DEV Community: Balogun Malik O

A Simplified Explanation Of Enum & Struct IN Rust

Balogun Malik O — Wed, 14 Jun 2023 18:17:21 +0000

Rust is a modern programming language designed with the goal of providing fast, secure, and reliable software. In Rust, Enums and Structs are two powerful features that help developers organize code in a logical and easy-to-use way. Enums allow developers to define a set of named values, while Structs allow the creation of custom data structures that can be used to store various types of data. Understanding how to use Enums and Structs is essential for any Rust programmer. In this article, we will explore the basic concepts of Rust Enums and Structs and provide examples that demonstrate how to use them effectively in your Rust projects.

What is Rust Enum and Struct?

Rust is a popular systems programming language that provides a powerful and efficient approach to developing software. One of the language's fundamental building blocks is its support for Enum and Struct, two powerful constructs that allow developers to define their own data types.

Enums, an abbreviation for enumerations, allow you to define a type by listing its possible values, while Structs, an abbreviation for structures, allow you to group several related values into a single object. Both are incredibly useful for organizing and simplifying your code.

Why Use Rust Enum and Struct?

Enum and Struct allow you to create custom data types tailored to your application's specific needs. By defining your own types, you can make your code more expressive, easier to read, and less prone to bugs. Enums and Structs are incredibly versatile and can be used to represent everything from colors to network protocols.

By using Enum and Struct, you can also take advantage of Rust's strong type system. This means that the compiler can catch many errors at compile time before your code even runs. As a result, your code will be more reliable and easier to maintain.

Creating Enums and Structs in Rust

Creating Enums
To create an Enum in Rust, you use the "enum" keyword followed by the name of your Enum. You can then list the possible values for your Enum, each separated by a comma. Here's an example:

enum Color {

Red,

Green,

Blue,

}

This defines a Color Enum with three possible values: Red, Green, and Blue.

Creating Structs
To create a Struct in Rust, you use the "struct" keyword followed by the name of your Struct. You can then define the properties of your Struct using the syntax "name: type". Here's an example:

struct Person {

name: String,

age: u32,

}

This defines a Person Struct with two properties: name, which is a String, and age, which is an unsigned 32-bit integer.

Defining Properties for Enums and Structs

You can define properties for your Enums and Structs by using the syntax "name: type" when defining your Enum values or Struct properties. Here's an example:

enum Color {

Red(u8),

Green(u8),

Blue(u8),

}

struct Person {

name: String,

age: u32,

}

impl Person {

fn say_hello(&self) {

println!("Hello, my name is {} and I'm {} years old.", self.name, self.age);

}

}

In this example, we have defined a new property for our Color Enum: each value now takes an additional u8 parameter. We have also defined a method for our Person Struct called "say_hello", which prints out a greeting.

For further clarity on defining Structs, you use the "impl" keyword followed by the name of your Struct. You can then define one or more functions that take "self" as a parameter. Here's an example:

struct Rectangle {

width: u32,

height: u32,

}

impl Rectangle {

fn area(&self) -> u32 {

self.width * self.height

}

}

This defines a Rectangle Struct with two properties (width and height) and a method called "area" that calculates the area of the rectangle.

Pattern Matching with Rust Enums

Pattern matching is a powerful feature in Rust that allows you to match on the different values of an Enum and perform different actions depending on the value. It's a highly expressive and concise way to work with Enums.

To match enums in rust, the "match" keyword is used to perform pattern matching on Enums. Here's an example:

enum Color {

Red,

Green,

Blue,

}

fn print_color(color: Color) {

match color {

Color::Red => println!("The color is red!"),

Color::Green => println!("The color is green!"),

Color::Blue => println!("The color is blue!"),

}

}

This function takes a Color Enum and prints out a message depending on the value. The "match" keyword is used to match on the different values of the Enum and execute the corresponding code block.

Using If Let to Work with Rust Enums

"If let" is another way to perform pattern matching on Enums in Rust. It's a more concise and readable way to match on single values. Here's an example:

enum Fruit {

Apple(String),

Banana(u32),

}

fn print_fruit(fruit: Fruit) {

if let Fruit::Apple(name) = fruit {

println!("This is an apple named {}.", name);

} else if let Fruit::Banana(count) = fruit {

println!("This is a banana with {} bananas in it.", count);

}

}

This function takes a Fruit Enum and prints out a message depending on the value. The "if let" keyword is used to match on a single value and execute the corresponding code.

