Blockchain Basics (Part 4)

slide: “Ethereum base architecture after The Merge”

ChatGPT: “meaning (of slide text)”

After The Merge (September 2022), Ethereum changed from Proof of Work (miners) to Proof of Stake (validators). The notes describe how Ethereum is now split into two cooperating layers.

1. Execution Layer = where activity happens

This is the part that processes:

  • transactions (sending ETH)
  • smart contracts
  • decentralized apps (DeFi, NFTs, etc.)
  • the Ethereum Virtual Machine (EVM), which runs contract code

Think of it as Ethereum’s computer engine.

2. Consensus Layer = where agreement happens

This is the Beacon Chain.

Its job is to coordinate the network and decide:

  • who proposes the next block
  • who checks blocks
  • whether blocks are valid
  • rewards for honest validators
  • penalties for dishonest or offline validators

Think of it as Ethereum’s security and coordination system.

3. “Validators secure the network by freezing 32 ETH”

Instead of miners buying electricity and hardware, users can become validators by locking up (staking) 32 ETH.

That means:

  • they deposit 32 ETH as collateral
  • they run validator software online
  • they help approve blocks
  • they earn rewards if they behave correctly
  • they can lose some stake (slashing) if they cheat or seriously fail

“Freezing” here means the ETH is locked while validating.

4. Why The Merge mattered

Before The Merge:

  • miners solved puzzles (Proof of Work)

After The Merge:

  • validators stake ETH (Proof of Stake)

Main effects:

  • far lower energy usage
  • stronger economic security model
  • foundation for future scaling upgrades

Simple analogy

Ethereum now works like a company:

  • Execution Layer = workers doing tasks
  • Consensus Layer = management verifying and approving tasks

Together they run one Ethereum network.

slide: “Grundprinzip von Proof of Stake”

ChatGPT: “meaning (of slide text)”

This describes the basic principle of Proof of Stake in Ethereum — how the network is secured without miners.

1. Each validator deposits 32 ETH as collateral

Anyone who wants to become a validator must stake 32 ETH.

That means:

  • the ETH is locked
  • it acts as a security deposit / collateral
  • honest behavior earns rewards
  • cheating or going offline can lead to penalties or slashing

➡️ This creates a financial incentive to behave correctly.

2. In each block round, validators are randomly selected

For every new block, the system randomly chooses participants:

• 1 Proposer

This validator gets to create and propose the new block.

They collect things like:

  • transactions
  • transaction order
  • block data
• 512 Attesters

These validators check the proposed block and vote on it:

  • Is the block valid?
  • Are the protocol rules followed?
  • Are the transactions correct?

They then submit their attestations (approvals).

3. Consensus by majority (≥ 2/3)

If at least two-thirds of the attesters approve, the block is accepted.

➡️ This is how the network reaches consensus.

Why two-thirds?

Because the system can remain secure even if some participants are faulty or malicious.

4. No more miners

Under Proof of Work:

  • miners used electricity
  • computing power determined security

Under Proof of Stake:

  • validators commit capital
  • security comes from economic risk

➡️ Anyone attacking the network risks losing their own staked ETH.

Simple analogy

Imagine 513 reviewers:

  • 1 person writes a proposal
  • 512 people check it
  • If at least 2/3 say “correct,” it is accepted.

That is how trust is created without a central authority.

slide: “Zeitstruktur im Netzwerk”

ChatGPT: “meaning (of slide text)”

This explains how time is structured in Ethereum under Proof of Stake. Instead of blocks appearing at random times, Ethereum uses a fixed schedule.

1. Slot = 12 seconds

A slot is a 12-second time window.

During each slot:

  • one validator is chosen to propose a block
  • other validators check it and attest to it

➡️ You can think of a slot as one chance to add a new block.

So roughly every 12 seconds, Ethereum expects a new block proposal.

2. Epoch = 32 Slots

An epoch consists of 32 slots.

So:

  • 32 × 12 seconds = 384 seconds
  • = 6.4 minutes

After each epoch, the network performs bookkeeping such as:

  • rewards for honest validators
  • penalties for offline/malicious validators
  • updating validator status

➡️ Think of an epoch as a reward and evaluation cycle.

