SEC S17-W1 || Steem blockchain Sequencers
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Hope you all are doing well and good and enjoying the best days of your life. This is me @shahid2030 from Pakistan and you are here reading my post. You all are welcome here from the core of my heart.
This is my participation in a contest Steem blockchain Sequencers organized in SteemitCryptoAcademy by @crypto-academy.
What are the main building blocks of a blockchain and how does the process of sequencing transactions work in a blockchain network? |
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Let me give a short definition first, what is Blockchain Technology? Blockchain is a decentralized ledger system where we have blocks and those block contain all data within them. They enable a transparent and secure transaction with in the network. Let me mention stepwise the main building blocks of the Blockchain.
| STEEM Blockchain System | |
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| Blocks | It's the unit of Blockchain, and each block contains the list of transactions. |
| Transactions | It's function is to hold the record of transaction exchange, among the users and, between user and the Blockchain. |
| Cryptographic Hash | We call these are the fingerprints of the blocks. Each block has a unique Hash. |
| Previous Block's Hash | It's function is to create the chain. Each block contains the hash of the previous block and this is how a continuous chain is made. |
| The Consensus Mechanism | This is the most prominent and important feature of Blockchain system. It governs the rules for validating new blocks and agreeing on the state of the blockchain. |
How does the process of sequencing transactions work in a blockchain network?
The process of sequencing transaction in a Blockchain involve various steps. Let's discuss them too one by one.
Propagation of Transaction
Transactions are propagated and broadcasted to all the nodes of the system.
Validation of Nodes
Second Step is the validation of the Nodes.The Nodes validate the transactions to ensure, if they meet the network's rules (e.g., digital signatures, double spending prevention).
Formation of Blocks
Once the miners or validators get enough transaction data, they create new blocks. These Blocks are the unit with some other important data within the Blockchain.
Proof of Work (PoW) Mechanism
The miners here complete a cryptographic puzzle. The one who solve it first is consider a person adding a block to the Blockchain.
Consensus Mechanism
It's the job of nodes in the network now to verify the new block's validity. The transactions with in the network will be confirmed, if the block is added to the blockchain.
Describe how the Steem blockchain sequencer works, highlighting its specific characteristics and its role in consensus. Illustrate a graphical diagram to explain how it works. |
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The Steemit Blockchain uses a Delegated Proof of stake (DPoS) consensus mechanism. This is the system where we have elected witnesses, and these witnesses are responsible for validating transactions and creating new blocks. These witnesses get vote from the community based on their reliability and performance.
Let's have an overview, how the Steem blockchain sequencer works
Submission of Transaction: The user submit a transaction first to the network.
Verification of Transactions: Now it the business of the witnesses to verify these transactions.
Blocks Formation: Once the transactions are verified by the witnesses, they are grouped into blocks by these witnesses.
Consensus Mechanism This is the final and last stage. We say Consensus of the network is achieved through a supermajority of witnesses agreeing on the validity of transactions and blocks.
A graphical diagram
What are the different consensus algorithms used in blockchains, and how do they influence the transaction sequencing process? |
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We have too many types of consensus algorithms used here in Blockchain technology. Every project has it's own consensus algorithms, determining which transactions are valid and in what order they should be added to the blockchain. We know that Some prioritize decentralization, while others focus on scalability or energy efficiency.
Let's discuss all algorithm mechanism here one by one.
Proof of Work ( PoW).
This is the most famous algorithm system in the entire crypto market. A major currency like Bitcoin works on it too. Here the miners complete and solve different mathematical puzzles.The first one to solve it gets a reward and hence a new block is added to the blockchain. This process is too lengthy in real and it requires a huge amount of electricity and computational power. We mostly use graphic cards for it.
Proof of stake (PoS).
Here the validators create new blocks and get added to the Blockchain. It works on the amount of coins a person hold or stake.The more coins a validator stakes, the higher is the chances of him being chosen to validate transactions and add new blocks. STEEM also works on Proof of stake mechanism. The more steem tokens you are holding, the more influencial you will be.
