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nlklta.eth

@nlklta.eth

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About the Nakamoto Coefficient First proposed by Balaji Srinavasan and Leland Lee and named in honor of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, the Nakamoto Coefficient is a measure of the smallest number of independent entities that can act collectively to shut down a blockchain. On a typical Proof-of-Stake network (like those listed here on Nakaflow), the Nakamoto Coefficient is defined by the number of node operators that, together, control more than one third (33.33%) of all stake on the network. What does that mean for the data here? If, for example, the current Nakamoto Coefficient for a given network is listed here as "10", then there are 10 node operators (often called "validators") who, together, control more than one third of stake on that network. With that much stake, these 10 node operators would have the option to join forces as bad actors and prevent the network from reaching consensus, thus halting the chain from adding new blocks and effectively shutting down the network.
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Blockchain Types While blockchain might appear to many as a monolithic technology, there is a great deal of variation between how different blockchain networks function. One foundational differentiator is the type of consensus mechanism that each blockchain uses. A consensus mechanism is the process through which a distributed network reaches an agreement about information on the network — for example, whether transactions are valid and in what order they occur. The consensus mechanism also plays a key role in securing the blockchain network from malicious actors like hackers. Most public blockchain networks today use processes referred to as Proof of Work (PoW) or Proof of Stake (PoS) to provide consensus, while private — or "permissioned" — blockchains and Distributed Ledger Technologies (DLTs) can be structured in various ways to prioritize speed, security, and scalability.
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What is the difference between symmetric and asymmetric cryptography? With symmetric cryptography, the same key is used for both encryption and decryption. A sender and a recipient must already have a shared key that is known to both. Key distribution is a tricky problem and was the impetus for developing asymmetric cryptography. With asymmetric crypto, two different keys are used for encryption and decryption. Every user in an asymmetric cryptosystem has both a public key and a private key. The private key is kept secret at all times, but the public key may be freely distributed. Data encrypted with a public key may only be decrypted with the corresponding private key. So, sending a message to John requires encrypting that message with John’s public key. Only John can decrypt the message, as only John has his private key. Any data encrypted with a private key can only be decrypted with the corresponding public key. CONTINUED BELOW
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