SEC S17W1|| The blockchain sequencers
There are some building blocks of blockchain I'm explaining below;
1. Blocks
Blocks is one of the most significant building block which contains multiple set of transactions and other sensitive data.
2. Transactions
Transactions are basically record of actions made at blockchain for exchange of data that has been occurred in between participants.
3. Hashes
Hashes some of the unique identifiers that are created for each and every block and that are important for integrity.
4. Cryptography
Cryptography are one of the encryption techniques that keeps the data secure and private by implementing encryption algorithms.
5. Consensus Mechanism
Consensus mechanism are basically protocols that are responsible for agreement regarding validity of transactions.
6. Decentralization
Blockchain building block is also decentralization because there are network of computers that are responsible for making blockchain free from manipulation of any Central authority and to censorship.
7. Merkle Trees
Merkle trees are also one of the most significant building blocks of a blockchain that are responsible for verifying the integrity of transaction within a block in one of the most efficient way.
8. Smart Contracts
Smart contracts are basically one of the most important fundamentals and building blocks of a blockchain which are self executive contracts in which there are predefined rules and conditions.
9. Public/Private Keys
Public or private keys are basically cryptography keys that are used when you have to make any kind of transaction and when you have to secure your personal data from any unauthorized access.
10. Network
There are basically some of the interconnected nodes in blockchain that are responsible for maintenance of blockchain integrity and huge for updating any blockchain protocol.
Now I am explaining the process of transactions sequencing in the following points;
• Transactions are first collected from those who are participating in network or blockchain.
• Transactions after that proceeds further to group together in form of blocks.
• Miners are also present in blockchain for solution of complex mathematical equations and for transactions verification.
• The miner who is solving first the problem means is adding new block to the blockchain.
• The new block which is created recently would contains a reference of previous block and in this way it would form a chain.
• The transactions that are within the new block are considered that these are now confirmed and no one can alter them.
• The network use consensus mechanism for verification and validation of transaction.
• Right after confirmed now transactions cannot be altered at any cost.
• The process repeat itself until many new blocks adds in chain form and form a blockchain.with new blocks continuously added to the blockchain.
• In this way transactions are created in sequential and transparent way in a blockchain.
Regarding STEEM blockchain sequencers working I am highlighting some of its necessary characteristics.
• STEEM Blockchain is using delegated proof of stake as its consensus mechanism.
• Delegated proof of stake has its reliance on set of elected block producers which we often called witnesses at this blockchain.
• When I talk about witnesses then they have responsibility in the creation of blocks and before this in the validation of transactions.
• When I talk about top 20 witnesses then they help out in production of blocks.
• In each 3 seconds witnesses take their turn for creation of blocks.
• If I talk about order of production of block then it is determined by voting power which we often called stake.
• Witness which is with high stake would have more better chances in the creation and production of block.
• In this way it allows for fast transaction time and increase in scalability.
• Witnesses also receive benefits in the form of block rewards as a result of work that they do in block creation and block verification and validation.
• STEEM blockchain has one of the most interesting feature which is content Discovery and at this blockchain everyone is free to upvote and curate content and in this way they earn STEEM tokens by Content creation and curation.
• Due to STEEM blockchain sequencers it maintains balance in distribution of rewards in fair way.
• Sequencer at STEEM Blockchain would also consider that how much a user's reputation and voting power is.
This is I have shared my explanation of STEEM blockchain sequencers working by the help of this graphical is illustration and by the help of this flowchart in which you can see series of steps which are total 6 in their numbers.
Someone is making a transaction
Implementation of sequence algorithm
Role of witness in verifying and validating transaction
Creation of block
Validation of block
Block addition to blockchain
How STEEM blockchain sequencer is showing their contribution for consensus I am explaining in the following points.
• STEEM blockchain sequencer is playing its crucial role for achieving consensus in between participants.
• It gives surety that transactions would be validated and would be added into the blockchain in a fair way and in a proper sequence.
• STEEM Blockchain sequencers are allowing the elected witnesses for producing blocks and for maintaining consensus by showing their reliance at delegated proof of stake mechanism.
• Witnesses voting power is a key to determine that what should be the order of production for blocks.
• In STEEM blockchain there is an decentralisation approach which gives no authority to a single entity to take over the control on consensus process.
• STEEM blockchain sequencer is helpful in preventing double spending and fraudulent activities by maintenance of transparent record of transactions.
• Integrity and immutability of STEEM Blockchain maintains through this continue and smooth operation of sequencer which gives block creation and transactions validation surety.
• STEEM Blockchain sequencer roles are crucial for maintenance of stability and decentralization of STEEM blockchain.
There are different types of consensus mechanism that are used in different blockchains.
Proof of Work (PoW)
Proof of work is a consensus mechanism in which there are group of peoples which are called miners that complete with each other for the solution of complex mathematical equations and then they get different blocks of transactions and they add into the blockchain.
Proof of Stake (PoS)
Proof of stake is consensus mechanism in which there are validator which are choose depending up the number of tokens they hold and the more they have staked tokens the more they have chance to very get the transactions.
