P2P | Blockchain: peer-to-peer or P2P network

 

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A major architectural aspect of blockchain is that blocks are distributed across P2P networks.

  • P2P network is a network in which each node of the network is connected to every other node of the network.
  • These are nodes that help store the blocks as well as perform some mining process on the blocks, which are outlined in the blockchain algorithm according to the criteria.
  • The arrangement with which blocks and ledgers are distributed across different nodes of the network is also called distributed ledger technology or DLT.
  • DLT is also abbreviated as an alternate name for blockchain so that it looks more common.
Network

Each node or peer has a complete copy of the blockchain: P2P network

  • So suppose these are nodes of the network.
    • Each block of the network will have a complete copy of the blockchain.

So let’s say for example We have three blocks in A, B, C and blockchain and we have got five nodes in the network. Then each node will have all three copies of the blockchain.

P2P network blockchain

Whenever a new transaction is added to the system

  • So what happens when a new transaction is added to the system.
    • This happens when a new block is also added to the system.
  • In this case, what happens whenever the initiator of the transaction is the node to which this particular transaction is going to add blocks.
  • It is first validated by that particular node.
    • Once it is valid it is added to the current copy of the blockchain.
    • It is then transmitted to all nodes of the P2P network.

So let’s say for example The node has validated block D. It gets added to its copy of the blockchain. Now, block D is transmitted to all nodes. They are responsible for validating all broad blocks. Once all nodes receive the broadcast block. The validated block will then be added to their copy of the blockchain.

  • Added to the block.
  • The block is transmitted to all nodes.
  • Each node performs verification.
  • If eligible blocks are added
Network blockchain

Purpose of P2P network

So one question that may come to our mind is what is the purpose of such P2P network arrangement in blockchain. For this we must remember one of the design goals of the blockchain was to eliminate the need for a reliable third party. Now blockchain has a new way of saying that this P2P network will help us remove the central trusted third party requirement. It establishes transactions without the need of a trusted third party.

The concept of establishing a trust framework is possible without the need for a prostate third party. When most nodes of the network have a valid copy of the blockchain containing valid transaction entries and this is possible when most of the nodes of the network agree with a common copy of the blockchain and this copy is a valid copy. blockchain.

  • The purpose of having a P2P network is to establish a trust framework.
  • Without the need for a Central Trusted Third Party.

So let’s say for example All nodes in the network that are correctly copying the blockchain with the correct transaction data are honest nodes. One that is under the influence of the attacker and one that is doing a wrong copy of the blockchain which is a fraudulent node. So in this case,

  • If 51% nodes remain upright nodes.
  • Then the blockchain algorithm states that it will be very difficult to catch fraudulent nodes.
    Network blockchain

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