Proof of Authority (PoA).
In PoA, The blocks validators are identified and they are the trusted entities. They are the people responsible for the creation of new blocks. Here validating transactions based on their identity.
Proof of Burn (PoB).
This is very simple mechanism. It works on burning of coins or token. Burning in crypto language mean wasting the coins or token by sending them to an unknown wallet address. Here the participants send coins or tokens to an unspendable wallet addresses and in return, they receive a reward for their contribution to the network's security. We have burning mechanism in Steem to. We burn steem 25% by using #burmsteem25 .
Proof of History (PoH)
This mechanism is used in Solana. The algorithm uses and decentralized clock in order to timestamp the transactions and to ensure their correct sequence.
Their are other algorithm exist, I have only covered here the major one. Some other exist too but my knowledge about them isn't too much.
Explain the role of different types of nodes (like full nodes, light nodes, etc.) in the process of sequencing transactions within a blockchain. |
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All the nodes have a specific functions. The functions of the nodes are, to contribute to the overall functioning and security of the blockchain network. They ensure that transactions are processed, validated, and sequenced correctly according to the consensus rules.
Full Nodes
Full nodes play a too much crucial role in maintaining the security and decentralization of the blockchain. These nodes have a full copy of the blockchain. Their function is validation and relay transactions and blocks. Full nodes job is to make it ensure that all the transactions follow the consensus rules of the network.
Light Nodes
Light nodes also called lightweight nodes don't have the complete copy of the blockchain. These nodes have only block headers and relevant transaction information. Light nodes are something changes from that of Full nodes. They rely on full nodes to provide them with necessary data when validating transactions. Light nodes in comparison to full nodes consume less storage and bandwidth. It make them suitable for devices with limited resources
Mining Nodes
As the name indicates, these nodes are involved in mining process. They participate in the process of creating new blocks by solving cryptographic puzzles during mining process. They also validate the transactions and compete to add new blocks to the blockchain system. They help in ensuring the consensus mechanism to operates effectively and also make secure the network.
Archival Nodes
The archival nodes are said to be quite similar to that of full nodes. They also maintain a complete history the blockchain, which includes all last transactions and blocks. Archival nodes help us in research matters, they give complete analytics, and can also be used for auditing purposes. They require pretty good storage capacity too.
Pruned Nodes
Pruned nodes only store a subset of the blockchain data. They typically discarde older transactions to save storage space. They are not suitable for maintaining the historical analysis or validation of older transactions, but have the capability to store the most state of the blockchain.
Discuss the importance of decentralization and governance in the context of the Steem blockchain. How does Steem's governance structure affect transaction sequencing and network security? Give a practical example that explains operation |
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A decentralized platform is the one free from any external influence and control. Decentralization and governance are the most critical aspects of any blockchain systems. It ensures that no single entity has control over the network. It promote transparency, resilience, and censorship resistance.
STEEM is a Decentralized platform. In case of STEEM, the decentralization is too much important too. It make a project more trust worthy and an authentic one. More people take interest in it. The decentralization increase it's stability.
How does Steem's governance structure affect transaction sequencing and network security?
The governance structure of STEEM involves consensus mechanism. Here the stakeholders, also we called Witnesses, validate transactions and make changes to the network. Their is a kind of democratic approach with in the Steem Blockchain. The Witnesses are voted in by the communities for making any decisions, whether it's related to make changes or bring new things to the Steem.
However, the governance structure also affects transaction sequencing. It allows witnesses to order transaction in such a way that maximize the network efficiency and also prevent certain issues like double spending. Governance structure in all decentralized platform enhances network security by distributing control and reducing the risk of a single point of failure.
Practical Example
For example I want to send some STEEM tokens to my friend. I will initiate the transaction. The transaction will be broadcasted to the Steem Network. Now it's the business of witnesses to validate and confirm my transaction. They will check, if I really have the sufficient amount of tokens or not. The transaction is added to the blockchain, if it is valid and once they confirm everything is in order, they add the transaction to the blockchain. Hence my due amount will be sent to my friend.