Delegated Proof of Stake (DPoS)
Delegated proof of stake is a consensus mechanism which is used by STEEM blockchain in which there are elected delegates take their turn to create blocks and to verify transactions which gives surety of fast transactions confirmation times.
Practical Byzantine Fault Tolerance
In this type of consensus mechanism,there is a voting process used by validators for showing their agreement on order of transactions for achievement of consensus quickly.
Proof of Authority (PoA)
Validators are selected depending upon their reputation and authority they are responsible for validation of transactions and for creation of blocks accordingly.
Proof of Elapsed Time (PoET)
This is a consensus mechanism in which validators are selected in random way and validator who have shortest waiting time gets the opportunity to validate next block.
Proof of Burn (PoB)
This is again on census mechanism in which validator show a prove that particular amount of cryptocurrency has been burnt by them so they have right to validate transaction in this way.
So these all are some of the consensus mechanism that are playing their role in maintenance of security,scalability and efficiency in blockchain by the determination of the way of transaction validation and their addition in blockchain
The different consensus algorithms used in blockchains influence the transaction sequencing process in the following ways:
• Proof of work gives surety that miner who tends to solve computational equations would get the opportunity to add block of transaction first to blockchain so this is its influence.
• Proof of stake is allowing validators that have high holdings of tokens in network to have more chance in validating and sequencing of transaction so this is its influence.
• When I talk about delegated proof of stake then they use elected delegates for taking turn to produce blocks and to decide that what should be the order of transactions so this is its influence.
• If I talk about practical Byzantine fault tolerance then it has reliance on working process in between validators for showing their agreement at order of transactions in quick wave so this is its influence.
• Proof of authority is selecting validators depending upon their reputation and authority they have so it gives them power to sequence transactions.
• Proof of elapsed time in selecting validators in random way depending upon waiting time they have because waiting time determines who is next to validate and sequence the transactions and this is its influence.
• If I talk about roof of burn then it is permitting validators to have right first to validate the transactions and to sequence them who have burnt many tokens of cryptocurrency so this is its influence.
I am explaining role of light nodes,full nodes and miners node.
Full Nodes
• Full nodes are useful in storing copy of entire block chain which includes all kind of transactions or kind of blocks and small contracts.
• Full nodes are responsible for validation and verification of transactions in independence day so in this way it gives more security and accuracy as well as integrity to block chain.
• Full nodes shows their participation in consensus process by the means of broadcasting and propagation of new transactions and blocks to other nodes.
• Full nodes show their contribution for decentralization and security of network by maintenance of copy of entire blockchain and by the process of verification of transactions.
Light Nodes
• Light nodes versions of full nodes but they are in lightweight and just like full notes they don't store entire blockchain.
• When I talk about their verification and validation of transactions then it all realise upon full nodes in this case for the reduction of storage and computational requirements.
• Light nodes in quick way synchronize with the blockchain and in this way they permit users to approach and interact with the network in a more efficient way.
• Light nodes our ideal for those connections which are of low man with because they consume less space of storage and network resources.
Miners nodes
• Miners nodes are responsible for validation and verification of transactions by solving complex mathematical equations and puzzles.
• Miners complete with each other for adding new blocks to blockchain because they wants to earn block rewards in this way.
• Miner nodes I responsible for maintenance of integrity and security of blockchain by ensuring consensus.
• Miners play most significant role in maintenance of decentralization of network by showing their participation in consensus mechanism.
• Miner nodes all responsible for contributing their computational power to the network so in this way network become more robust.
Decentralization and governance are playing their vital role in the Steem blockchain.
Decentralization in blockchain means distributing power and decision-making across a network instead of having a central authority in control.In terms of Steem blockchain decentralization ensures that there is no single entity is having control over the platform.In this case it would be helpful for maintaining transparency, preventing censorship, and fostering a more democratic environment and ecosystem.
Governance is defined as a system in place for making decisions and for management the blockchain. Steem's governance structure permit stakeholders to get involved in important matters by process of voting. This ensures that decisions are made in a collective way and are reflecting the wish of the community.
When I talk about Steem blockchain governance structure then it affects transaction sequencing. In Steem blockchain stakeholders have authority in determination of the order in which transactions are going to processed and proceed so it's acts as a prevention of any single entity which wants to manipulate the transaction sequence for personal profits. It adds an additional layer of fairness and security for Blockchain.
When I talk about blockchain or network security then STEEM decentralized governance structure is playing its significant role in it.Its true that decisions are still made collectively by stakeholders but it becomes harder and tough really for malicious actors if they want to compromise network.Now you can understand that there is distributed nature of governance ensures that no single entity can make unilateral decisions or decisions of their choice that can be detrimental for the overall security of the blockchain.
Practical example
Suppose that there is a proposal for implementation of a new feature at Steem blockchain, like suppose there is a suggestion of a voting system upgrade. The stakeholders who have hold Steem tokens, can vote openly for disapproval or approval of this proposal. If the majority of stakeholders vote in favor, the proposal would be considered approved and the new feature would in this way be implemented. This democratic process gives surety that decisions are made with the best interests of the community whatever they have in their minds.
