With this, the more transactions there are, the slower the system. That means there are coin miners who do the computational work required in validating transactions. Bitcoin and Ethereum (No.1 and 2 respectively) employ the ‘Proof of Work’ protocol. Most blockchains available today, including the biggest and most prominent i.e. We discussed this in more detail in an earlier blog. One of the biggest and probably THE biggest challenge that has plagued the mass deployment of blockchain technology from the outset is scalability. It is also ‘acyclic’ as it wouldn’t be possible to follow a transaction path which will take you back to where you started (no cycling). The name derives from the fact that all transaction arrows point in one direction (‘directed’). So, instead of a conventional blockchain, IOTA uses what is called a directed acyclic graph (DAG). You can therefore mentally envisage a web-like structure rather than a chain. Each of those transactions will also be referencing two previous transactions of their own. A transaction or any piece of data references two previous transactions. Blocks are added in that linear fashion therefore forming a chain of blocks (blockchain). The growth of the chain of blocks is, therefore, sequential. It will also be appended to the next block. The block is appended to the previous block. With blockchain, the essence of the architecture is that data or a transaction is added onto a block. Many readers will know at least the basics of a blockchain.
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