Conclusion

Use Rust enums when you have a fixed set of possible values for a variable. Use Rust structs when you need to define a new data type with multiple fields. Rust Enums allow the creation of a set of named values, while Rust Structs allow developers to create custom data structures, defining properties and methods, and store various types of data. Enums and Structs are often used together to create complex data structures in Rust.

Additionally, when defining Rust enums and structs, follow the Rust community's coding conventions, including using snake_case for variable and function names and using pub for public fields and methods. Also, consider using Rust's borrow checker to ensure that your code is memory-safe. In conclusion, Rust Enums and Structs provide a powerful way to organize code and create custom data structures in Rust. Mastering these concepts allows you to write more efficient code with fewer errors. We hope that this article has provided you with a solid foundation for working with Rust Enums and Structs. As you continue to develop your Rust skills, be sure to explore more advanced techniques and best practices to take your coding to the next level.

To learn more about Enum and Structs visit the official Rust documentation.

How To Build A Bitcoin Custodial Wallet with Python

Balogun Malik O — Sun, 23 Apr 2023 09:21:29 +0000

A custodial wallet is a type of cryptocurrency wallet where the user's private keys are held by a third-party custodian. This can be a convenient option for users new to cryptocurrencies who may not feel comfortable managing their private keys. In this article, we'll walk through the process of building a custodial wallet with Python.

However, we will use an API in this implementation. So, before we get started, let's look at what an API is.

What is an API

API stands for application programming interface; it is the medium by which digital information is sent and received between software systems.

Prerequisites

Step 1:
BlockIO provides accessible services that can be leveraged to create a custodial Bitcoin wallet. Sign up on block.io and set up your account; upon completion, you will be given your API-KEY and SECRET-KEY.

Note: We will be using bitcoin test net during this development

Step 2:
To get started, we'll need to install a few Python libraries. Open your command prompt or terminal window and create your project directory using the below code

mkdir bitcoin_custodial_wallet

"bitcoin_custodial_wallet" is the name of the folder; you can change the above project name to your desired project name.

Change to the directory with the below code

cd bitcoin_custodial_wallet

Now, use the code below to install the necessary libraries.

pip install jmespath
pip install block-io

Now, let's jump into coding our wallet

As mentioned above, a custodial wallet does not require users to manage their private keys. What we are concerned with is the following:

The user's name should be associated with their Bitcoin wallet address
Users should be able to send Bitcoin from their wallet
Users should be able to receive Bitcoin in their wallet
Users should see their available Bitcoin balance

Coding The Wallet

First, create a Python file. We will import the necessary libraries using the below code.

Note: All the codes should be in a single Python file.

from block_io import BlockIo
import jmespath
import json

Now, to use the BlockIO API, we need to initialize it. To do so, use the below code

version = 2 #API version
block_io = BlockIo('Api-Key', "Secret-Key", version)

Now we dive into writing the code.

Create Bitcoin Wallet Address Associated With a Name

def username(name):
    return name

Name = username(input("Enter Username: "))

#greet user using created name
greet = ("HELLO" " " + username(name=Name))
print(greet)
# Generate a new wallet address with name
def gen_wallet(_name):
    generate_wa = block_io.get_new_address(label=_name)
    return generate_wa

gen_Wa = gen_wallet(Name)
print("++++++++++++++++Welcome!" + username(name=Name) + " " + "Your Account Details are below+++++++++")
print(gen_Wa)

In the above code, we defined two functions: one for the username and another for generating a wallet that will be mapped to the username. The first function (username)takes the user's desired username and uses that name in the second function (gen_wallet). The function gen_wallet computes a Bitcoin wallet that is mapped to the name argument given by the user using this call (block_io.get_new_address(label=_name)).

