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of-work. The proof-of-work is a procedure that establishes a cost for grouping transactions in a certain order and adding them to the blockchain. These groups of transactions are called blocks. Each block points to a previous block in the chain, thus the name blockchain. By making blocks costly to make and making sure each new block points to the previous block, any potential attacker wanting to modify the history of transactions as represented by the blockchain must pay the cost of each block modified. Since blocks point to previous blocks, modifying an old block requires paying the cost for all blocks after it, making changes to old blocks very costly. A blockchain compounds the difficulty of modifying the blockchain by making the cost of creating blocks be of computational nature. In other words, to create new blocks, a certain amount of CPU power must be spent. Since CPU power is dependent on the advancement of technology, it is very hard for any single malicious entity to amass enough CPU power to outspend the rest of the network. A practical attack against a blockchain-based network usually requires a single entity controlling more than 50% of the combined CPU power of the network. The bigger the network, the harder it is to perform. But, as we saw in chapter 1, blockchains are more than just that. Transactions, by their very nature, can do more than just send resources from owner A to owner B. In fact, the very act of doing so can be described as a very simple program: the sender produces a computation (transaction) that can only be performed if the receiver produces, at some point in the future, the right inputs. In the case of a standard monetary transaction, the right input would be the proof of ownership from the receiver. In other words, the receiver can only spend the coins he received if he proves he is the rightful owner of those coins. It may seem a bit contrived but it really isn’t. When you perform a wire transfer, you prove you are the owner of an account through some sort of authentication procedure. For a home-banking system that could simply be a username and a password. At a bank, it would be your ID or debit-card. These procedures are usually hardwired into the system, but with blockchains it needn’t be so. In chapter 1 we also took a cursory look at this. We first showed how Bitcoin transactions are in fact small programs that are intepreted by each node using a simple stack-based virtual-machine.PDF Image | Intro to Ethereum and Smart Contracts
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