Class 4

Blockchains, Consensus Protocols and Building Our First Cryptocurrency

Proof-of-work has the nice property that it can be relayed through untrusted middlemen. We don't have to worry about a chain of custody of communication. It doesn't matter who tells you a longest chain, the proof-of-work speaks for itself.

- Satoshi Nakamoto

How do blockchains and proof-of-work puzzles achieve distributed, fault tolerant consensus within a peer-to-peer network?

How did Bitcoin solve the Double-Spend Problem?

Satoshi Nakomoto created a brilliant solution for reaching consensus between nodes that don't trust each other. It's the solution to the longstanding computer science problem called the Byzantine General's Problem (BFT).

From there, networks become fully decentralized and permissionless. The first generation of systems use a probabilistic leader election process, i.e., who can find the hash first? We'll learn how POW increases security and how other algorithms increase performance and scalability.

In this class, we’ll dive into the what, why, and how of consensus algorithms: The most overlooked component of every successful cryptocurrency.

We'll use all the components we've built up to this point to create our very own cryptocurrency.

This is the aha moment class where you should see and understand how blockchain technology works!

When your registration has been confirmed, you will receive a zip file containing the course outline (AGENDA) with reference links and PDFs organized by class.

Copyright: Cryptocurrencies Developers Class. Do not copy without permission.