How BlockDAG Edges the Conventional Blockchain Technology
Blockchain and BlockDAG are often confused with one another, with some people believing one to be superior to the other. However, it is my belief that BlockDAG is a superior technology compared to traditional blockchain. In this article, we will define Blockchain and BlockDAG in simple terms and compare the two to understand how BlockDAG surpasses conventional blockchain technology.
A blockchain is a secure and decentralized digital ledger made up of a chain of blocks, each containing a cryptographic hash of the previous block, a timestamp, and transaction data. These blocks are linked together using cryptographic hashes and form an irreversible chain. Transactions on the blockchain cannot be altered retroactively without altering all subsequent blocks.
A BlockDAG (Block Directed Acyclic Graph) is a blockchain data structure that allows for parallel transaction processing by allowing multiple blocks to be added to the chain at the same time. This is in contrast to traditional blockchain systems, which only allow one block to be added at a time, causing network delays and bottlenecks. BlockDAGs, which are used in some newer blockchain projects such as IOTA, can improve the scalability and throughput of blockchain systems.
Blockchain technology has been constantly evolving since its introduction, with ongoing research aimed at increasing efficiency, security, and performance. One area of advancement is the development of BlockDAG, which differs in its mechanism of operation compared to traditional blockchain technology. Let's take a closer look at the distinctions between the two.
BLOCKCHAIN
Blockchain is a DTL distributed ledger technology that transparently replicates all network nodes.
For those who don’t understand what a blockchain is, I will use the diagram above to explain what a blockchain is. Blockchain is a series of block linked to each other, these block contains data and continues to link till the Genesis Block, which creates a blockchain. A consensus mechanism, such as proof of work or proof of stake, verifies these blocks. Once mined, blocks are permanent. So once they're mined, there's no going back or removing the block and replacing it with another, It is irreversible.
Each block refers to the previous block’s header which is called a hash to ensure nothing was altered, and this is done one block after the other, take a look at the arrow on the diagram and see how every single block connects to another in series. This means that only one block can be mined at once, the reason for this is security, but this makes blockchain slow and non-scalable just as is the case with bitcoin. However this doesn’t mean that there is no network or something that might alter it, this takes us to the longest chain rule and the orphan block.
Let me explain the longest chain rule in simple terms, Assume two blocks are mined at the same time. It will select the block with the greatest weight or the greatest amount of work put into it. The higher the work rate, the highest chance for this block to be accepted.
Now let me also explain the orphan blocks: An orphan block, also known as a stale block, is a valid block that is not part of the main blockchain. This can occur when two miners both solve a block at the same time, and each one broadcasts their solution to the network. As a result, the network will temporarily accept both blocks, but eventually, only one will be chosen to be added to the main blockchain, while the other is orphaned. Orphan blocks are not uncommon in blockchain networks, especially those that use a proof-of-work consensus mechanism, such as Bitcoin.
Take a look at the orphan block marked with red, this block was created at the same time as other blocks, but it was not accepted, you can see that the other chain continued with other blocks. To minimize the number of orphan blocks and increase security, blockchain limits the block size or the rate of block creation. This is because more orphan blocks mean less security, whereas fewer orphan blocks result in greater security. This is the reason why these blockchains impose such limits.
“Now that we understand the concept of blockchain, let's examine blockDAG and its benefits. Get ready to learn more as we break it down."
BlockDAG:
DAG is a network of individual transactions that are linked to other transactions; there are no transaction blocks in DAG.
DAG does not work using the blockchain model, the circles you see here are actually transactions, BlockDAG eliminates the need for mining as there are no blocks. Transactions are simply added as they occur, and they reference the previously visible transaction.
Spectre and Phantom are two models of the BlockDAG (Block Directed Acyclic Graph) data structure, which is an alternative to the traditional blockchain used in cryptocurrencies such as Bitcoin.
Spectre is a "ghost" chain in the BlockDAG, meaning that it is a chain of blocks that is not considered part of the main chain. This allows for faster confirmation times and increased scalability, as the Spectre chain can be used to confirm transactions without the need for them to be added to the main chain.
Phantom, on the other hand, is a "phantom" block in the BlockDAG, meaning that it is a block that is not considered part of any chain. Phantom blocks allow for even faster confirmation times and increased scalability, as they can be added to the BlockDAG without the need for them to be added to any specific chain.
Both Spectre and Phantom models of BlockDAG aim to solve scalability issues faced by traditional blockchain by increasing the parallelism in the block confirmation process. These models have been proposed as an alternative to traditional blockchain technology and have the potential to greatly improve the speed and scalability of various blockchain-based systems.
