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Lect. 10

The document discusses blockchain technology and distributed consensus. It covers topics like the challenges of decentralized currency, how peer-to-peer systems work, the difficulty of reaching consensus when nodes may crash or be malicious, and how Bitcoin differs from traditional distributed systems by introducing economic incentives and eventual consistency without identities.

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yash
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26 views14 pages

Lect. 10

The document discusses blockchain technology and distributed consensus. It covers topics like the challenges of decentralized currency, how peer-to-peer systems work, the difficulty of reaching consensus when nodes may crash or be malicious, and how Bitcoin differs from traditional distributed systems by introducing economic incentives and eventual consistency without identities.

Uploaded by

yash
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Blockchain Technology

Dr. Kaushal Shah


Assistant Professor
Computer Engineering
PDEU
The compilation of the PPTs is from the source:
All the different articles and research papers available on internet and NPTEL
Outline for Today
• Consensus
Challenge to Decentralized Currency
• Distributed Consensus
Why?
• fault-tolerance in distributed systems
• Distributed hash tables
• Distributed DNS, public key directory, stock
trades
Definition
• The protocol terminates and all correct nodes
decide on the same value
• This value must have been proposed by some
correct node
Working of P2P System
• When You want to pay Ravi:
• you broadcast the transaction to every node
in the network:

Ravi’s Computer may not be connected to the network at the transaction time
Scaling Dynamics
• At any given time:
– All nodes have a sequence of blocks of
transactions they’ve reached consensus on
– Each node has a set of outstanding transactions
it’s heard about
Hardness of Consensus
• Nodes may crash
• Nodes may be malicious
• Network is imperfect
– Not all pairs of nodes connected
– Faults in network
– Latency
• No notion of global time
Impossibility
• Byzantine generals problem
• Fischer-Lynch-Paterson (deterministic nodes):
consensus impossible even with a single faulty
node
Possible Solutions
• Paxos
• Never produces inconsistent result, but can
(rarely) get stuck
What does Impossibility Imply?
• These results say more about the model than
about the problem
• The models were developed to study systems
like distributed databases
Bitcoin difference from Distributed
Systems
• Introduces incentives
– Possible only because it’s a currency!
• Embraces randomness
– Eventual consistency – no deadline for consensus
– Consensus happens over long time scales — about
1 hour
No identities for Bitcoin Nodes
• Identity is hard in a P2P system — Sybil attack
• anonymity is a goal of Bitcoin – although what
it achieves is pseudo-anonymity
Questions???

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