3 Types of Block In A Blockchain Network
Introduction
Nowadays, blockchain technology is quite popular. Blockchain is used to create the cryptocurrencies that are currently sweeping the globe. What, then, is Blockchain?
Blockchain is a secure storage technique that makes the system difficult to hack or alter. A blockchain is just a distributed network of computer systems that replicates and disseminates a virtual record of transactions.
Every time a new transaction occurs on the blockchain, a record of that transaction is recorded to the ledger of every participant. Each block on the chain consists of several transactions. The millions of blocks that make up a blockchain network are constantly changing.
How Does A Block Work?
Every day, a sizable number of transactions involving cryptocurrencies take place all around the world. Blocks can assist users to keep track of these transactions, which is vital for them to accomplish. A block on the blockchain holds the most current data, and each time a block is finished, it disappears into the past to make a place for a new block.
Prior transactions are permanently stored in the completed block, and any new ones are added to the active block. Consequently, the system as a whole enters a loop that permanently preserves all data.
Types of Block
1. Genesis Block
Genesis, which means “origin,” is a fitting moniker for the blockchain’s opening block. Satoshi Nakamoto created bitcoin and made the first genesis block available to the world in 2009.
The blockchain may start to compile its history of transactions or operations as a result of the existence of the genesis block. The freshly generated block can be connected to a previous state thanks to this fundamental block. Through this relationship, the blockchain can secure its immutability.
This is due to the employment of tools like the Merkle tree in technology. This makes it possible to link the block history to the specific hash corresponding to those blocks. Any alteration, no matter how slight, prevents the Merkle root’s accuracy from being verified, invalidating some or all of the blockchain’s history. The genesis block is always the foundation block, which is also known as Block 0. Other blocks can also be placed on top of one another.
The genesis block plays a critical role in the synchronisation of network nodes. Synchronisation is possible only when both nodes’ databases have identical genesis blocks. This ensures that everyone’s distributed transaction record on the blockchain is the same, which promotes security.
2. Valid Blocks
All such mined and added to the blockchain blocks are considered valid blocks. Each mined block must obtain network approval and report as a block that has solved the specified cryptographic challenge to produce a valid block.
The block is sent to all nodes and added to the blockchain once the network has reached consensus. Each node in the network now contains a new block and serves as a verification point. These blocks permit all operations and transactions that take place in any cryptocurrency.
Each valid block comprises a series of transactions that are also validated. For instance, each valid block in Bitcoin typically has 2100 transactions. Each transaction contained in the valid block consequently becomes a confirmed transaction. After that, further additions of valid blocks to the blockchain continue to validate prior transactions. This guarantees the complete security of each transaction and blocks on the network.
A data structure that enables the verification of this fact is provided with each valid block. The structure contains the block hash, the Merkle Root, the timestamp, the nuncio, the block transaction information, and the Coinbase. Everything is set up such that each piece of information can be verified in the open.
3. Orphan Blocks
Since these blocks are not a part of the blockchain network, they are appropriately referred to as orphan blocks. These are typically produced by two miners mixing blocks almost simultaneously. Still, they can also be brought on by an attacker with sufficient computing power who wants to undo any transaction.
To decide which blocks will be validated (included in the chain) and which will be orphaned, the network consensus method is launched at this point. The longest blockchain with the greatest number of transactions and information will typically be chosen. This simplifies the security procedure. Assume a hacker chooses to fork the Bitcoin network at a convenient time. To do this, he starts mining blocks to get paid 6.25 BTC for each block. In addition, it causes a network fork that is advantageous because it will have fresh blocks. As a result, the hacker can use the money he has wrongfully acquired while just involving himself in a single raw network transition.
However, what happens is that every mined block is left with nothing more than a coin base. As a result of scanning, the blockchain network will determine whether the block—original or duplicate—has more information and will select it, spoiling the hacker’s game.
Of course, this could be changed if the attacker had more than half the mining power, but such power is not necessary to compute an orphan block. Consensus mechanisms built into the network protect us from it because it occurs frequently. Block explorers can track orphan blocks.
Final Thoughts
Blockchain technology is a complicated area of study, but businesses are gradually embracing it as one of the safest forms of transaction. The foundation of blockchain technology is the block, which makes it incredibly challenging for attackers to hack or alter cryptocurrency. Several central banks are looking into the benefits of distributed ledger technology like blocks and blockchains.