The Qitmeer Network is a blockchain platform that utilizes the Phantom model of the BlockDAG data structure, which is an alternative to the traditional blockchain used in cryptocurrencies such as Bitcoin. The Qitmeer team has developed a unique mechanism called the MeerDAG consensus, which enables the network to function on the DAG protocol.
The MeerDAG project is the result of the Qitmeer team's extensive research and development efforts to create a functional blockchain. The MeerDAG consensus is designed to be a public, inclusive blockchain that is built on the principles of a directed acyclic graph (DAG). The ultimate goal of MeerDAG is to provide a genuine DAG blockchain experience for users.
One of the key features of the Qitmeer Network is its simplicity. To that end, the platform has implemented a straightforward approach to transaction fees, where the cost is directly proportional to the likelihood of the transaction being included in a block. This ensures that the fees are fair and reflective of the demand for block space, while also keeping the process easy to understand for users.
The Qitmeer Network's implementation of the Phantom model of BlockDAG and the MeerDAG consensus is a significant step forward in the advancement of blockchain technology. The team's efforts to create a functional, inclusive, and user-friendly blockchain platform demonstrate their commitment to making blockchain technology accessible to everyone.
One of the main benefits of a Dag structure is its speed; transactions are processed immediately, without any wait times. This makes Dags particularly efficient. Taking a look at the diagram we can see how each block references to one another within the same range, not referencing blocks very far away, this leads to the creation and acceptance of orphan blocks as we explained previously, making it faster and more scalable. However, there is doubt as regards security and how it verifies transactions which I will address subsequently.
Having understood the mechanism behind Blockchain and BlockDAG, let us compare both
Blockchain VS BlockDAG
We will summarize here and draw a line and conclusion on why BlockDAG edges the conventional Blockchain technology. DAGs can solve blockchain scalability because a node is assigned to each transaction, eliminating the need for consensus mechanisms such as the blockchain. The DAG model is more efficient at storing data, similar to a tree structure, and allows us to validate more transactions at the same time.
Nevertheless, Blockchain is very secure due to its mechanism of mining and verifying one block at a time, but this makes it slow and not scalable. The use of blockchain technology has been increasing since its advent, and it is important that a faster, scalable yet secure means is developed to attend to the increasing demand.
Permit me to preach to you the benefits of BlockDAG technology and how it edges traditional blockchain technology. One of the key features of BlockDag is its ability to handle a high number of transactions per second (TPS). Traditional blockchain networks such as Bitcoin and Ethereum have a very low TPS, typically in the range of 7-15 TPS. In contrast, BlockDag can handle thousands of TPS, making it much more suitable for use in high-traffic applications such as e-commerce, online gaming, and social media.
Another advantage of BlockDag is its low latency. Latency refers to the time it takes for a transaction to be processed and confirmed on the blockchain network. On traditional blockchain networks, this can take minutes or even hours, making it less suitable for real-time applications. In contrast, BlockDag transactions are confirmed almost instantly, making it ideal for use in applications that require fast, real-time transactions.
The Xthash algorithm used by BlockDag also makes it much more resistant to 51% attacks, which is a common vulnerability in traditional blockchain networks. In a 51% attack, a group of miners controls more than half of the computing power on the network, allowing them to manipulate the blockchain and confirm invalid transactions. The Xthash algorithm used by BlockDag makes it much more difficult for a group of miners to control a majority of the computing power, making it much more secure than traditional blockchain networks.
Another advantage of BlockDag is its ability to handle smart contracts and decentralized applications (dApps). Smart contracts are contracts that self-execute because the terms of the agreement are directly written into lines of code. Decentralized applications (dApps) are applications that run on a blockchain network. Both smart contracts and dApps have become increasingly popular in recent years, but traditional blockchain networks have struggled to handle the high number of transactions required by these applications. BlockDag, on the other hand, is designed to handle large numbers of transactions, making it much more suitable for use in smart contracts and dApp applications.
In conclusion, BlockDag is a new blockchain technology that aims to overcome the scalability limitations of conventional blockchain technology. It is a directed acyclic graph (DAG) based blockchain that utilizes a different consensus mechanism called "Xthash," which is designed to solve the scalability problem. BlockDag can handle a high number of transactions per second (TPS), making it much more suitable for use in high-traffic applications such as e-commerce, online gaming, and social media. It also has low latency, making it ideal for use in applications that require fast, real-time transactions. Additionally, the Xthash algorithm makes it much more resistant to 51% attacks and allows it to handle smart contracts and decentralized applications (dApps) more efficiently. Overall, BlockDag edges conventional blockchain technology with its scalability, security, and real-time transaction.
