• Skip to main content

Blockchain Weekly

Blockchain Weekly Tech Edition

  • Home
  • Arts & Culture
  • Comedy
  • Entertainment

blockchain developer

Feb 01 2022

What is Peer to Peer Network, and How does it work?

What is Peer-to-Peer Network and How does it work

If you are someone who uses the internet regularly, it is highly unlikely that you have not come across certain types of networks that are not talked about openly. Yes, we are referring to a peer-to-peer network that is present almost everywhere the content is produced and shared over the internet.

While it is an extremely popular concept among internet users, not many people actually know about the technicalities involved in it. And so, in this blog, we will take you through similar aspects of a peer-to-peer network, where we will discuss their fundamental meaning and how everything happens over the network.

But before we move forward, let us first understand the meaning of peer-to-peer networks in the simplest terms.

Let’s begin!

Meaning of a peer-to-peer network

In the simplest terms, a peer-to-peer network is a network created whenever two or more devices (usually a computer) are connected and share the resources. But what creates the main difference here is that a peer-to-peer network, unlike the conventional network systems, forms an ecosystem where the computers are connected to through a single server computer. It can also be seen as a network where multiple computer systems are connected through a single server that enables the transfer of files from one end to the other. 

Moreover, a peer-to-peer network also serves the role of a permanent infrastructure that can connect more than a dozen computers in a small region amidst the conventional offline environment. In addition to this, if you want to learn more about peer-to-peer networks and how they can be beneficial in the field of blockchain, you can go for a blockchain certification course from any certified platform. 

Why are these peer-to-peer networks so useful?

While these networks have now become a very common thing, there are many other benefits to using a peer-to-peer network that gives it an edge over the others. Here are a few reasons why –

  • It is extremely tough to bring them down. Even if one of the sections is about to shut down, other pairs continue to operate and communicate, which ensures that the network does not stop working even if a single unit is not able to perform its functions. 
  • These networks are highly scalable because adding new peers is an extremely easy and quick process as you don’t have to perform any central configuration on the server.
  • P2P networks are best when it comes to file sharing. Due to the fact that it is so quick in its processing, it becomes extremely easy to have the same file stored on multiple peers. It ensures that every time someone needs to download a particular file, the downloading process from multiple locations can take place simultaneously without any hassle. 

What is a P2P (Peer-to-peer) Network architecture?

Peer-to-peer network architecture is a kind of network where there is absolutely no division of activities among various other sections. Every node performs the same task and set of actions where each device serves the purpose of both the server and the client. Response of network architecture established over the computer networking ecosystem under this model is such that each and every workstation is responsible for equal tasks but fewer devices are connected to the main server. The peer-to-peer network architecture is most suitable for residential areas and small-scale businesses in smaller regions. This is because in such networks every device plays an independent role as a workstation as it has the access to save the entire set of data in its own database. 

To state in layman’s language, the general peer-to-peer architecture is designed keeping in mind the functionalities of a single software program. In this way, every program is responsible to perform its task while fulfilling the role of both client and server carrying similar responsibilities and abilities. Moreover, if you wonder how to learn blockchain basics, you can also get multiple content pieces to help you throughout the process.

Further, peer-to-peer networks can be classified into two major categories based on how the sections in the network are linked to each other. Here are the two major types –

  • Unstructured networks: An unstructured peer-to-peer network is one where the links in the network are established randomly. Such networks are easy to construct as any new peer that would like to join and contribute to the network can do so by copying the existing links of another section and then forming and spreading its own links. 

However, it is equally important to know that the queries may not always get a resolution in unstructured networks so there can be hassles. For instance, a popular piece of content may be available to certain peers but if any other is looking for content that is rarely available, then the user may not be able to search for it.

Examples – Napster, KaZaA, Gnutella, etc.

  • Structured networks: Unlike unstructured networks, the structured ones allow each peer to look after a specific section of the content over the network. These networks assign a specific value to each content and peer in the network which is then followed by a common protocol that determines which section is responsible for which part of the content. In this way, whenever someone reaches out to a peer to search for content, the network uses the common protocol to determine the section responsible for data transfer and direct the search query towards the peer responsible for it.

Examples – Tixati, Kademlia, P-Grid, etc.

Uses of P2P network 

Peer-to-peer technology has undeniably paved the way for several other technologies that integrate with its architecture to provide greater and better services to the users. Apart from blockchain, which you can learn in any top-rated blockchain classes, there are various other applications of peer-to-peer networks.

However, there are few areas where P2P networks find quite different applications. Let us take you through some of the most common applications where peer-to-peer networks are predominantly used. 

