-
What are the types of forks in blockchain technology?
In blockchain technology, a fork refers to a change in the protocol or the software governing the blockchain, creating a divergence in the chain. Forks can happen either intentionally to upgrade the network or unintentionally due to competing versions of the blockchain. The main types of forks are: 1. Hard Fork A hard fork is…
-
Mempool
A mempool (short for memory pool) is a temporary storage area where pending transactions are held before they are included in a block and confirmed on the blockchain. When a user initiates a transaction, it is broadcast to the network and first goes into the mempool of participating nodes. Here’s how a mempool works: In…
-
Daedalus (Cardano)
Daedalus is a full-node desktop wallet for the Cardano blockchain, developed by IOHK (Input Output Hong Kong), one of the key organizations behind Cardano. It offers a secure, feature-rich way for users to interact with the Cardano blockchain and manage their ADA (Cardano’s native cryptocurrency). Key features of Daedalus include: As a full-node wallet, Daedalus…
-
On-Chain (Validator scripts)
On-chain validator scripts in Cardano are part of the smart contract functionality within the network. These scripts are small programs that run directly on the Cardano blockchain, responsible for validating specific conditions or rules when a transaction is processed. Here’s how they work: In essence, on-chain validator scripts are the core mechanism in Cardano’s smart…
-
Concurrency (Cardano)
Concurrency in Cardano refers to the ability of multiple transactions to be processed and executed at the same time, without waiting for one another, especially in the context of decentralized applications (dApps) and smart contracts. This is an important concept because, unlike traditional systems where operations happen sequentially (one after another), blockchain systems like Cardano…
-
Cryptocurrency Wallet (Cardano)
A cryptocurrency wallet in Cardano is a software application or hardware device that allows users to store, send, receive, and manage their ADA (Cardano’s native cryptocurrency) as well as other tokens and assets built on the Cardano blockchain. A wallet in Cardano doesn’t physically store ADA but instead interacts with the blockchain, helping users manage…
-
The Speed and Frequency of Cardano’s Proof-of-Stake (PoS) Consensus Mechanism
Cardano, one of the most advanced blockchain platforms, uses a unique time-based structure to ensure its Proof-of-Stake (PoS) consensus mechanism works efficiently. This structure is centered around two key concepts: epochs and slots. These two components help define the rhythm of block creation, staking rewards, and network synchronization. I believe a key element in understanding…
-
Slot Leaders
In Cardano, slot leaders are a critical part of the blockchain’s consensus mechanism, specifically within its Proof-of-Stake (PoS) system and the Ouroboros protocol. Slot leaders are responsible for producing blocks during specific time slots. Here’s how it works: In summary, slot leaders are the designated participants responsible for creating blocks during specific slots in the…
-
Validators
In the Cardano blockchain, validators refer to entities, people or mechanisms that verify and approve transactions and smart contracts to ensure their legitimacy and accuracy. Cardano uses a Proof-of-Stake (PoS) consensus algorithm called Ouroboros, where validators are commonly known as stake pool operators (SPOs). These SPOs are responsible for validating and creating new blocks on…
-
Delegation
Delegation in Cardano is a process that allows ADA holders to participate in securing the network and earning rewards without running their own validator node. Instead, they can delegate their ADA to a stake pool that handles the technical work of validating transactions and creating new blocks. Delegation is key to Cardano’s Proof of Stake…
