Foundations of Blockchain

Decentralized security model

Blockchain applications revolve around the principle of decentralization. Decentralization is achieved with the help of equally responsible nodes that are connected to form a peer-to-peer network. It’s essential for most of the blockchain nodes (if not all) to exhibit similar functionality to achieve a purely decentralized network. This can be a challenging task because there is no authority in the public network to enforce rigid rules on the functionality of nodes. Many blockchain networks are being forced to centralize to improve the performance or integrate with the existing centralized entities. This exposes decentralized systems to potential issues that are already faced by existing centralized systems. We’ll ...