Public Blockchain Presentation1 Nodes remain anonymous through cryptographic protocols.pptx

Public Blockchain

1. Public blockchain 3

2. Public blockchain One does not need any permission to: Read/ Access a transaction Initiate a transaction Participate in the consensus process to create a block 4

3. Blockchain LAYERS Three different blockchain layers in blockchain helps to understand the relationship between blockchain, cryptocurrency, protocols and tokens Layer 1: Technology Layer Layer 2: Protocol/Coin Layer 3: Token 5

4. Blockchain LAYERS Layer 1: Technology Blockchain is the technology behind various cryptocurrencies Layer 2: Protocol/Coin It defines the different coins and also describes the protocols of different currencies Protocol in blockchain defines various consensus mechanism, signature mechanisms, public key usages, cryptography related rules. Layer 3: Token Tokens are the idea behind what people are building and serve as the symbol of underlying contract 6

5. Ethereum The first iteration of the Ethereum blockchain was used for running, hosting smart contracts and proof-of-work mining The initial launch gave the opportunity to set up their mining apparatuses and start building on the network.  Since Ethereum’s initial launch, the blockchain has taken on many other updates as part of the blockchain’s progression, such as updates called Byzantium, Constantinople and the Beacon Chain.  7

6. Ethereum For example, Beacon Chain, launched the transition of the Ethereum blockchain to Ethereum 2.0 (Eth2) — a shift from a proof-of-work ( PoW ) to a proof-of-stake ( PoS ) consensus mechanism. Byzantium and Constantinople each brought a number of changes to the Ethereum blockchain, including a mining payout reduction down to three ETH from five (after Byzantium and preparation for the PoS transition during Constantinople).  8

7. Ethereum A significant change to the Ethereum blockchain is the shift over to PoS initiated to scale the blockchain. Numerous projects have built applications on the Ethereum blockchain over the years. Still, the network struggled when traffic notably increased, such as the days of CryptoKitties — digital collectible cats underpinned by the Ethereum blockchain in 2017.  In 2020 and 2021, decentralized finance ( DeFi ) projects built on Ethereum received significant attention, bringing Ethereum’s scalability issues to the forefront as high network fees plagued participants. Ethereum’s transition to Eth2 and PoS aims to bring scalability to the well-known blockchain, although the shift occurs in stages.