Web3 Webinar: Making blockchains more secure and energy-efficient
Event start time 1.7.2020 17:00
Event end time 1.7.2020 18:00
The Web3 Foundation invites us to a talk about their flagship project "Polkadot", a protocol that enables blockchain networks to operate together seamlessly. Bill Laboon, the Technical Education Lead at Web3, will hold this talk online over Zoom. The link will be distributed to all registered participants shortly before the talk begins.
Traditional proof-of-work blockchains such as Bitcoin and Ethereum are extremely inefficient in terms of energy usage, and allow for only probabilistic finality. Using other, traditional ways to come to consensus on distributed systems (such as Practical Byzantine Fault Tolerance) is more energy-efficient, but can be quite slow and vulnerable to stalling.
In Polkadot, a new blockchain technology, these problems are ameliorated by using a hybrid consensus model. This divorces the mechanism of block production from block finalization, allowing blocks to be produced in all situations, but provably finalized later via a separate protocol.
In this talk, we will first briefly go over the basics of blockchain technology (e.g. what is a blockchain, how are blocks traditionally produced, etc.), and the benefits and drawbacks of this approach. We will then dive deeply into how the BABE and GRANDPA protocols work, how they are used in Polkadot to produce and finalize blocks, and how together they can provide an extremely high-uptime, yet finalizable, production of a canonical history.
The Web3 Foundation is located in Zug, where cutting-edge applications for decentralized web software protocols are researched and developed. They believe in a decentralized and fair internet, the Web 3.0, where users control their own data, identity and destiny. The Polkadot network is their first project.
Main event organiser Andreas Brombach