The promises of blockchain

Anonymity

Blockchain offers a certain level of anonymity by using public key cryptography. Your identity on the network is managed using a public key, which is derived from your private key. This means that your personal identity is not directly tied to your public key or address on the network. However, it's important to note that blockchain is not completely anonymous, as certain actions on the network can be observed and potentially used to identify individuals.

Decentralization

One of the main promises of blockchain is decentralization. This means that control over the network is not held by a single organization or entity. Instead, the network is distributed among multiple parties who agree on the validity of the transactions. This decentralization helps to prevent a single point of failure and allows for more trustless interactions between parties.

Fault tolerance

Blockchain is designed to be fault-tolerant, meaning that it can continue to function even if some nodes or parties in the network fail. This is because the ledger is distributed among multiple parties, and any party can keep the network running. This fault tolerance helps to ensure the reliability and availability of the blockchain system.

Immutability

Blockchain ensures that the ledger cannot be easily changed or tampered with. Once a transaction is recorded on the blockchain, it is very difficult to alter or delete it. This immutability provides a high level of trust in the integrity of the ledger.

Transparency

Blockchain is transparent, meaning that anyone can examine the transactions recorded on the network. This transparency helps to maintain the trust and integrity of the ledger, as malicious or false transactions can be identified and rejected by the network.

Trustlessness

Blockchain eliminates the need for trust in a centralized authority or organization. Instead, trust is placed in the underlying protocol and the belief that the majority of the network participants are honest. This trustlessness allows for more secure and decentralized interactions on the blockchain.