What is BlockDag ?
In the context of distributed ledgers, a blockDAG is a DAG whose vertices represent blocks and whose edges represent references from blocks to their predecessors.
The difference in structure provides opportunities.
Both the blockchain and the blockDAG are distributed ledgers. However, they have different structures. A blockchain represents a chain of transaction blocks in an unalterable, chronological order. Conversely, a blockDAG is a network of individual transactions linked to multiple other transactions.
There are no blocks of transactions in DAG networks. If blockchain is a linked list, a DAG is a tree, branching out from one transaction to another, to another, and so on.
Thus, a blockDAG provides a new outlook on validation, which could take the concept of decentralization a step further. In contrast with a blockchain’s multiple solutions to consensus, in a DAG, individual transactions provide validation for one another.
Also, the system eliminates the need for fees, as each transaction participant is automatically a miner and a validator (not to their own transactions). By doing so, blockDAG also cuts the need for a “miner army,” thus slashing energy consumption.
1/ BlockDag Introduction
BlockDag = Directed Acyclic Graph of Blocks.
Innovative data structure in blockchain/cryptocurrency systems.
Addresses scalability and confirmation time limitations of traditional blockchains.
2/ Evolution of Development
BlockDag emerges as a blockchain evolution.
Aims to overcome bottlenecks, scalability challenges.
Gains momentum with the need for faster consensus mechanisms.
3/ Innovations in BlockDag
Concurrency: Multiple branches confirmed simultaneously, boosting transaction throughput.
Scalability: Higher throughput with reduced single-chain dependency.
Confirmation Speed: Parallel paths lead to faster transaction confirmations.
Orphan Blocks: Minimized due to multi-path confirmation.
4/ Leading Notable BlockDag Projects
For example, A leading BlockDag project like $TARA which is up alone over 1,120% nearly 11x & still in its infancy, is revolutionising tech, & rewriting the rulebook, by bringing innovation to blockchain like never before. With a new era of endless possibilities with their EVM-compatible #BlockDag tech, as well as others like $KAS
AI-Enabled Web3 integration Ecosystem
#Layer1 + #EVM compatible
BlockDag technology
Fast, Low-Cost & Green
Smart contracts
No Network Congestion
True Decentralisation
5/ Challenges & Future Directions
Security: Complex due to non-linear structure.
Consistency: Innovative consensus mechanisms are needed.
Adoption Hurdles: Changes in existing blockchain infrastructure necessary.
Conclusion
BlockDag tech offers a fresh approach to blockchain limits, Promising scalability, concurrency, and speed. Challenges persist: Security, consensus, and adoption will shape BlockDag's blockchain journey, as #bitcoin choses #decentralised and security, while #ETH opted for security and scalability, leaving decentralization in the rearview mirror. Can BlockDAG technology eliminate the need to choose?