3. What happens in every slot?

One validator proposes a block

The selected validator creates a block containing:

  • pending transactions
  • smart contract actions
  • updated blockchain data
Several hundred validators attest

Many other validators verify the block and vote that it is valid.

These attestations help the network reach consensus.

4. Why fixed time units matter

This system gives Ethereum:

  • predictable block timing
  • smoother coordination
  • faster finality
  • more organized validator participation

Unlike older Proof of Work systems, blocks are not based on random mining success.

Simple analogy

Imagine a classroom:

  • every 12 seconds, one student may submit an answer
  • hundreds of others review it
  • every 6.4 minutes, the teacher grades performance and gives rewards

That is essentially how Ethereum organizes time after The Merge.

slide: “Auswahl der Validatoren”

ChatGPT: “meaning (of slide text)”

This explains how Ethereum fairly chooses validators to propose and attest blocks in its Proof of Stake system.

1. Why validator selection matters

For every slot, Ethereum must choose:

  • one validator to propose the next block
  • many others to attest and verify it

If people could predict or control the selection, they might try to attack or manipulate the network.

➡️ So Ethereum needs a fair and unpredictable lottery system.

2. RANDAO = shared randomness

RANDAO combines random values contributed by many validators.

Each validator submits a random value, and together these values are mixed to create a final random result.

That result is then used to shuffle validators into a random order.

➡️ No single validator controls the outcome.

Think of it like everyone putting a secret number into a hat, then combining them.

3. VRF = Verifiable Random Function

Verifiable Random Function is a cryptographic method that produces a random result plus proof that the result was generated correctly.

This means:

  • the selection can be random
  • others can verify it was fair
  • no one can fake the draw afterward

➡️ Randomness with proof.

4. Why no one knows the proposer in advance

Because validator selection depends on these random processes:

  • nobody can reliably know far ahead who will be proposer
  • harder to bribe, attack, or target the next proposer
  • harder to coordinate manipulation

➡️ Unpredictability increases security.

5. “Security by cryptographically verifiable coincidence”

This means Ethereum relies on:

  • chance (random selection)
  • mathematics (cryptography)
  • public verifiability

So the chosen validator is selected by a process that is both random and provably legitimate.

Simple analogy

Imagine 10,000 people in a room:

  • everyone contributes a random number
  • a transparent machine mixes them
  • one person is selected
  • everyone can verify the draw was honest

That is the basic idea behind validator selection in Ethereum.

slide: “Validators and their roles”

ChatGPT: “meaning (of slide text)”

This describes the different validator roles in Ethereum and how they earn rewards in Proof of Stake.

1. Block Proposer

The Block Proposer is the validator selected for the current slot to create a new block.

Their job:

  • collect pending transactions
  • organize them into a block
  • propose the block to the network

If accepted, they receive the main reward, usually including:

  • protocol reward
  • priority fees / transaction fees

➡️ Think of the proposer as the person who submits the next page to the ledger.

2. Attester

An Attester is a validator who checks a block proposed by someone else.

They verify:

  • block validity
  • correct transactions
  • protocol rules followed

Then they vote (attest) that the block is valid.

If they participate correctly and on time, they earn a reward.

➡️ Attesters are like reviewers or auditors.

3. Aggregator

Because many validators submit attestations, sending each one individually would be inefficient.

An Aggregator:

  • collects many attestations
  • combines them into a compact summary
  • sends the summarized result to the network

This reduces bandwidth and improves efficiency.

They receive a smaller reward for performing this service.

➡️ Aggregators are like vote counters.

4. Rewards (“Belohnungen”)

Proposer

Gets the largest reward:

  • block reward
  • transaction / priority fees
Attester

Gets a base reward for:

  • correct participation
  • timely attestation
Aggregator

Gets a smaller extra reward for combining attestations efficiently.

5. Why this structure exists

Ethereum divides work among many validators so that the network is:

  • decentralized
  • efficient
  • secure
  • scalable

Different participants handle proposing, checking, and compressing data.

