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S11-12 Blockchain

The document discusses different blockchains including Bitcoin, Ethereum, and Hyperledger fabric. It describes how mining works on blockchains and rewards in coins or ethers. Ethereum uses smart contracts and record keeping with double entry accounting and a third entry for the blockchain.

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black Mirror
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17 views

S11-12 Blockchain

The document discusses different blockchains including Bitcoin, Ethereum, and Hyperledger fabric. It describes how mining works on blockchains and rewards in coins or ethers. Ethereum uses smart contracts and record keeping with double entry accounting and a third entry for the blockchain.

Uploaded by

black Mirror
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Blockchain

Which block is added to the block chain if three miners submit for proof of work at the same
time?
Longest chain rule
The chain which is the longest, that is over which further new blocks have been added by
the same user.

Bitcoin
Mined on the blockchain, rewards are coins
Tokens – transactions which are recorded on the blockchain
Financial transactions, Non fungible tokens
There is currency as well as coins on bitcoin blockchain

Ethereum
Awards ethers, no coins
This is similar to gambling coins in a casino and then exchanging them for real money from
the cash counter.
This blockchain is used to create smart contracts.
It awards ethers to the users.

Accounting system in Ethereum


There is no triple entry system, its only double entry with a third entry about the blockchain.

Hyperledger fabric blockchain created by IBM.

Currency
NFTs
Record keeping – smart contracts

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