  • Peer to peer and copyright infringement

The first and most obvious application of a P2P network is associated with copyright infringement. As these file-sharing networks use the devices from both the end of the client and the server, it becomes one of the most commonly used platforms for sharing electronic media, mostly for pirated content. In addition to this, these networks also find their application in distributing malicious software such as spyware and viruses. It means that by installing any peer-to-peer file-sharing software on a device, anyone can access the files among millions of other users, irrespective of whether the person is doing it intentionally or not. However, with such networks, people who lawfully buy the content online may also get in trouble. So, it is always advisable to take the necessary precautions.

Some prominent examples of such software include Frostwire, Kazaa lite, BitTorrent, Limewire, and Gnutella.

  • File Sharing

File sharing is another significant application of peer-to-peer networking that takes place through file-sharing technology. As the name itself implies, it allows the users to access and transfer various kinds of multimedia files such as videos, images, music, etc. So, basically, you can use a file-sharing network across various devices to transfer any kind of file you want. 

Some examples of a file-sharing peer-to-peer network include BitTorrent, uTorrent, Ares Galaxy, FrostWire, and BitComet.

  • Blockchain 

As a technology, a P2P network is based on the concept of decentralization. The foundational architecture of blockchain technology similarly enables a user to transfer cryptocurrency across the globe without needing any middleman or intermediary. With such a decentralized distribution, it becomes easier for any individual to become a part of this process of verification.

When a peer-to-peer network is enabled on a blockchain, the network helps in the maintenance of a complete replica of the records ensuring the accuracy of data. On the other hand, it also offers greater security as compared to conventional client-server systems. Therefore, a peer-to-peer network works phenomenally when used with blockchain technology. If you wish to learn more about the foundational concepts of blockchain, make sure to pick up the best blockchain training platform for it. 

  • Content Delivery Acceleration 

If there is one network service that can significantly help in reducing delivery costs, it has to be a P2P content delivery network. The technical functionalities of a peer-to-peer network can potentially integrate with any content delivery system and offer a wide range of service capabilities. One of the most famous examples of such a content delivery network is Alibaba Cloud’s peer-to-peer content delivery network that is based on the same technology where these two worked as components that can effectively manage content delivery even during significantly high traffic. 

How does a P2P network work?

Coming to the technical aspects of our topic, it is also necessary to understand the mechanism behind the working of peer-to-peer networks. While things are quite different in the case of blockchain, where any blockchain developer can resolve your query, the basic mechanism of a peer-to-peer network follows a different process. Generally, these networks have no distinct server for authenticating their users. Each device across the network manages its own security which makes it necessary to create a separate user account for each device that the user would need. 

  • Usually, a user stores their file on their own devices, which is a computer in an ideal situation. They are themselves responsible for ensuring that these files are properly backed up for data recovery. Furthermore, the devices usually run both server and client software in a peer-to-peer network and can also make the resources available to other users on the network. 
  • From the perspective of simplicity in network architecture, a peer-to-peer network is relatively simple to set up and is often an ideal deal for networks that require less than 10 devices and prefer a server-based solution over any other option. 

Let us take an example to understand how a peer-to-peer network actually works. Suppose you want to download any file from the internet. In this case, you will need to use a web browser to open any website over the internet. Considering this scenario, the website you will visit plays the role of a server while your computer or any device you use possesses the role of a client that will receive all the files you will download. This entire network model performs some specific set of tasks just like a one-way road where the data you download shifts from website to your device. 

Similarly, in the case of a peer-to-peer network, whenever you browse over the internet to search for a particular piece of content, this task of downloading is controlled in a slightly different manner. It is essential for you to have any peer-to-peer program installed on your device that can enable you to generate a virtual peer-to-peer network. Once this is established successfully, the file you want to download from the internet is received in the units of bits that come from different devices in the network that already have the same file on them. 

At the same time, the file is also shifted from your device to other computer systems that call for it. This entire process works in two ways as the files convert into small bits of data that come from your device. Once this process gets completed, the network releases your file after sending the request, which is then followed by the final transfer of the file to all connected peer devices.

Final Takeaway 

With reference to our above discussion, it is clear that peer-to-peer network is one of the most sophisticated technologies that we have today. What makes it even more prominent is its link with blockchain and the potential it holds in terms of its usability. However, it is equally important to know and understand that it may not always come to use for the right reasons due to such open and easy access to all types of content. While it can be a possible argument that this technology should not be promoted, we as individuals must understand our responsibilities as users while accessing online content.

