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…The hash function creates a unique identifier for each block based on its content, and if any data in the block is altered, the hash will change, making it evident that the block has been tampered with.Blockchain networks use consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS) to agree on the validity of transactions and the state of the blockchain. This decentralised agreement process ensures that no single entity can unilaterally alter the blockchain.On platforms like Ethereu…
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…Three directions for blockchain scalability include Layer-1 (on-chain), Layer-2 (off-chain), and other consensus mechanisms.Layer-1 solutions require changing the codebase of the blockchain (hence, ‘on-chain’), a solution that represents a structural or fundamental change for a blockchain. Examples of on-chain scaling solutions include SegWit and sharding.Layer-2 off-chain scalability solutions add a second layer to the main blockchain (mainchain) network to facilitate faster and more transa…
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…Blockchains like Ethereum have limited transaction throughput due to their consensus mechanisms, and Layer-2 solutions aim to process transactions and store state data off-chain or in a separate layer before settling them on the mainchain, thereby increasing scalability.ZK proofs are cryptographic methods that allow one party (the prover) to prove to another party (the verifier) that a statement is true without revealing any additional information beyond the validity of the statement itself. ZK …
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…Other cryptocurrencies with similar forms of consensus mechanisms, such as Litecoin, Bitcoin SV, and Bitcoin Cash, have their respective methods of rewarding miners. Key TakeawayA mining reward, otherwise referred to as a block reward, is a newly minted cryptocurrency given to a miner who successfully mines a new block on a blockchain.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use, open-source components for building decentralised application…
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…For example, each block in a blockchain contains a hash of the previous block’s header, creating a chain of blocks, while miners in Proof of Work (PoW) consensus mechanisms like Bitcoin compete to find a specific hash value that will create the next block.Key TakeawayIn blockchain, a hash is the result of a cryptographic function that takes an input and produces a fixed-size string of characters.Related WordsSolana Program LibraryThe Solana Program Library (SPL) is a collection of ready-to-use…
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…Each participant on the network has a copy of the entire ledger, and any changes or additions to the ledger are reflected and synchronised across all copies.Distributed ledgers are characterised by decentralisation, immutability, transparency, and use of consensus mechanisms and smart contracts.Key TakeawayDistributed Ledger Technology (DLT) enables multiple participants to have a synchronised copy of a constantly updated digital ledger. Blockchain is a type of DLT.Related WordsSolana Program Li…
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…ION is open-source, runs without needing tokens or consensus mechanisms, and is aligned with the W3C DID standard. Polygon ID Tailored for Web3 applications (e.g., decentralised autonomous organisations) and built on the Polygon blockchain, Polygon ID focuses on privacy-preserving identity using ZK proofs, enabling users to prove facts about themselves (e.g., nationality, age, or membership) without revealing personal data. It supports self-sovereign identity through a native wallet, software de…
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What Is AVAX (Avalanche)? Dive into Avalanche’s AVAX token and learn about its consensus mechanism, tokenomics, and how it compares to other Layer-1 protocols. What Is AVAX (Avalanche)?Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyUNIVERSITYAltcoins11 Oct 2023|BEGINNERS|4 MIN READWhat Is AVAX (Avalanche)?Dive into Avalanche’s AVAX token and learn about its consensus mechanism, tokenomics, and how it compares to other Layer-1 protocols. Key Takeaways: Avalanche is a Layer-1 blockch…
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What Is AVAX (Avalanche)? Dive into Avalanche’s AVAX token and learn about its consensus mechanism, tokenomics, and how it compares to other Layer-1 protocols. What Is AVAX (Avalanche)?Level UpNEWIndividualsBusinessesDevelopersDiscoverCompanyUNIVERSITYAltcoins11 Oct 2023|BEGINNERS|4 MIN READWhat Is AVAX (Avalanche)?Dive into Avalanche’s AVAX token and learn about its consensus mechanism, tokenomics, and how it compares to other Layer-1 protocols. Key Takeaways: Avalanche is a Layer-1 blockch…
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What Is Cryptocurrency? A Comprehensive Guide for Beginners Cryptocurrency is defined as digital currency based on blockchain technology and secured by cryptography. Here’s everything to know for beginners. What Is Cryptocurrency? A Comprehensive Guide for BeginnersLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyUNIVERSITYAltcoins21 Aug 2024|BEGINNERS|5 MIN READWhat Is Cryptocurrency? A Comprehensive Guide for BeginnersCryptocurrency is defined as digital currency based on blockchain …
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