Essential Components of Blockchains: Consensus & Decentralisation | Colin LeMahieu, Nano ($XNO)

Essential Components of Blockchain

Blockchain uses:

Smart contracts, data immutability, currency, naming systems, NFT's 

Smart contract compared to AWS... they act as a computer

Consensus; each computer agrees on the order and contents of date being processed, determine when the agreement has been reached. *Not always instant.

#Consensus Algorithms...

Blockchains have a finite capacity... memory CPU disk & bandwidth