Receive Bitcoin

#get wallet address by username
def get_wallet_by_name(fill):
    lol = json.dumps(block_io.get_address_by_label(label=(fill)))
    lol_ = json.loads(lol)
    wallet_addy = jmespath.search("data.address", lol_)
    return wallet_addy + " 

g_w_name = (get_wallet_by_name(input("Please Enter your Username: ")))
print(g_w_name + " This is your wallet address")

The above code gets the wallet address associated with the user's name using block_io.get_address_by_label(label=(fill)). To fetch the precise address, the response to the call is searched using jmespath.searchthe jmespath.search function takes two arguments: what and where to search, and in this case, "data.address and lol_".

To test if the wallet can receive bitcoin, copy the wallet displayed as your wallet address and navigate to any bitcoin test net faucet of your choice. In my case, I used the testnet-faucet, which takes roughly 45 minutes to dispense to your wallet.

Display Available Bitcoin Balance

def get_wallet_balance_by_addy(wallet_add):
    gadd = block_io.get_address_balance(address=(wallet_add))
    gadd_ = jmespath.search("data.available_balance", gadd)
    return gadd_

g_wallet = (get_wallet_balance_by_addy(input("Please Enter Your Address: ")))
print(g_wallet)

Here, we call block_io.get_address_balance(address=(wallet_add)) . Using this call, we can get the available bitcoin balance in a user's wallet by passing the user's wallet address as the argument and searching the response with the jmespath.search() command.

Send Bitcoin

Before we proceed to define the code for this aspect, we will need to accept two inputs from the users:

The amount of bitcoin to be sent out of the wallet
The address to receive the bitcoin

#amount to be sent
Amount_to = (input("Enter amount to send: "))

#address to send bitcoin to
addy_to = (input("Address to send to: "))

These two inputs are passed to the function we are going to define to compute the transaction.

def send_transfer(amount, recipient_address):
    _amount = amount
    to_address = recipient_address
    preparetx = block_io.prepare_transaction(amounts=_amount, to_addresses=to_address)
    signtx = block_io.create_and_sign_transaction(preparetx)

    response = block_io.submit_transaction(transaction_data=signtx)
    return response


send_t = send_transfer(Amount_to, addy_to)
status = jmespath.search("status", send_t)
if status == "success":
    print("Transaction sent ✅🚀")
else:
    print("not successful❌")

To be able to send bitcoin out of the wallet, we need to pass the following steps:

Prepare the transaction
Sign the transaction
Submit the transaction

To prepare the transaction, we call block_io.prepare_transaction(amounts=_amount, to_addresses=to_address) which takes the amount to be sent and the address to receive the bitcoin.

Next is to sign the transaction; signing the transaction means you approve the bitcoin leaving your wallet. This is done using your wallet's private key, but here we will use this callblock_io.create_and_sign_transaction(preparetx). The call takes the prepared transaction as an argument and signs the transaction using your wallet's private key.

Finally, we submit the transaction for mining with this call block_io.submit_transaction(transaction_data=signtx).

Additionally, we add a condition to check if the transfer is successful, if it is not, it prompts the sender with a not successful message.

Source Code

The source code can be found here on GitHub.

Summary

Congratulations! We have successfully built a custodial bitcoin wallet. In this article, we have created a custodial bitcoin wallet that can receive, send, and store bitcoin.

Unleash Your E-commerce Potential: Why MedusaJS is the Ultimate Solution for Your Next Application

Balogun Malik O — Wed, 19 Apr 2023 23:29:46 +0000

What is Medusa?

Medusa is an open-source platform that makes building an e-commerce application easier. With the Medusa.js framework, business owners as well as developers can create a complex e-commerce app with ease.

Medusa.js Framework

Medusa.js is a robust JavaScript open-source library that allows developers to create interactive and dynamic commerce apps. It offers an extensive collection of tools and capabilities that enable developers to produce intricate and feature-rich e-commerce applications faster. Developers may easily construct complex user interfaces, potent data visualizations, and extensive real-time communication features using Medusa.js.

Medusa.js provides user-friendly API, making it simple to interact with already-existing backend systems and other third-party services.

Additionally, Medusa.js provides users with advanced e-commerce features like automated RMA flows, sales channels, product, and order management, etc. Medusa also offers great scalability options, so you can easily expand your store as your business grows.

Why Medusa.js?

Medusa.js comprises various tools that developers can utilize to develop a fascinating digital commerce application. Building with Medusa.js, developers can create an exciting adventure on their app for customers. Additionally, medusa.js allows developers to create powerful automation and build robust commerce applications.

Medusa.js equips the developers with the necessary building blocks to develop an intuitive and dynamic commerce app. It gives the developers full control over their tech stack and the necessary logical operations needed for the commerce app. Medusa.js is a game-changer.

Medusa.js also gives room for third-party integration, such as payment gateways, and customer support, equipping businesses with more flexibility and a good user experience.

Medusa ToolBox

Medusa commerce modules are listed as follows:

Medusa Backend

Medusa Backend is a Node.js-based open-source codebase that comprises logic, modules, services, endpoints, subscribers, entities, and plugins behind the Medusa commerce engine. It facilitates and offers a range of features, which include customer management, order management, and payment processing. It also provides powerful reporting tools that give businesses insight into their performance and help them make decisions.

Medusa Admin

Medusa Admin is a powerful web-based administration system built on the Medusa.JS framework. It provides an intuitive and user-friendly interface to manage your data and content, allowing you to quickly and easily create, update, and delete records. With its powerful set of features, Medusa Admin makes it easy to manage complex data models.

Medusa Admin uses APIs to exchange data with the Medusa backend. The platform's user-friendly interface and intuitive design make it simple for business owners to manage their e-commerce operations.

Medusa Storefront

Medusa Storefront is an open-source e-commerce platform powered by the Medusa.JS framework. It provides a powerful and flexible storefront, allowing businesses to quickly create an online store with a modern and responsive design. The platform has been designed to be highly customizable and easily extensible, enabling businesses to tailor their store according to their own needs. With its intuitive UI, it's easy for developers to quickly build an online store that looks great on any device. From customizing product pages to setting up payment gateways, Medusa Storefront offers everything you need to get your business up and running in no time.

Medusa CLI

Medusa CLI is a powerful command-line interface (CLI) for the Medusa.JS project. It allows developers to quickly and easily create, manage, and deploy applications with a few simple commands. The CLI provides an easy way to get started with the Medusa.JS framework and helps developers save time by automating mundane tasks. It also provides helpful features such as debugging, testing, and deployment support, which makes it easier for developers to develop their applications faster. With the help of the Medusa CLI, developers can now build modern commerce applications faster

What You Can Do With Medusa.js

E-commerce Building Blocks
Medusa allows developers to refactor its module to their preferred use case and also gives the developer the power to create a new module to use in their commerce app. It allows developers to build flexible commerce applications.
Medusa in Microservices Architectures
Medusa modules can be used individually with other applications to give them a commerce app feature. For example, a blog can integrate the Medusa cart module to sell e-books to readers.
Vertical E-commerce Platforms
Out-of-Box APIs
Full-Fledged Ecommerce System
Medusa can be used to build a completely rich e-commerce application
Your Own Use Case
Medusa gives the developer complete control over their development and provides tools to hasten the developer's work and great experience.

To get started with medusa.js here

Conclusion

Medusa.js Medusajs is a powerful and versatile tool for developing modern web applications. It has all the features that are needed for creating complex websites in a short amount of time. Its scalability makes it suitable for large projects as well as small ones.

Moreover, its open-source nature allows developers to customize the framework according to their needs. Therefore, Medusa.js is an ideal choice for building reliable and efficient commerce applications.

Simplified Explanation of Monolithic and modular blockchain Architecture

Balogun Malik O — Sun, 15 Jan 2023 23:27:46 +0000

As of the time of writing this article, it is almost impossible for anyone using the internet properly to be unfamiliar with cryptocurrencies like bitcoin.

However, the existence of this cryptocurrency was brought about by the emergence of blockchain technology.

In 2009, blockchain technology was publicly recognized as the technology that powers bitcoin as a replacement for fiat currency, and it has gained significant traction since then.

What is Blockchain Technology?

Today, blockchain is recognized as a technology that promotes the decentralization of power over transaction data while also providing transparency, immutability, traceability, and security through a distributed ledger across a distributed network.

Currently, the adoption of blockchain technology is growing. Many sectors, such as business, government, organizations, and industries, are digging deep into blockchain and deploying it to meet various needs.

What is Blockchain Architecture?

To put it simply, the blockchain architecture is made up of three primary layers:

The Execution layer: where transactions are performed i.e. executed

The Networking/Consensus layer: where agreement is made on what transactions are true and how they should be arranged

The Data layer: where the history of valid transactions is stored and can be easily accessed

That being said, the two most prominent architectural approaches in blockchain are modular and monolithic.

What is a Monolithic blockchain?

A monolithic blockchain is a single, unified system built to manage all the layers of blockchain architecture.

Typically, a monolithic blockchain is designed to handle everything from transaction execution to network consensus and the data availability layer within one chain. Additionally, in a monolithic blockchain, all validators and full nodes perform consensus and chain execution. An example of this is the bitcoin blockchain

Problem of monolithic Blockchain

To better understand the design of a monolithic blockchain, let's use the analogy of a mobile phone manufacturer.

A typical mobile phone manufacturer like Apple does not produce every single part of the phone in one factory.

Rather, different parts of the phone are manufactured in a separate location where specialized teams can design them before shipping the parts over to the central factory where they are assembled as a mobile phone.

If all the parts were manufactured in a single factory, the factory would not only have to be large, but it would also incur a very high cost of maintenance for its infrastructure.

Ultimately, the lack of specialization among teams would result in lower quality outcomes, and if phone orders increased, the facility would be unable to scale to meet this demand due to a lack of space or manpower.

Therefore, it is safe to say monolithic blockchains are often faced with the scalability trilemma

The Scaleability Trilemma

The scalability trilemma ( named by Vitalik Buterin founder of Ethereum) is a series of trade-offs between decentralization, speed/scalability, and security that one must make when designing a blockchain and constructing rules for its on-chain governance.

Blockchain networks using the monolithic blockchain prioritize one or two of the layers over another layer. For example, Ethereum v1 is a monolithic blockchain optimized for decentralization, it prioritizes the consensus and data layers over the execution layer, which is why it processes 15 transactions per second and requires a high gas fee per transaction.

What is Modular Blockchain?

A modular blockchain is made up of multiple, independent modules that each perform a specific function. For example, one module may be responsible for consensus while another is responsible for transaction execution. This allows for greater flexibility, as changes can be made to individual modules without affecting the entire system.

Additionally, modular systems can be more easily scaled, as new modules can be added or removed as needed.

However, the independent modules can be sidechains (independent blockchains) or layer 2 (L2) networks.

Sidechains: sidechains are separate blockchains that are linked to the main blockchain, allowing for the transfer of assets or data between the two chains. They provide greater flexibility and scalability, enabling the creation of custom blockchain solutions and cross-chain interoperability, as well as allowing for experimentation with new features and consensus algorithms.

Layer 2 (L2) refers to additional layers or solutions built on top of a blockchain network that aims to improve scalability, security, and/or functionality.

To further explain the design of the modular blockchain, let's once again make use of the mobile phone analogy.

When a modular approach is used to manufacture mobile phones, tasks are broken down into smaller components and handled by specialized teams. This procedure can assist in dealing with the stress of high-volume calls.

Blockchain network like EOSIO utilizes a modular architecture and a unique consensus algorithm called Delegated Proof of Stake (DPoS) that allows for high scalability and low latency.

Another example would be Polkadot, which uses a modular architecture to create multiple parallel chains, called "parachains," that can interact with each other, enabling the development of new use cases and scalability solutions.

Why Modular Blockchain?

The implementation of modular designs in monolithic blockchains increases flexibility in the network. For example, the Bitcoin network's layer 2 (the Lightning network) was built to improve the low TPS and allow faster transaction execution.

Similarly, the Ethereum network (v2.0) introduced sharding and rollups to scale its network.

**Sharding **means breaking down transactions on a blockchain into smaller sets of data that can be processed by the network more quickly.

Rollups are a form of off-chain computation that allows for the aggregation of multiple transactions into a single transaction on the main chain, thus reducing the load on the main chain and increasing the number of transactions that can be processed per second.

Additionally, the benefits of modular blockchains also include the increase in:

Scalability: As the demand for blockchain services increases, the modular architecture enables organizations to add new modules to their blockchain systems as needed.

Decentralization: Modular blockchains prioritize network security by lowering the cost for users to run nodes and verify the network. The more users running nodes, the greater the decentralization, making the blockchain more resistant to attacks

Security: Layers are delegated to perform different tasks, which makes it difficult to take down the whole system if one layer is taken control of.

Conclusion

Modular architecture is an essential component of the blockchain ecosystem. It provides the flexibility and scalability needed to ensure the longevity and robustness of blockchain systems. Organizations that adopt a modular architecture will be well-positioned to take advantage of the many benefits that blockchain technology has to offer and will be better equipped to meet the demands of the digital economy.

Reference

https://www.horizen.io/blockchain-academy/technology/advanced/modular-vs-monolithic-blockchains/

REST APIs vs GraphQL APIs: Simplified Explanation of their differences

Balogun Malik O — Tue, 10 Jan 2023 00:09:55 +0000

WHAT IS API?

You visit a nice restaurant to sate your hungry stomach. You order a plate of salad. The waiter then takes your request to the kitchen and asks the chef to make a salad and a few minutes later, the waiter returned with your order.

So, without entering the kitchen or speaking with the chef personally, you received your order. Think of API as your waiter.

API stands for "Application Programming Interface." It allows communications between two software systems, enabling them to exchange data and functionality.

There are two main types of APIs: REST APIs and GraphQL APIs. While both types of APIs can be used to build web applications, there are some critical differences between them. In this article, we'll take a closer look at these two types of APIs and see how they differ.

REST APIs

REST (Representational State Transfer) APIs are the most common type of web APIs. They use a standard set of HTTP methods (such as GET, POST, PUT, and DELETE) to perform CRUD (Create, Read, Update, and Delete) operations on resources.

REST APIs are based on the idea of resource representation. Each resource is identified by a unique URL, and the data for that resource is represented in a specific format (such as JSON or XML). The client (usually a web browser) sends an HTTP request to the server to retrieve or modify the resource, and the server responds with the requested data or a status code indicating the success or failure of the request.

One of the main benefits of REST APIs is that they are easy to understand and use. The standard HTTP methods and resource representation model make it simple for developers to integrate with REST APIs.

However, REST APIs also have some limitations. Because each resource has a fixed URL, it can be difficult to change the structure of the data returned by the API. Additionally, REST APIs are often designed around a specific resource hierarchy, which can make it difficult to query for data that doesn't fit neatly into that hierarchy.

GraphQL APIs

GraphQL is a query language for APIs that was developed by Facebook in 2015. It provides an alternative to REST APIs that is more flexible and efficient.

Instead of using fixed URLs to access resources, GraphQL APIs allow clients to send queries that specify exactly the data they need. The server then responds with only the requested data, in the exact format specified by the query.

This flexibility makes GraphQL APIs more powerful than REST APIs. Clients can request exactly the data they need, without having to worry about the underlying resource hierarchy or data structure. This can make it easier to build client applications that are more efficient and easier to maintain.

On the server side, GraphQL APIs can be more efficient than REST APIs because they allow the server to batch multiple requests into a single call. This can reduce the number of round-trips between the client and server.

Conclusion

In this article, we have discussed:

What is API

What is RESTAPI

What is GraphQLAPI

Differences between RESTAPI and GraphQLAPI

A Simplified Explanation Of Blockchain Consensus Algorithms With Examples

Balogun Malik O — Sun, 08 Jan 2023 11:16:03 +0000

In this article, I will break down the following concepts

What is Blockchain Technology

What is a Blockchain Network

What is Blockchain Consensus

What is Blockchain Consensus Algorithm

Now, let's start.

When you have a group of data stored in a database managed by a party or a very small group of people, these people can choose to do whatever they want with the data. It can go to the extent of selling those data to a third party without the consent of the data owner. This practice we have seen in web 2 giant tech companies. However, this practice infuriates a lot of users in Web2 and sparks the need for a more secure, distributed, and transparent database system, which gave birth to the adoption of blockchain technology. The common use cases of blockchain technology are:

Cryptocurrencies

Supply chain and logistics

Decentralized banking etc.

What is blockchain technology?

Blockchain technology is a type of distributed ledger technology (DLT) that uses a network of computers to keep a shared, decentralized record of transactions. Each transaction is validated by multiple network computers, and the validated transactions are grouped into blocks, which are then added to the chain of previous transactions, forming a permanent, unchangeable record. This enables users to trust the blockchain's data without the need for a central authority or third-party intermediary. Blockchain technology has the potential to disrupt numerous industries and alter how we exchange value and store data. The word "network of computers" gives more beauty to blockchain technology, so we can say the concept of blockchain is not complete without networks of computers, also known as a blockchain network.

What is a blockchain network?

A blockchain network is a decentralized, distributed network of computers that collaborate to maintain a shared ledger of data while using cryptographic techniques to ensure the data's integrity and security. Each computer in the network, or node, has a copy of the ledger, and the network employs a consensus algorithm to agree on the current state of the ledger and ensure that all nodes have the same data. This enables users to trust the blockchain's data without the need for a central authority or third-party intermediary.

Now, back to my analogy of a small group of people, data, and data owners. In this case, let's assume the group managing the data and the owner of the data arrive together on a decision that benefits both sides; this means a consensus has been reached. However, the decision might not favor individuals in the group, but the decision is considered an acceptable resolution.

What is blockchain consensus?

Relating the above analogy to blockchain we can denote that a consensus is also very important in blockchain technology as there is no central authority to validate what is true and what is not. A blockchain consensus can then be defined as a process by which the nodes in a blockchain network agree on the current state of the blockchain. This is an essential part of the operation of a blockchain, as it ensures that all nodes on the network have a consistent view of the data and can trust that the data on the blockchain is correct.

Furthermore, there is a scientific approach to blockchain consensus known as blockchain consensus algorithms.

What is blockchain consensus algorithm?

A blockchain consensus algorithm is a set of rules that govern how nodes in a blockchain network reach an agreement on the blockchain's current state. In different blockchain networks, various consensus algorithms are used, each with its own set of unique properties and trade-offs. Proof of work (PoW), proof of stake (PoS), and proof of authority (PoA) are some of the most well-known consensus algorithms.

Examples of Consensus Algorithms

Proof of Work (PoW)

PoW is the blockchain's first consensus algorithm. It was first implemented by the bitcoin network, and it has since been tested by other cryptocurrencies such as Ethereum, Litecoin, and Dogecoin, which use PoW consensus on their networks. PoW requires network nodes to solve complex mathematical problems in order to confirm a transaction. This is referred to as "mining." A new transaction block can only be created by one node. The winning node is then rewarded with a mining reward. Steps in PoW are described in the figure below:

Receive new broadcasted transactions and check for legitimacy against the ledger(sender has signed the transaction and the sender address has enough balance)

Discard the transaction if it is invalid

Process legitimate transactions into the current block

Try to mine the block

If successful, broadcast the mined block to the network. Repeat the process from step 1 and mine on top of the new block

If not successful, broadcast the next block and check that the new block is successful; then go to step 1 and mine on the new block.

Proof of stake (PoS)

PoS was proposed as an alternative to PoW. In PoS, one needs to have a stake (or hold some coins) in the system to participate. In its simplest form, if you own 4% of the total stake, your chance of mining the next block is also 4%. In PoS, not much computational power is needed, which makes PoS more energy efficient. Similar to PoW, PoS is also competitive, as only one stakeholder can mine each block.

However, the main issue facing PoS is the "nothing at stake" problem. The "nothing at stake" problem is a potential issue with proof-of-stake (PoS) consensus algorithms. The problem arises when participants in a PoS system have no "skin in the game" and therefore no incentive to act honestly. In other words, because they have no inherent stake in the system, they can be malicious.

Ethereum PoS (Casper consensus) provides security to its PoS network by relying not only on rewards for security but rather on penalties.

Delayed Proof of Stake

As the name implies, staking is delegated in "Delegated Proof of Stake" (DPoS). Coin owners (or stakeholders) can elect and select leaders to stake or vote on their behalf. This is faster than PoS because there are fewer stakeholders to coordinate.

EOS makes use of DPoS; in EOS, 21 leaders (or witnesses) are elected at a time, and there is a pool of standby nodes in case one of the existing witnesses drops out or proves malicious. For producing blocks, the witnesses are paid a fee (determined by the stakeholders). In a round-robin fashion, the 21 witnesses produce blocks one at a time. As a result, a witness cannot produce consecutive blocks, making double-spending attacks impossible. If a witness is unable to produce a block within the allotted time slot, it is skipped. Witnesses who continue to miss blocks or publish invalid transactions can be voted out by stakeholders.

