Hacker Noon September 13, 2019
1 INTRODUCTION
1.1 WHAT IS BLOCKCHAIN?
Advancements in cryptography, computing, and consensus-based algorithms led to the breakthrough that is blockchain in 2008 – a replicated ledger with the promise to distribute trust, potentially disrupting industries such as finance, healthcare, and the supply chain by removing long-standing intermediaries.
These replicated ledgers record and verify transactions using various consensus algorithms, the most well-known of which are Proof of Stake (PoS) and Proof of Work (PoW). In the early days of the market space, this technology was applied with new financial payment methods, such as Bitcoin.
However, second-generation blockchains such as Ethereum soon emerged, enabling code to be stored on the blockchain, such that any application could be dis-intermediated.
Third-generation “blockchains” are...
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