If you want to enter the blockchain world, we have everything that you need – click here. Obtain certification in a variety of blockchain domains to gain entry to a prosperous world that will ensure your job chances. Don’t forget to check out our special offers page for the best certification deals.

%post_title%

Blockchain Weekly Source

Written by blockchainwee · Categorized: blockchain course, blockchain developer, blockchain technology, Blockchain Weekly, Blockchain Weekly Tech, peer to peer network · Tagged: Blockchain, blockchain course, blockchain developer, blockchain technology, peer to peer network

Jan 07 2022

What Are CryptoPunks: A quick overview

What Are CryptoPunks A quick overview

Punks are an unfathomably valuable asset, a symbol of status, and a chunk of web history. Maybe they are the most significant NFT initiative ever. There is nothing as Punk in NFTs as owning a CryptoPunk.

The CryptoPunks’ journey to a non-fungible domain is intertwined with the history of NFTs and the Ethereum blockchain. The well-known epitome project, such as Bored Ape Yacht Club (BAYC), is directly relevant to the CryptoPunk mold. However, the mainstream media industry is still far away from roping in NFT benefits. 

CryptoPunks: An Introduction

The CryptoPunks is a collection of unique, casually drawn 10,000 characters algorithmically created in 24×24 pixel art graphics. Most CryptoPunks are digital images of boys and girls, with images of zombies, apes, and the odd alien recently blended in. 

Every Punk owns a profile page displaying their attributes and present status. In addition, specific individuals formally own the CryptoPunks on the Ethereum blockchain. 

The initial visualization was to allow anyone with an Ethereum wallet to claim CryptoPunks for free; however, it only took flash seconds to grab all the 10,000. As a result, they are now available on a blockchain-enabled marketplace for purchase. Such a marketplace allows you to bid and trade punks. 

What is happening?

Bitcoin made cryptocurrency trading famous, although creating Bitcoin was solely to transact and store Bitcoin ownership. Larva Labs uses Ethereum, a Bitcoin successor that allows random computer code to be run on the blockchain and saves the outcomes forever. This is fantastic! 

Normally, code is run on a server, and you must trust the person in charge of that server. Everyone may run the code, display the results to each other, and verify that it was proper and fair.

The existing written codes on the blockchain, by blockchain developers allow the trading of Punks with anyone in the world. The fact that nobody can control the code executing Crytopunks is an interesting part of the system. 

It is indefinitely embedded on the blockchain platform after its release, and no one can alter the codes. However, this is concerning the developers since detecting bugs is also important. But doesn’t this make the system more secure and less vulnerable to threats?

It allows the users to cross-check and ensure that only 10,000 punks exist, that stealing them is beyond imagination and that everything claimed about the code is accurate. 

Birth Of CryptoPunks

CryptoPunks, which was launched in June 2017 by-product studio Larva Labs, is one of the first NFT collections on the Ethereum blockchain, with 10,000 unique 24×24 pixel art images featuring people (male and female), apes, zombies, and aliens. Each Punk can have a unique combination of 87 attributes or traits as they are commonly known. Some punks can have no traits at all, but the most a single punk can have is seven.

“What makes CryptoPunks significant is that an organic community evolved around them. They have left their footprints as one of the inaugural NFT projects on Ethereum – and they were free to claim from the start,” according to GMoney. 

Punks slowly began, assembling a group of collectors trusting in the technological capabilities that the Ethereum blockchain had to offer, while the NFT field was far from the bustling market that it is now. 

They were first handed away for free to anyone who wanted them. Because you needed an Ethereum wallet to get one, it was only available to individuals who had already engaged in cryptocurrency.

Since 2017, CryptoPunks has evolved from a small, niche online craze to the be-all and end-all of NFT initiatives. While it was not the first NFT project on Ethereum, it is without a doubt the most influential. 

Many of those who have been strong enough to hold are now multi-millionaires, and those who were fortunate enough to buy in before the 2021 mania are some of the most forward-thinking people in the NFT industry.

Bear or Bull: The Punk market projection

CryptoPunks will surely encounter those new to the NFT space sooner or later. And when they do, they’ll realize one thing: punks are a precious commodity.

For example, Alien Punk #3100 was sold for 8 ETH ($2,127) on July 6th, 2017. This would have looked like an exorbitant fee to pay for a JPEG at the time. However, on March 11th, 2021, that same Punk sold for a whopping 4,200 ETH ($7.58M) almost four years later.

