1.4 How it Works

Blockchain seems complicated, and it definitely can be, but its core concept is quite simple. A blockchain is a type of database. A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information. Spreadsheets are designed for one person, or a small group of people, to store and access limited amounts of information. In contrast, a database is designed to house significantly larger amounts of information that can be accessed, filtered, and manipulated quickly and easily by any number of users at once.

Large databases achieve this by housing data on servers that are made of powerful computers. These servers can sometimes be built using hundreds or thousands of computers to have the computational power and storage capacity necessary for many users to access the database simultaneously. While a spreadsheet or database may be accessible to any number of people, it is often owned by a business and managed by an appointed individual that has complete control over how it works and the data within it. With blockchain, we can imagine a world in which contracts are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering, and revision. In this world, every agreement, every process, every task, 10 and every payment would have a digital record and signature that could be identified, validated, stored, and shared. Intermediaries like lawyers, brokers, and bankers might no longer be necessary. Individuals, organizations, machines, and algorithms would freely transact and interact with one another with little friction.

We designed the consensus engine of Zenith Chain to achieve the following goals:

  1. Wait for a few blocks to confirm (it should be less than Ethereum 1.0).

  2. Blocking time should be shorter than Ethereum 1.0 (i.e., 5 seconds orless).

  3. No inflation. The block reward for validators is just the transaction fee.

  4. As much as compatible as Ethereum.

  5. With staking and governance as powerful as the cosmos.

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