CodeCrunch Techlabs’ Post

Private and Public Keys: A Secure Way to Transact Private and public keys are a cryptographic system that allows users to securely send and receive transactions on a blockchain network. Private keys are unique identifiers that are only known to the owner. They are used to sign transactions and prove ownership of funds. Public keys are generated from private keys and can be shared with others. They are used to verify transactions and send funds to a specific user. Follow CodeCrunch Techlabs for more #web3 educative content. #CCTechschool #blockchain #keys

Decoding Consensus Mechanisms: POW and POS Proof of Work (POW): 👉 "Proof of work" is a primary consensus mechanism used in cryptocurrencies like Bitcoin. 👉 In POW, miners compete to validate transactions, with only one successful miner. 👉 This process consumes energy and computational power, making it resource-intensive. Proof of Stake (POS): 👉 In "proof of stake," validators hold a stake of coins and earn rewards for validating transactions. 👉 For example, Ethereum's transition to POS requires validators to stake 32 ETH. 👉 Unlike POW, only one validator attempts to validate a transaction in POS. 👉 Failing to validate can result in a "slashing" penalty, where staked coins are forfeited. POW and POS are two fundamental consensus mechanisms that underpin the world of cryptocurrencies, each with its own approach to transaction validation and network security. Check out the below video and follow CodeCrunch Techlabs for more #web3 educational content #CCTechschool #proofofwork #pos

Orphaned Blocks in Blockchain When two different blocks get added to the blockchain at the same time by different nodes. Whichever blockchain length is big or having high hash power will win and the block that is different added by the other node will get cancelled and it went back to mempool. That block is called the Orphaned Block. Check out the below video to understand better in Hindi by CodeCrunch Techlabs #CCTechschool #blockchain #mempool

Consensus Protocol (Defence against attacks) A consensus protocol is a set of rules that computers in a #blockchain network follow to agree on the state of the blockchain. This is important because it prevents attackers from adding invalid blocks to the blockchain or tampering with existing blocks. Some of the consensus protocol 👉 Proof of Work (PoW) 👉 Proof of Stake (PoS) 👉 Delegated Proof of Stake (DPoS) One common consensus protocol is proof of work. In proof of work, miners compete to solve a complex mathematical puzzle. The first miner to solve the puzzle gets to add the next block to the blockchain and earn a reward. Check out the below video for a detailed explanation by CodeCrunch Techlabs #CCTechschool #consensus #proofofwork #pos

How mining works: Miners try to guess a nonce that generates a hash below a certain target hash. If they guess correctly, they add their block to the blockchain and earn a reward. The target hash is adjusted periodically to make mining more difficult and keep the blockchain secure. Nonce is unpredictable, so miners must try many different values before they find one that works. Nonce, which stands for "number used only once," is a key part of the blockchain mining process. It is a 32-bit number that miners use to generate hash values for new blocks. For more details about Mining and how block gets added in the blockchain check the below video. #CCTechschool #mining #blockchain

The Power of Distributed P2P Networks in Blockchain Security In a distributed P2P network, all computers are interconnected, sharing the same blockchain. When one computer adds a block, it replicates across all connected computers. If a computer is hacked and its blockchain altered, the network's design constantly checks for blockchain consistency among peers. Peers quickly identify a hacked blockchain and automatically copy verified values from other peers to restore integrity. Check out the below video for a better understanding. CodeCrunch Techlabs shared educative content about #blockchain, #web3. #crypto, etc. #CCTechschool #distributedledger #p2p

The Power of Immutable Ledgers in Blockchain When you buy property, documents define your ownership, registered with government authorities. Traditional ownership records can be tampered with or deleted, leading to disputes over property ownership. Blockchain's Solution: In blockchain, ownership entries are secure. If someone attempts to change ownership data, it alters the block's hash, creating a mismatch with the previous block. Blockchain's immutability prevents unauthorized changes, ensuring the integrity of ownership records. Check out the below video for more details by CodeCrunch Techlabs Repost if you got something valuable from this post #CCTechschool #immutable #ledger #ownership

SHA256 Hash: A Digital Fingerprint for Your Data SHA256 is a cryptographic hash function that produces a unique 256-bit fingerprint for any digital data. It is one of the most widely used hash functions in the world, and is used in a variety of applications, including blockchain, digital signatures, and file integrity verification. How does SHA256 work? ➡ SHA256 takes a digital input of any size and produces a fixed-size output of 256 bits. This output, known as the hash value, is unique to the input data. Even a small change to the input data will result in a completely different hash value. Key Attributes of SHA256 Hashing: ➡ A small change to the input data will result in a large change to the hash value. ➡ You can not restore the digital document or anything based on the hash value. ➡ If I take the same document copy of the other document. And I apply the hash algorithm. It will give me the same hash as the hash of the original first document. Check out this video for a more detailed understanding and practical examples of SHA256: #hash #cryptography #blockchain