Simple analogy

Imagine a committee meeting:

  • Proposer writes the proposal
  • Attesters vote and verify it
  • Aggregator counts and summarizes the votes

Everyone who helps honestly gets paid.

slide: “Rewards and penalties”

ChatGPT: “meaning (of slide text)”

This explains the reward and penalty system for validators in Ethereum. The goal is to make honest behavior profitable and dishonest behavior expensive.

1. Rewards

Validators earn rewards when they help secure the network correctly.

They can earn rewards for:
• Block Proposals

When selected as proposer, a validator creates the next block and earns the main reward.

• Attestations

Validators earn smaller rewards for checking blocks and voting correctly/on time.

• Sync Committees

Some validators are selected for special duties in a Sync Committee, helping light clients verify the chain efficiently.

➡️ Extra participation can mean extra rewards.

Effective return on investment: 3–5% per year

A validator staking 32 ETH may earn roughly 3–5% annually, depending on:

  • number of validators online
  • total ETH staked
  • network activity / fees
  • validator uptime
  • penalties incurred

➡️ Similar to yield, but not guaranteed.

2. Penalties

Ethereum also punishes bad or missing behavior.

• Inactivity

If a validator is offline and misses duties:

  • no reward for missed work
  • small losses over time

This encourages validators to stay online and reliable.

• Double Proposal / Double Attestation

This means trying to sign conflicting messages, for example:

  • proposing two blocks for the same slot
  • voting for contradictory chain histories

This is considered serious misconduct.

➡️ Result: Slashing

A validator can lose part of their stake (e.g. 0.5 to 16 ETH depending on severity and surrounding events).

• Exit after Slashing

A slashed validator is removed from active validation and forced to exit.

3. Incentive structure

Ethereum uses economics to protect the network:

  • honest validators earn money
  • lazy validators lose small amounts
  • attackers can lose large amounts

➡️ Security comes from financial incentives, not mining machines.

Simple analogy

Imagine referees in a tournament:

  • show up and judge fairly → get paid
  • miss games → small fine
  • cheat openly → huge fine and banned

That is the logic of Ethereum validator incentives.

slide: “Ethereum Staking – Network Overview(2025)”

ChatGPT: “meaning (of slide text)”

This gives a snapshot of Ethereum staking around 2025 and shows how large and secure the network has become.

1. Active validators: > 1.1 million

More than 1.1 million active validators are participating in Ethereum consensus.

That means:

  • many independent participants secure the network
  • block production is distributed
  • no single actor should easily control validation

➡️ A very large validator set increases decentralization.

2. Total staked ETH: ~35 million ETH

Around 35 million ETH is locked in staking.

This equals roughly 29% of the total ETH supply.

That means a large amount of capital is committed as collateral to secure the network.

➡️ Anyone attacking Ethereum would need to challenge a system backed by massive economic value.

3. Effective APR: 3–4%

Validators earn about 3–4% annual percentage return on staked ETH (variable).

This depends on:

  • total number of validators
  • network fees
  • uptime and performance
  • protocol reward rates

➡️ Staking rewards honest participation.

4. Slashing cases: <0.01% per year

Very few validators are slashed each year.

That suggests:

  • most validators follow the rules
  • infrastructure is generally reliable
  • major attacks or coordinated cheating are rare

➡️ Misconduct exists, but is uncommon.

5. Finality: ~12 minutes

Finality means a block is considered economically irreversible.

On Ethereum, blocks usually become finalized in about 12 minutes under normal conditions.

This means after finality:

  • reversing transactions is extremely difficult
  • users gain strong settlement assurance

➡️ A payment may appear quickly, but finality gives stronger certainty later.

6. “High decentralization + stable consensus”

Because Ethereum has:

  • over a million validators
  • large staked collateral
  • low slashing rates
  • regular finality

…it can maintain consensus through many independent actors rather than one central authority.

Simple analogy

Imagine a security system guarded by over a million people, each with money at risk if they misbehave. Most follow the rules, and decisions are finalized regularly. That is the idea behind Ethereum staking.

