Scope
Almost all attributes of the modern web space are at the peak of popularity now. However, it is the block-chain implement that is piques the greatest interest. This is explained by the fact that it is with the help of this technology the latest way of exchanging and storing information is implemented. In other words, the block-chain is an infrastructure, the purpose of which is to provide safekeeping and handling of data without any intermediaries, complexities and corruption.
Block-chain implement encourages developers to create a broad variety of applications. To facilitate the development of applications related to both block-chain and steganography, our service offers you a blockchain api. This is the grade of the specific structure that has in its armory any API answer necessary for the purposes of users and developers.
Simply about complex
So, let’s admonish once again that the block-chain is nothing just a regular database that has one feature. This feature is due to the fact that the information that is in this database is not stored in one place, but is distributed over many computers, which, in turn, are united in a single network. All this information is completely open to network users. And in order to ensure the protection of this data, an old mathematical science is used – cryptography.
For example, a user located in one country wants to transfer some amount of money to his partner from another far place, He prefers to use blockchain technology, not a bank transfer. The user initiates by offering the transaction to the block-chain network. And as we were afore informed, the block-chain network consists of many equal nodes – computers. This indicates that this transaction was sent to all computers exactly in the form in which it was created. Further, in order for a transaction to mold into a fresh block in the chain, it must be reaffirmed on the network. Confirmation occurs using certain algorithms, and only after this has occurred, the user’s transaction is formed into a new block and added to the end of the already existing block chain. In this case, the new block will be necessarily endowed with an indicator of the time of its creature and a citation to the antecedent block in the chain. Behind a new block is formed, it must be checked by all network participants and entered into their databases. The new block becomes part of the general chain of many transactions, and it is no longer possible to change, add or remove anything. It should be noted that, despite the fact that the fruition of the transaction and the formation of the fresh blocks of the blockchain takes place in an open and decentralized way, the content of each specific transaction is known only to its creator.
Proof of work vs Proof of Stake
Now let’s talk about the so-called consensus mechanisms. We were afore informed that there are some algorithms that confirm and hereafter create new blockchain blocks. It is these algorithms that are called “consensus mechanisms”. Several consensus mechanisms are currently known. The most common of these are “Proof of work” (PoW) and “Proof of Stake” (PoS).
The first algorithm – PoW was originally introduced by Bitcoin in order to avoid the so-called double spending. Without going into the details of the algorithm itself, we only note that the PoW process itself is based on the following set: “game theory plus mathematical cryptography”. The next popular algorithm – PoS appeared a few years later and began to use not miners, like PoW, but validators. To date, the PoS algorithm has not yet received such operating experience as PoW, however, it has shown one important advantage over it – this is a more economical consumption of electrical energy.
Derivation
So, we should enclose that blockchain technology doesn`t illustrate just a creature of the “net 3 epoch”, in real it is a technology of the future, which can be widely used not only in the sector of crypto-currency transactions. Here are just a few of its potential uses:
– a storage of keys and lists of users of servers, terminals, ATMs
– a bank of digital certificates without the possibility of illegal access to them
– instant and secure confirmation and transfer of rights of any property, etc.
Obviously, users and developers of annexes which are tied with blockchain technology often face certain difficulties. API-interfaces of our service, having extensive customization options, will become indispensable assistants for them.
