Difference between revisions of "Peer-to-Peer Network Architecture"
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Bitcoin is a peer-to-peer network built on top of the internet. In the early days of Bitcoin the network had a flat topological structure, where users were capable of running full nodes which performed all of Bitcoin's main functions: transaction creation, transaction validation and [[Mining |mining]] (see [https://www.metzdowd.com/pipermail/cryptography/2009-January/014994.html bitcoinv0.1]). However, as the network has grown, the requirements needed to perform different functions on the network have evolved and nodes have become more specialized. The 3 main functions are now performed largely by seperate entities | Bitcoin is a peer-to-peer network built on top of the internet. In the early days of Bitcoin the network had a flat topological structure, where users were capable of running full nodes which performed all of Bitcoin's main functions: transaction creation, transaction validation and [[Mining |mining]] (see [https://www.metzdowd.com/pipermail/cryptography/2009-January/014994.html bitcoinv0.1]). However, as the network has grown, the requirements needed to perform different functions on the network have evolved and nodes have become more specialized. The 3 main functions are now performed largely by seperate entities | ||
| − | Peer-to-peer is a term often misused within the blockchain space. On the one hand One of the main barriers to | + | Peer-to-peer is a term often misused and misunderstood within the blockchain space. On the one hand the role of transaction validation and mining cannot be [[51% attack|dominated by a single entity]] One of the main barriers to |
Revision as of 12:31, 3 January 2020
Bitcoin is a peer-to-peer network built on top of the internet. In the early days of Bitcoin the network had a flat topological structure, where users were capable of running full nodes which performed all of Bitcoin's main functions: transaction creation, transaction validation and mining (see bitcoinv0.1). However, as the network has grown, the requirements needed to perform different functions on the network have evolved and nodes have become more specialized. The 3 main functions are now performed largely by seperate entities
Peer-to-peer is a term often misused and misunderstood within the blockchain space. On the one hand the role of transaction validation and mining cannot be dominated by a single entity One of the main barriers to