The Blockchain Protocol
Hi fren. Welcome to the first episode of what I have decided to call THE BLOCKCHAIN BULLETIN. This is a quest to learn more about the tenets of blockchain technology and optimize the same opportunity to share my learnings in this community.
So, I will do this for ten days and see how it goes. Let’s dig in.
What is a Blockchain Protocol?
The set of rules that oversees the workings and functionalities of the blockchain is known as The Blockchain Protocol. There can be no blockchain network without its protocol. It is responsible for determining how nodes communicate, collect, and disperse data; and validate transactions in a network.
Think of a rule book that governs how all the computer devices involved in collecting information and executing all the transactions entered into the blockchain network do so effectively. There is a need for a consensus or some sort of joint agreement amongst these participants to ensure a smooth, accurate, and consistent running of the ledger.
Impacts of a Protocol on a Decentralized Network
The integrity of a blockchain ledger is dependent on a consensus amongst the participants in the network to come correct. In the absence of a single authority, a protocol is employed to ensure a fair mechanism to facilitate the validity of transactions on the chain. This is all thanks to decentralization.
The nature of decentralized nodes is such that it is distributed amongst different people/devices across the globe, AKA: nodes. This means that; one way or another, the network’s system stays running. Hence, eliminating the risk of a single point of failure. Unlike a centralized system that’s controlled by one server. Imagine something goes wrong with the server and the entire functionality of the network is jeopardized.
A blockchain protocol is necessary to ensure transparency, reliability, scalability, security, and interoperability, which all together work to deliver a valuable, consistent, and legitimate blockchain experience.
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