOUR WEBINAR ON ITWIRE

It's all about Webinars.

Marketing budgets are now focused on Webinars combined with Lead Generation.

If you wish to promote a Webinar we recommend at least a 3 to 4 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://itwire.com/itwire-update.html and Promotional News & Editorial. Plus a video interview of the key speaker on iTWire TV https://www.youtube.com/c/iTWireTV/videos which will be used in Promotional Posts on the iTWire Home Page.

Now we are coming out of Lockdown iTWire will be focussed to assisting with your webinatrs and campaigns and assassistance via part payments and extended terms, a Webinar Business Booster Pack and other supportive programs. We can also create your adverts and written content plus coordinate your video interview.

We look forward to discussing your campaign goals with you. Please click the button below.

MORE INFO HERE!

INTRODUCING ITWIRE TV

iTWire TV offers a unique value to the Tech Sector by providing a range of video interviews, news, views and reviews, and also provides the opportunity for vendors to promote your company and your marketing messages.

We work with you to develop the message and conduct the interview or product review in a safe and collaborative way. Unlike other Tech YouTube channels, we create a story around your message and post that on the homepage of ITWire, linking to your message.

In addition, your interview post message can be displayed in up to 7 different post displays on our the iTWire.com site to drive traffic and readers to your video content and downloads. This can be a significant Lead Generation opportunity for your business.

We also provide 3 videos in one recording/sitting if you require so that you have a series of videos to promote to your customers. Your sales team can add your emails to sales collateral and to the footer of their sales and marketing emails.

See the latest in Tech News, Views, Interviews, Reviews, Product Promos and Events. Plus funny videos from our readers and customers.

SEE WHAT'S ON ITWIRE TV NOW!

BACK TO HOME PAGE
Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments