Web3bridge Students Share What They’ve Learned: Blockchain, Distributed Ledger & Consensus Mechanism

Hi, my name is Zizak Tajin and we are glad to bring you our weekly recap from Web3 Bridge 12. In this video, we'll be talking about blockchain, distributed ledger and consensus mechanisms. So, what is blockchain? Blockchain is a list of records called blocks that stored data publicly in orders of time. So in blockchain informations uh are encrypted using cryptography so that uh the data uh the users datas will not be compromised and um their privacies and everything that has to do with their informations will not be altered.

So unlike uh traditional institutions that we are used to. So in blockchain uh users informations are not controlled by uh a central authority. So everyone that has access to the blockchain network are regarded as participants. So each participant has uh the digital ledger of all the transactions that happens on the blockchains. The distributed ledger is a is a type of database that is synchronized and shared among several institutions.

uh and um so it has multiple point of failure unlike the transitional database that has only one single point of failure. It is this uh distributed ledger that the blockchain technology uses. So the transactions datas and the users information are being stored on the distributed ledger. We can just say every blockchain are distributed ledger but not all distributed ledger are blockchain. Consensus mechanisms is like a process of agreement among the participants in the data system of blockchain.

So when um they are doing a transaction in the blockchain so we will make use of all these concessors so that our participants will be able to trust and ensure that their data is safe on the blockchain. So in these consensus mechanisms you have proof of work and proof of stake. Proof of work. This is a process whereby nodes will solve a mathematical puzzle. And the first node to achieve that to first solve that mathematical puzzle is going to be the owner that will validate all those data.

And then after validation, there's a reward that is going to collect a freshly minted ethers. Yeah. And then before Ethereum was using proof of work but now they're now using proof of stake and in in proof of stake um process you need to have a three things for you to become a validator. We have the consensus client we have the execution client and the validators client. So in also when um Ethereum move to proof of stake now so for you to become a validator first you need to st a 32 ETH.

So this process will now qualify you to become a validator and the second client you need to have a node that you are running in proof of stake a validator is chosen as random to propose a new block. So after the validator is chosen so you will then propose a new block. So the orers um the other validators will need to agree so that the block gets verified and then into the blockchain. [Music]