1.3 Overview of Blockchain: Types of Blockchain

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Computer Science

Blockchain

Bitcoin

Ethereum

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18 Terms

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Consensus Algorithm
________: It provides the rule for how the ecosystem will arrive at a single view in a ledger, and how it will be implemented as a part of the node application.
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Virtual Machine
________: An abstraction of an instruction- operated machine implemented as a part of node application.
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Node Application
Each node has to install and run a computer application definitive to the ecosystem
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Shared Ledger
A ledger is managed inside the node application whose contents can be viewed once the application is running
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Consensus Algorithm
It provides the rule for how the ecosystem will arrive at a single view in a ledger, and how it will be implemented as a part of the node application
6
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Virtual Machine
An abstraction of an instruction-operated machine implemented as a part of node application
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Many to One
Used for applications where a user sets up the contracts for a specific purpose
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One to One
Used for applications that involve financial contracts between two entities
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Name the 3 types of Blockchain
Public, Private, Consortium
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Define Public blockchain
Ledgers are publicly available to verify or add blocks to the Blockchain.
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Define private blockchain
A blockchain that only authorized users can add or verify the blocks, but anyone can view them.
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Define Consortium blockchain
Semi centralized Blockchain in which only a predefined set of nodes has permission to write the block.
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Node Application
Each node has to install and run a computer application definitive to the ecosystem.
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Shared Ledger
A ledger is managed inside the node application whose contents can be viewed once the application is running.
15
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Consensus Algorithm
It provides the rule for how the ecosystem will arrive at a single view in a ledger, and how it will be implemented as a part of the node application.
16
New cards
Virtual Machine
An abstraction of an instruction-operated machine implemented as a part of node application.
17
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Many to One Blockchain Application Template
Many to One: Used for applications where a user sets up the contracts for a specific purpose.
18
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One to One Blockchain Application Templates
One to One: Used for applications that involve financial contracts between two entities.