DAY FOUR (Hyperledger Frameworks) — https://medium.com/@tommarler/hyperledger-daily-articles-for-the-next-147-days-day-four-21d0ce829adb
What is Hyberledger Fabric?
Highly modular and configurable architecture, first distributed ledger platform to support smart contracts authored in general-purpose programming languages such as Java, GO, and Node.js.
Permissioned-based — all participants are know to each other but may not be fully trusted by one another. How the participants interaction is governed by the network. The network operates according to the governance model which yields a certain degree of trust.
Provides a secure way for business participants to interact, Pluggable consensus protocols
What components does fabric have?
- Ordering Service — consensus on the order of transactions
- Membership service provider — associating entities in the network with cryptographic identities.
- Peer-to-Peer gossip service — disseminates the blocks output by ordering service to other peers
- Smart Contracts (Chaincode) —
- Ledger — support variety of DBMS
- Endorsement and validation policy enforcement
Hyperledger consensus
Consensus is how the nodes come to agreement on if a transaction is valid. It provides a guaranteed ordering of transactions and validates the block of transactions.
Consensus core functionality:
- Confirm the correctness of all transactions
- Agrees on order and correctness
- Depends on smart-contracts to verify correctness
How does consensus work in Hyperledger?
Lottery-based algorithms
Can scale to a large number of nodes since the winner of the lottery proposes a block and transmits it to the rest of the network for validation. High energy consumption since all nodes work together, also two nodes could mine the same block.
- Proof of Elapsed tme(PoET)
- Proof of Work
When to use Lottery-based algorithms
- If speed and scalability matter
Voting-based Consensus algorithms
Provide low-latency, require nodes to transfer messages to each other. More nodes equal longer time to reach consensus.
- Redundant Byzantine Fault Tolerance (RBFT)
- Paxos
When to use Voting-based algorithms
- If speed and finality matter
Suggestions and comments are appreciated! Looking forward to sharing and learning :). See ya tomorrow!!!
DAY Six — COMMING SOON!!!
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