Blockchain is a new technology for decentralized and transactional data exchange in a large network of unreliable participants. It provides new forms of distributed software architectures where components can find agreements on their overall state without trusting the central integration point or any specific components involved. By viewing blockchain as a software connector, it is possible to draw clear architectural conclusions about the resulting performance and quality characteristics (e.g., security, confidentiality, scalability and stability) of the system.
Public and private key concept
If you have used Bitcoin or any other althcoin based on Bitcoin design, you should be familiar with the terms “Private Key” and “Public Key”. After all, both must make a successful cryptocurrency transaction.
Blockchain transactions are digitally signed using public key cryptography.
It is difficult for many to understand the meaning of these two terms, as they both deal with complex encryption. To understand two different types of keys used in a cryptographic transaction, you must first understand the basics of a cryptographic transaction. The word cryptocurrency means that this is something related to cryptography.
The sender encrypts the transaction
To explain the concept in a much simpler terminology, imagine if you want to send your friend some money or a parcel. This should be done privately so that third parties cannot open the data packet. First, you need to know your friend’s address – this is the recipient’s public key.
Now you should make sure that no one is looking inside the transmission. So you encrypt or block it with your friend’s public key so that it is delivered to that address.
The transaction is delivered to the public key identifier
As soon as your friend receives the parcel, he/she can open it with the correct key. This key, which your friend uses to unlock the package, is called the private key.
The most important thing you need to understand is that your friend will get the key to unlock the package.
The recipient uses the private key to decrypt the transaction
The answer is simple: your friend’s public address is a modification of his private key. Thus, you actually encrypt the package with your friend’s public key, which is derived from his private key.
This way, he/she can easily open the package and view the contents inside.
Note: It is almost impossible to crack public code to find out the secret key, as the level of encryption is very difficult to track.
Kiran Pachhai, development manager at the Elastos Foundation, an organization dedicated to developing a decentralized “smartweb” project that allows users and applications to interact through a peer-to-peer (P2P) network of nodes, recently shared his understanding of CryptoGlobe with regard to Web 3.0 and its connection to blockchain technology.
This points to the future of new information technologies and their rights to exist. In any case, governments around the world will sooner or later have to recognize blockchain technology at the national level.
Blockchain is an incorruptible digital book linked to economic transactions that is programmed to record financial transactions. The key role between public and exclusive blockchain is to understand the existence of a private and public key.
Most of today’s blockchain projects are focused on the cryptocurrency community, which is very small in the huge financial sector. At the same time, they miss out on huge opportunities and deprive others of the opportunity to participate in the blockchain world. DARB strives to create a comprehensive platform where everyone can start working with cryptographic assets without having to go through a long learning phase, trying to understand every aspect of blockchain technology and cryptocurrency. The stable, intuitive and professional DARB platform will help everyone to understand the power of crypto-assets in a more familiar environment.
Exclusive blockchain, creation in practice
DARB is a truly global, multilingual ecosystem with a wide range of offerings, including various analytical tools and educational resources. The cornerstone of the DARB ecosystem is DARB Finance, a crypto-asset trading platform currently available in beta. The innovative platform combines the latest technologies to offer best-in-class security, stability, speed and scalability. Based on the multicluster system architecture, the platform is able to handle large volumes of transactions, which, combined with an equally reliable matching mechanism with a capacity of 3,700,000 orders per second, ensures uninterrupted and instantaneous trading for all its users. The platform meets high-security standards. It is subject to periodic checks and penetration tests. F-Secure recently conducted a security assessment of DARB Finance.
The manifestation of public blockchain
The cryptocurrency will be aimed at the development of “lateral chains and interatomic exchanges of atoms”, as well as a number of meetings and conferences of developers, work with universities and much more. Looking to the future until 2019, the cryptocurrency focuses on private transactions and scholarships or research support.
In the longer term, Bitcoin Gold will conduct research on smart contracts and blockchain democracy, as well as create a decentralized fiat-cryptographic brokerage network.