Haven1 Blockchain basics
A beginner-friendly guide to blockchain technology, covering its fundamentals and how it powers Haven1.
Last updated
A beginner-friendly guide to blockchain technology, covering its fundamentals and how it powers Haven1.
Last updated
Blockchain technology fundamentally reshapes the way data is stored and transactions are recorded and verified. It's a decentralized, distributed ledger technology (DLT) where each block contains a number of transactions. Every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant's ledger.
Public Blockchains: These are open and decentralized networks where anyone can join and participate in the network. The most well-known public blockchains are Bitcoin and Ethereum. Transactions on public blockchains are transparent and immutable.
Permissioned Blockchains: These networks are typically used purpose-built as opposed to general-purpose blockchains and can be private. In permissioned blockchains, access is restricted to certain users, and the network owner has control over who can participate.
Haven1 utilizes a permissioned blockchain model, building on the foundation of GoQuorum, which is a modification of Ethereum’s standard protocol. In Haven1’s context:
Robust Security Framework: The primary focus of Haven1 is to bolster security, a crucial aspect for enterprises dealing with sensitive information. Utilizing GoQuorum's advanced features, Haven1 ensures a highly secure network, safeguarding data and transactions.
Controlled Access: Haven1's blockchain network access is meticulously controlled. Only verified and authorized entities are granted access, which is essential for applications that prioritize data integrity and a secure operational environment. This level of regulated access is key in ensuring that the network remains secure and functional for real-world assets.
Smart contracts are self-executing contracts where the terms of the agreement are directly written into lines of code. In Haven1:
Enhanced Smart Contract Functionality: Haven1 enhances GoQuorum's smart contract capabilities, enabling the development of more complex and secure contract structures. This is particularly beneficial for real-world assets and applications, where the complexity and security of contracts are crucial.
Consensus mechanisms are fundamental to blockchain technology, ensuring that all transactions are verified and agreed upon by the network. Haven1 inherits
GoQuorum’s Consensus Mechanisms: Haven1 inherits GoQuorum’s consensus mechanisms, which are more efficient for consortium and enterprise use, like Istanbul BFT and Raft-based consensus.
Tailored for Enterprise Needs: These mechanisms are particularly suited for Haven1’s scalability and security focus, providing faster and more efficient consensus than traditional Proof of Work (PoW) used in public blockchains.