However if a malicious actor attempts to alter the transaction history or compromise the network, it becomes a challenge for decentralized governance structure to succeeded the transactions. This process involves multiple witnesses and the broader community acts as a safeguard against such an attacks. They maintain the integrity and security of the Steem blockchain.
This is all about my blog for today, hope you guys have enjoyed reading it. See you soon with a new amazing and interesting topic, till take care.
| I would like to invite: @goodybest, @ripon0630 @emsonic, @miyexi, @kouba01, @mile16, @pelon53 @solaymann @waterjoe , @willmer1988, @msharif to participate in this Contest |
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Your presence here means alot
Thanks for being here
Regard shahid2030
The governance structure of STEEM, which involves the stakeholders called Witnesses, plays a crucial role in how transactions are sequenced and network security is maintained. The Witnesses, who are chosen by the community through voting, validate transactions and make changes to the network. This democratic approach ensures that decisions are made collectively.
When it comes to transaction sequencing, the governance structure allows Witnesses to order transactions in a way that maximizes network efficiency and prevents issues like double spending. This ensures that transactions are processed smoothly and securely. Additionally, the governance structure of decentralized platforms like STEEM enhances network security by distributing control and reducing the risk of a single point of failure.
You've presented your views on the topic wonderfully, all the best.
Thank you so much dear friend for your brief comment. Keep blessing dear.
You're always welcomed friend.
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
Saludos cordiales estimado amigo shahid2030, un placer para mi saludarte y leer tu participación en este reto.
Nuestro ecosistema posee un buen mecanismo de consenso, posee unos buenos testigos que trabajan arduamente por mantener la Blockchain segura y funcional, me gustaron tus diagramas, se entienden perfectamente.
Feliz y bendecido día .
Thank you so much dear for your beautiful comment. Keep blessing.
Oh yeah, I remember diving into the crypto world a few years back, and Proof of Work was like the rockstar of algorithms. It's like the heavyweight champion of crypto, you know, with all those miners crunching numbers to validate transactions. However , later some conc erns arouse like high energy expenditure , costly hardware, low scalability, miner concentration and environmental concerns etc and that gave space for other algorithms to step in.
As a trader, I've always found the concept of miners solving puzzles quite fascinating. It's like a digital treasure hunt, but instead of gold, you're after that next block in the blockchain. I think it's amazing how these puzzles secure the network while also rewarding the miners. In real sense , the complex mathametical puzzles are solved by computers owner by miners through their computational power.
Decentralization is like the backbone of blockchain, you know. It's what makes it trustworthy and resilient. I feel like it's similar to how my grandparents used to run their family farm together, everyone had a say and no one had too much power. It's that balance that keeps things running smoothly.
All the best
Thank you so much for your beautiful comment. Keep blessing my dear friend.
Greetings my friend @shahid2030! Your explanation of the Proof of Work algorithm is spot on! It's like a digital treasure hunt with miners solving puzzles for that next blockchain block. Fascinating analogy! All the best in the contest, success for you! 👍
Thank you dear friend for your precious comment here. Keep blessing dear.
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Th is write-up gives a comprehensive expedition of blockchain modern technology clearing up its basic elements along with deal sequencing procedure. The thorough failure of STEEM blockchain devices underscores their function in attaining agreement. In addition it digs right into numerous agreement formulas like PoW, PoS as well as PoA clarifying their unique attributes and also effects. Finally it makes clear the functions of various sorts of nodes, from complete nodes making sure safety and security to light nodes protecting sources.
Thank you so much dear for your precious response. Keep blessing my dear.
Hello bro your content is highly professional this is because you broke down every time in the smartest format ever making this easier for everyone who comes across your post because I must say I filled with happiness and ideas
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
Thank you so much dear friend for your precious comment. Keep blessing.
I really appreciate friend 🙏
TEAM 1
Congratulations! This post has been upvoted through steemcurator04. We support quality posts, good comments anywhere, and any tags.Thank you so much dear for the kind support.