Book contents
- Web3
- Reviews
- Web3
- Copyright page
- Contents
- About the Authors
- Foreword by Anthony Scaramucci
- Foreword by Yale Li
- Preface
- Acknowledgments
- Part I Foundations of Web3
- Part II Technological Underpinnings of Web3
- 3 Blockchains
- 4 The Scalability of Web3
- 5 The Smart Contract Ecosystem
- Part III Applications and Use Cases of Web3
- Part IV Challenges and Future Horizons of Web3
- Index
- References
3 - Blockchains
The Foundation
from Part II - Technological Underpinnings of Web3
Published online by Cambridge University Press: 21 November 2024
Book contents
- Web3
- Reviews
- Web3
- Copyright page
- Contents
- About the Authors
- Foreword by Anthony Scaramucci
- Foreword by Yale Li
- Preface
- Acknowledgments
- Part I Foundations of Web3
- Part II Technological Underpinnings of Web3
- 3 Blockchains
- 4 The Scalability of Web3
- 5 The Smart Contract Ecosystem
- Part III Applications and Use Cases of Web3
- Part IV Challenges and Future Horizons of Web3
- Index
- References
Summary
Chapter 3 provides a comprehensive overview of the foundational blockchain technology stack. It begins by examining the consensus layer, which enables a decentralized network to agree on the state of a shared ledger. The consensus layer is highlighted as the core foundation, with a deep dive into the breakthrough Nakamoto consensus protocol. Nakamoto consensus leverages proof of work for leader election and the longest-chain rule for transaction confirmation to achieve decentralized consensus in permissionless settings. The chapter then explores the computer layer, which defines the blockchain’s computational model, and the application layer where decentralized apps are built. It uses Bitcoin and Ethereum as examples to demonstrate how these layers work together in real-world systems. Bitcoin implements a simple UTXO model and scripting language, while Ethereum provides a Turing complete virtual machine. Finally, the chapter discusses elements such as wallets and RPC services involved in the user-facing experience. Overall, the chapter provides a comprehensive technical grounding across all layers of blockchain systems.
Information
- Type
- Chapter
- Information
- Web3Blockchain, the New Economy, and the Self-Sovereign Internet, pp. 73 - 94Publisher: Cambridge University PressPrint publication year: 2024
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