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Thank you 😊
Greetings my friend @khursheedanwar! Your explanation of the STEEM blockchain sequencer is impressive! The diagram and detailed breakdown really shed light on its crucial role in achieving consensus. 🎉 Keep up the great work! All the best in the contest, success for you! 👍
I'm glad that my explanation about Steem blockchain sequencer is impressive for you...
Thank you for your comment 😀
Blockchain it discovers numerous agreement formulas like Proof of Work, Proof of Stake plus Delegated Proof of Stake each affecting purchase sequencing in a different way. Thanks a lot for this valuable article created by you.
Thank you so much for sharing different consensus mechanism used by blockchain and their different influences in that transaction sequencing.
I am happy that according to you my article is valuable to read
Greetings friend,
When it comes to the governance structure of the Steem blockchain, it has a big impact on how transactions are ordered. Stakeholders, who are like the important players in the system, have the power to decide the order in which transactions are processed. This helps prevent any one person or group from manipulating the sequence of transactions for their own gain. It adds an extra layer of fairness and security to the blockchain.
And you're right, the decentralized governance structure of Steem also plays a major role in network security. Even though decisions are made collectively by the stakeholders, it becomes really tough for bad actors to compromise the network. That's because the distributed nature of governance ensures that no single entity can make decisions on their own that could harm the overall security of the blockchain.
Let's say there's a proposal to add a new feature to the Steem blockchain, like an upgraded voting system. The stakeholders, who hold Steem tokens, get to openly vote either for or against the proposal. If the majority of stakeholders vote in favor, the proposal gets approved and the new feature gets implemented. This democratic process ensures that decisions are made in the best interest of the community.
Good luck in the contest friend.
Greetings to you too!!
I warmly welcome you at my post. I am happy that you have enjoyed my content in true meanings as well as not only you enjoyed but you also gain significant knowledge through my post I agree about stakeholders role in a blockchain that the more a person have holdings the more he have chances to validate and verify transactions.
You are also talking about decentralized governance structure of STEEM so it is providing its major role in security of network as well as I agree with you that whatever decisions are made at this blockchain are collectively made by stakeholders so this is a distributed nature of government don't allow any single person to make decisions of their own choice because it can harm overall security of blockchain also.
You have just go to as it is example from my post and I have already clear that example.
Thank you so much for wishing me good luck in this challenge
So much to really learn from this and I must say this was quite educative. A lot of people actually play down the importance of witness towards the proper running of the Steemit platform. They are really doing a great job I must confess daily in making sure that we have to enjoy the connectivity we the users need to enjoy on this great platform called Steemit.
The world of blockchain has really changed and blessed a lot of life's and makes sure that a lot of projects have been given birth to which is beautiful. Do you know that there are times I usually wonder what will be this world if blockchain is not really existing or functioning actually. I must confess it has changed a whole lot of things actually which I am so blessed to be part.
One of the things that I guess really blessed Steemit and actually makes it to be quite sustainable is the fact that it has this Decentralised structure and not this centralised structure, this has made Steem to actually stand out among other projects out there or what do you actually think?
Thank you so much for such an extensive comment and for bringing your attention towards by post. I agree with you that there are a lot of people who don't know actual importance of witnesses at steemit.
Secondly I agree with you that witnesses are doing their great job in validation and verification of transactions at this platform as well as world of blockchain is continuously evolving and you have talked about that how much you becomes wondered by thinking would not work and function in proper way.
At last you really like decentralization structure of STEEM blockchain. My thinking is similar to you that due to a lot of decentralisation and developments with the passage of time STEEM is going to become largest project gradually.
My dear friend I must say you did so well you're analysis and composure of this post this because I learned so many things about the steemit government and how they have been effectively helping us
Thanks for sharing such quality article, wishing you the best please keep it up. Kindly drop a comment to my post using the link https://steemit.com/hive-108451/@starrchris/sec-s17-w1-or-or-steem-blockchain-sequencers
Friend I am happy that you come here at my post and you really like my analysis and you learnt about steem governance and network security very well.
My pleasure to share my content with you guys ☺️
Hello friend greetings to you, hope you are doing well and good there.
All the building blocks of blockchain you have explained here very well. I am really satisfied with the process of transactions sequencing. You have explained it stepwise very clearly.The graphical diagram give us a brief insight.
The different consensus algorithms, which includes, PoW, PoS, DPoW and other are explained beautifully. Each nodes is defined very brief and too much in detail.
I wish you very best of luck in this contest
Hello friend!!
Greetings to you too.
I warmly welcome you at my post and I am happy that you understand all the building works of blockchain explain by me and you are also satisfied by the process of transaction sequencing because I tried my best to explain it step by step as you are also saying and graphical diagram is giving you a brief but complete insights.
When I talk about consensus mechanism then you also understood them very well as well as you also like my explanation about different types of nodes.
Thank you so much for wishing me best of luck in this challenge
Hii AsslamuAlikum brother your post provides information about the main building blocks of a blockchain network and the process of serializing transactions in a blockchain network and also explains the important building blocks of a blockchain and how the serialization of transactions is ensured. Along with this, it also gives a detailed description about the working of the event sequencer of the Steem blockchain.