ABC 002: How Does a Blockchain Work?
- Gregory McCubbin
- Roman Storm
- Bruno Duarte Brito
The panel starts by discussing the advantages blockchain gives in the payment world and how it works. Double spend is defined and how blockchain solves this problem is explained. Using a financial model the panel discusses how blockchain works. Privacy and security are considered as the panel discusses how blockchain makes it safer to make financial information public. The 51% attack problem is defined and the panel explains how blockchain combats these types of attacks. They address how blockchain works from a more technical perspective and why it is so hard to change the history in blockchain. Proof of work and proof of stake algorithms are explained and compared; blockchains that use each of these are mentions. The panel compares private and public blockchains.