Because everyone gets a turn, DPoS is more collaborative than competitive. This method allows for faster blocks and scales more effectively than PoW or PoS. DPoS is also used by Steemit, Bitshares, and Lisk, in addition to EOS. This method, however, is more centralized than PoW and PoS. The 21 witnesses have the majority of control over the network. If a stakeholder has enough coins, it can vote itself in as a witness and take control of the entire network.

Proof of Burn

In Proof of Burn, you "burn" your coins by sending them to an unrecoverable address. In exchange, you will be granted the ability to mine the system based on a random selection process. In most cases, you "burn" cryptocurrency from a different chain, such as Bitcoin. The more you burn, the more likely you are to be chosen to mine the next block. This probability decreases over time, so you'll have to keep burning more coins to keep the same chance. Although the network itself does not require much energy to run "Proof of Burn," the cryptocurrencies that must be burned consume resources. This method also fails to address the issue of fairness; those with money to "burn" have a better chance of mining. Proof of Burn is used by Slimcoin and TGCoin (Third Generation Coin).

Proof of Authority

Validation in Proof of Authority (PoA) is performed by approved accounts known as validators. The transactions and blocks that are recorded on the blockchain are validated by the validators. Validators use software that automates this process, allowing them to avoid constantly monitoring their computers.

Validators must, however, ensure that their computers are not compromised or attacked. The following are the general requirements for approving a node as a validator:

It must be a verified identity that connects the node to the real world. This identity should ideally be cross-checked on a publicly accessible domain. Identity must be formally verified on-chain, with the option of cross-checking the information in a publicly accessible domain.

Becoming a validator must be difficult. This ensures that the validator values its right to validate transactions. This value should be highly valued by the validator so that it does not risk losing validator status by acting maliciously. As an example, in order to be a validator, a node must be an authorized notary.

The checks and procedures for establishing authority must be completely consistent.

By associating a reputation with an identity, validators are incentivized to uphold the transaction process because they do not want their identities to be associated with a negative reputation, thereby losing their hard-earned validator role. This method is centralized because an authority must vet and admit validator nodes. As a result, it is commonly used in private and permissioned blockchains. Because no computation is required, PoA is much faster than PoW. VeChain, POA Network, and the Ethereum testnets Kovan and Rinkeby all use it.

Delayed Proof of Work

Delayed Proof of Work (dPoW) is a type of hybrid consensus. It makes use of the hashing power of a secondary blockchain to provide additional security for the primary blockchain.

Komodo uses dPoW by connecting to the Bitcoin blockchain. Notary nodes transfer data from the primary blockchain to the secondary blockchain. Komodo supports either PoS or PoW on the primary blockchain and only works with PoW secondary blockchains. To tamper with a transaction on the primary blockchain, the data on the secondary blockchain must also be changed. As a result, Komodo can rely on the larger Bitcoin blockchain's security to keep its data immutable.

Directed Acrylic Graphs

Directed acyclic graphs (DAGs) are broad forms of blockchain that can be used in different networks. Because the DAG structure allows transactions to be added in parallel, it is highly scalable.

Most blockchain systems we've looked at with a linear structure add blocks to the blockchain one by one. As a result, blockchains are inherently slow. Each block or transaction in a DAG confirms a number of previous blocks. Despite being regarded as the next-generation blockchain structure, one of the main issues with DAGs is that smart contracts are typically implemented through oracles rather than being directly deployed on chain.

Conclusion

Consensus algorithms play a critical role in ensuring consistency and accuracy on a blockchain or distributed ledger. Understanding how different types of consensus algorithms work would allow us to appreciate blockchain-based applications, assets, and investments and make informed decisions. Finally, the choice of consensus is determined by the network implementer's goals. It could be for a self-governing decentralized public system or an enterprise consortium blockchain handling sensitive transactions.

As we learn more about how network participants respond to various incentives, the field of consensus algorithms continues to evolve (especially for cryptocurrencies). With a wide range of blockchain use cases emerging, we can expect a wide range of consensus methods to be used. Because of the variety of blockchain solutions, any blockchain network may be required to communicate with several others; interoperability will become a critical consideration.