The Protocol track is open to developers who want to solve scaling and performance problems in existing blockchain protocols or create new ones. This article will explain what a blockchain protocol looks like using two examples of blockchain protocols. You can get more information about blockchain trading companies like RAMP DEFI.
What's a protocol?
A protocol is, in computer science as we all know, a set of procedures that governs the transfer of data between two or multiple electronic devices. This protocol helps to establish how computers can exchange information. It also explains how the information will be sent and received by each party.
Protocol in Blockchain
Blockchain is a network that connects multiple devices (nodes), all of which are equally important, to one another via the internet. A blockchain is basically a ledger that stores all transactions in a distributed p2p fashion after they have been verified by all participants.
Terms you need to know about the blockchain protocol
Distributed Ledgers: Distributed ledgers are a type of database that is spread across multiple peers. The records are stored in a continuous ledger, one after another.
Tokens and Coins: Every blockchain protocol requires a digital asset in order to maintain its network. These can also be used to reward peers who join the network. This involves the use of digital assets, such as tokens and coins. Although the terms are frequently used interchangeably in blockchain, there is a subtle distinction between them.
The protocol defines coins at the lowest level. The native digital currency of a blockchain network is called coins. Bitcoin is the native currency of the bitcoin protocol.