Although this is the largest Punk sale to date (for the time being), 100x flips were far from rare during the CryptoPunk bull-run of 2021. Throughout the year, Punks sold for as little as 7 ETH in the NFT community, only to skyrocket in the fall, with even the lowest accessible Punks costing over 100 ETH.

Christie’s, the auction house, deserves a lot of credit for helping to create the Punk market by introducing Punks to those who work in more traditional art locations. Christie’s organized an event for displaying a collection of nine CrytoPunks in May 2021 that sold for a jaw dropping amount of $16.9 million. This event was a follow-up to the $69 million Beeple sales in March 2021 by the auction house. 

Worth of Punks: A Status Symbol

Punks are valuable for reasons other than their price. CryptoPunks have evolved into not simply works of art but also investments and status symbols.

Owning a Punk, some believe, is like betting on the relevance of NFTs and the Ethereum blockchain, considering their history of progress and expansion alongside the Ethereum network. The majority of Punks’ early supporters didn’t come upon the initiative by chance. “You had to be there in crypto earlier on to get involved with CryptoPunks,” GMoney said.

Punks Portrayal

Punks are frequently portrayed as innovators and pioneers on social media, assuming trust and prestige. As a result, collectors have created entire acts, projects, groups, and brands based on just one Punk.

Public figures, investment firms, and even hedge funds have been flocking to the CryptoPunks race in full force, regardless of the social-to-financial value ratio. So it’s difficult to dismiss an initiative that turned collectors into millionaires in a matter of weeks.

Process for getting a Punk

If you are planning to purchase a CryptoPunk but don’t know how to start, then just follow these steps: 

  • Firstly, you need to download and install Metamask, a Chrome browser addon. This grants access to your Ethereum account to websites that you authorize. 
  • Secondly, purchase some Ether if you have recently created a new account. A built-in Metamask button allows you to purchase Ether from Coinbase.
  • Once you’ve installed the plugin, this website will detect it and add buttons to the interface that allow you to bid on, purchase, and sell punks. Punk #2524, for example, may be purchased for 67.98 ETH ($262,552.35 USD).

CryptoPunks in the Long – term

CryptoPunks is already a landmark project in the NFT sector, despite being only a few years old. For a long time, all necessary information regarding the project has been available to the public. Punks were born on the Ethereum blockchain and will continue to live there perpetually, so it’s reasonable to believe they won’t change.

Punks will always be a landmark project, which is excellent for both its founders and collectors, given the rapid growth of the NFT area. “CryptoPunks will continue to be a major pillar of the NFT community,” GMoney says. They don’t need to change or experience anything in order to seal their place in history.”

Yet, within the Punks environment, creativity is still a novel concept. GMoney, Beanie, and Punk4156, all well-known community members, have built their own distinct identities around their Punks. While these three have used their Punk personalities to gain prominence, there are a few things to keep in mind when it comes to monetizing a CryptoPunk.

The application of copyright law to non-profit organizations is yet uncharted ground. Creators can easily define their own collector usage thresholds based on where and how they mint an NFT, and most – including Larva Labs – choose to get an NFT license.

Furthermore, Punk owners can sell their Punk products and earn up to $100,000 every year. The drawback to this agreement is that owners are not allowed to change the art of the 24 x 24 Punk or sell third-party items with it.

Conclusion

The most intriguing aspect of the CryptoPunks quest is that it is too early in the game to properly understand the ecosystem, leave aside the applications that are yet to be envisioned. NFTs have stirred the world’s thought process about media, art, community, and consumer rights.

Given that NFTs are sometimes seen as a marginal and transient movement, it seems only natural that the space’s mascot is a punk. And if crypto degenerates govern the world in the future, branding a Punk could just be the best praise you can get.

If you are still wondering about the NFT and the whole concept, you can always look out for expert advice. However, creating self-awareness is very beneficial in the long run. Depending upon your requirements you can filter out some cryptocurrency courses and enrol in the best one. 

%post_title%

Blockchain Weekly Source

Written by blockchainwee · Categorized: blockchain course, blockchain developer, Blockchain Platform, blockchain professional, Blockchain Weekly, Blockchain Weekly Tech, cryptocurrency course, cryptocurrency trading, CryptoPunks, Ethereum Blockchain, ethereum expert, ethereum wallet, MetaMask, NFT · Tagged: blockchain course, blockchain developer, Blockchain Platform, blockchain professional, cryptocurrency course, cryptocurrency trading, CryptoPunks, Ethereum Blockchain, ethereum expert, ethereum wallet, MetaMask, NFT

Copyright © 2023 · Altitude Pro on Genesis Framework · WordPress · Log in