Notes

Notes Byzantine protocols can be used to increase the throughput of the blockchain but byzantine protocols work only with a closed membership model. Need to define an open membership model for BFT protocols.

Notes After Bitcoin, other coins started popping up- Litecoin(using its hashing algo) only allowed mining using GPUs or CPUs. Monero(using its hashing algo) only allowed mining using CPUs. Ethereum also introduced something called smart contracts. What problems might come up in smart contracts? If the code is non-deterministic then it’ll be a problem. Data of the code must be isolated so each smart contract is run in classes and objects. Infinite loops

Notes Bitcoin Reasoning for making bitcoin Anonymous Decentralized money system No trust in the government money system How does this work in a no trust environment? Use asymmetric encryption scheme like public/private key pairs. Double spend problem Double spend (make a transaction and then unrecord it and then spend that money again) How do you solve this? Similar to the consensus problem where everyone must agree on transactions. We can’t use consensus algos like Paxos or RAFT because its not a closed membership situation(no global view of number of servers.) ...