Ledger

Introduction and Existing Concepts

...to collectively agree on a set of canonical updates to the state of the Bitcoin ledger. Second, it provided a mechanism for allowing free entry into the consensus pro...

Bitcoin As A State Transition System

From a technical standpoint, the ledger of a cryptocurrency such as Bitcoin can be thought of as a state transition sys...

Mining

...lockchain" that constantly updates to represent the latest state of the Bitcoin ledger. The algorithm for checking if a block is valid, expressed in this paradigm, i...

Technology Stack

...e Bitcoin blockchain itself. Bitcoin provides a globally distributed, immutable ledger maintained by a decentralized network of miners performing proof-of-work comput...

Advantages

...ments cannot match. Every tether transaction is recorded on a public, immutable ledger maintained by the most computationally secure blockchain network in existence. ...

Abstract

...orrectness and agreement of the network. Once consensus is reached, the current ledger is considered "closed" and becomes the last-closed ledger. Assuming that the co...

Introduction

...luence by creating many identities) and consensus (agreeing on the state of the ledger). By tying both concerns to computational expenditure, proof-of-work achieves s...

Definition of Consensus

...that participates in the consensus process. Each server maintains a copy of the ledger and communicates with other servers to reach agreement on new transactions. Ser...

Ripple Protocol Consensus Algorithm

...ound begins when a server determines that enough time has passed since the last ledger close (typically 3-5 seconds) or when it has accumulated a sufficient number of...

Formal Analysis of Convergence

...rvers must produce the same final transaction set and therefore the same closed ledger. **Theorem 2 (Liveness).** Under the same conditions as Theorem 1, and assumin...

Simulation Code

...col including proposal generation, iterative voting with increasing thresholds, ledger close, and validation. The simulation framework allows precise control over net...

Discussion

...The consensus process involves only cryptographic signing, hash computation for ledger validation, and network communication — operations that can be performed on com...

Conclusion

...atisfied, the algorithm guarantees that all correct servers will close the same ledger (safety) and that consensus will complete in bounded time (liveness). These gua...

Abstract

... of time between events. PoH is used to encode trustless passage of time into a ledger, creating a historical record that proves that an event occurred at a specific ...

Outline

...Replication, a mechanism for validators to prove they are storing a copy of the ledger state. This component addresses data availability — the requirement that enough...

Proof of Stake Consensus

...lidator votes on a block at a specific PoH slot, it commits to that fork of the ledger. Each consecutive vote on the same fork doubles the lockout period before the v...

Streaming Proof of Replication

...ilability problem in blockchain systems: ensuring that sufficient copies of the ledger data exist across the network so that any participant can reconstruct the compl...

System Architecture

... │ → │ Write │ │ │ │ │ │ (Execute)│ │ (Ledger) │ │ Network │ │ ed25519 verify │ │ Sealevel │ │ PoH + │ │ p...

Conclusion

... across multiple CPU cores. And Streaming Proof of Replication ensures that the ledger data is properly stored and replicated across the network. The performance cha...

Background

...ed that a peer-to-peer network could achieve consensus on the state of a shared ledger without requiring a trusted central authority. Bitcoin's proof-of-work mechanis...

OP_RETURN and Data Applications

...uld be prohibitively expensive on more capacity-constrained chains. The Simple Ledger Protocol (SLP) was one of the earliest and most widely adopted token systems bu...