Part 5, it is high time we get visual, here we take a look at how the block lattice actually works from a visual perspective, what is the sequence of a transaction and how well does it all operate together. A long post because of loads of images.
The block lattice is based on the double entry accounting principle, which is unique in comparison to other blockchains. In order to process a transaction, the user needs to submit a send and a receive transaction and each user has his/her own blockchain (one per node).
Only the node owner can perform transactions on his her own blockchain and the node manages the ledger. The node connects to other nodes over the internet, using IPV6/IPV4 and UDP.
In order to perform a transaction the node creates a send transaction in its own blockchain (Bob sends to Carol)
The node also creates an identical receiving transaction which is sent to the recipient chain (Carol receives from Bob)
Carol’s chain needs to accept the transaction
It runs the confirmation procedure
It broadcasts the block to the network
It waits for network confirmation (check for conflict)
A voting block (Alice) will sign with their key and publish a confirm message (50% quorum – 15secs)
In the block lattice, a large number of transactions happens simultaneously
• Carol sends a transaction to Dave
• Dave sends a transaction to Alice which is instantly received by Alice
• Dave accepts Carol’s transaction (1)
• Alice sends a transaction to Bob
• Bob sends a transaction to Carol which is instantly received by Carol
• Bob sends a transaction to Alice which is accepted by Alice some time later
• Bob accepts Alice’s transaction (1)
Now that we’ve outlined the workings of the lattice network, we can look into Network flooding and network echo in more detail, which will be covered in the next two chapters.
• Title page “Intelligent Solutions” courtesy of http://www.hloom.com/cover-pages/
• Page header / footer “Abstract blue lights” created by Kotkoa - Freepik.com
You can contact me here with any questions, suggestions and / or to discuss the topic of this document:
LinkedIn: https://www.linkedin.com/in/iwanspillebeen/
Email: [email protected]
CryptoPub/ToshiTimes: https://forum.toshitimes.com/u/iwan.spillebeen
I write these papers to - hopefully - help make blockchain more accessible to people new to the technology, I don't get paid, nor sponsored to write these papers. If you absolutely feel inclined to donate something to the writing of this document, you can do so at the following address:
Blockchain – Decrypted is written as a series of chapters, aimed at demystifying the various workings of blockchain technology. Where appropriate I use examples from existing or to-be cryptocurrencies, these examples are just that, examples, and do not aim at promoting or otherwise endorsing any given cryptocurrency.
This document does not constitute legal or financial advice and I do not make any guarantees or promises as to any results that may be obtained from using my content. No one should make any investment decisions without first consulting his or her own financial advisor and conducting his or her own research and due diligence. I disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.
