http://cryptonite.info/wiki/index.php?action=history&feed=atom&title=Functions_of_the_blockchain 2026-04-22T11:16:55Z Revision history for this page on the wiki MediaWiki 1.23.1 http://cryptonite.info/wiki/index.php?title=Functions_of_the_blockchain&diff=13&oldid=prev 2014-07-16T06:40:42Z

<p>Added page to wiki</p> <p><b>New page</b></p><div>The [[mini-blockchain scheme]] was developed by understanding the different purposes of the blockchain and then separating that functionality into individual mechanisms which are each optimized to serve their purpose. The blockchain has 3 main functions. The Bitcoin blockchain combines these functions into one single mechanism and as a result doesn't scale well. It requires nodes to store a lot of data which doesn't necessarily need to be stored for so long. Breaking up the functions of the blockchain is the key.<br /> <br /> '''Functions of the Blockchain:'''<br /> <br /> # to coordinate how the network processes transactions<br /> # to manage account balances; record the ownership of coins<br /> # to encapsulate the proof-of-work which secures the network<br /> <br /> The mini-blockchain scheme separates these functions into the [[3 core components]].</div>

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