ChatGPT: “what is finality”

Finality in blockchain means the point at which a transaction or block is considered permanent and irreversible.

Once a block has finality:

  • it is accepted by the network
  • replacing it becomes extremely difficult or impossible under normal conditions
  • users can trust that the transaction is final

Why it matters

When you receive crypto, there are two stages:

1. Confirmation

A transaction is included in a block.

This means it is recorded, but in some systems the chain could still reorganize.

2. Finality

The network has advanced enough consensus that the block is effectively locked in.

This gives stronger certainty than a simple confirmation.

In Ethereum

Ethereum Proof of Stake uses validator votes to finalize blocks. Under normal conditions, finality happens in about 2 epochs (~12–13 minutes).

After finality:

  • reverting the transaction would require a severe attack
  • attackers risk losing large amounts of staked ETH

In Bitcoin

Bitcoin does not have explicit protocol finality in the same way. Instead it has probabilistic finality:

  • each additional block makes reversal less likely
  • many people use 6 confirmations as a practical benchmark

Simple analogy

  • Confirmation = your bank shows “payment pending”
  • Finality = payment fully settled and cannot be reversed

One-line summary

Finality = the moment a blockchain transaction becomes reliably permanent.

ChatGPT: “how is this finality time calculated”

In Ethereum, finality time is mainly calculated from its fixed consensus schedule: slots and epochs.

1. The building blocks

Ethereum uses:

  • 1 slot = 12 seconds
  • 1 epoch = 32 slots

So:

32 × 12 seconds = 384 seconds = 6.4 minutes per epoch

2. When does finality happen?

Ethereum uses a Proof of Stake mechanism called Casper FFG (Friendly Finality Gadget).

Under normal conditions:

  • validators vote during one epoch
  • in the next epoch, if enough votes (≥2/3 stake) support the chain, the earlier checkpoint becomes finalized

This usually means finality occurs after 2 epochs.

So:

  • 2 epochs × 6.4 minutes = 12.8 minutes

➡️ That is why people often say Ethereum finality is about 12–13 minutes.

3. Why not exactly 12.8 every time?

Because real networks are imperfect:

  • some validators may be offline
  • messages take time to propagate
  • missed slots can happen
  • temporary delays may occur

So in practice finality can be:

  • around 12 minutes in smooth conditions
  • longer if participation drops or network issues occur

4. What gets finalized?

Ethereum does not finalize every single block independently.

Instead, it finalizes checkpoints (special blocks every epoch). Once a checkpoint is finalized, all earlier blocks leading up to it are effectively finalized too.

Simple formula

$\text{Finality Time} \approx 2 \times 32 \times 12\text{ s} = 768\text{ s} = 12.8\text{ min}$

Simple analogy

Think of Ethereum like a school taking attendance:

  • every 12 seconds = one class period (slot)
  • every 32 periods = report checkpoint (epoch)
  • after two confirmed checkpoints, records are locked

That “locked” moment is finality.

Gemini: “ethereum finality”

Ethereum finality is the point at which a transaction becomes immutable and irreversible, requiring at least 33% of staked ETH to be slashed to revert, providing high economic security. Current finality takes about 2 epochs (~12.8 minutes), with future roadmap plans targeting single-slot finality (10-20 seconds) to improve efficiency.

Core Finality Mechanisms

  • Current State: Ethereum uses a proof-of-stake mechanism, Gasper, which combines Casper FFG (checkpointing) and LMD-GHOST (fork choice rule).
  • Checkpointing: Finality is not assigned to every block, but rather to checkpoint blocks at epoch boundaries (every 32 blocks).
  • Process:
    1. A block is proposed.
    2. Validators attest to the block.
    3. When 2/3 of the stake votes for a block, it is justified.
    4. If a new block is justified on top of the first, the first becomes finalized.

Timing: Under normal conditions, this process takes 2 epochs, or roughly 64 blocks (~12.8 minutes).

Significance of Finality

  • Irreversibility: Once finalized, a block cannot be removed or altered without massive economic cost—burning >33% of the total staked ETH.
  • Security: This ensures that transactions are permanent, which is critical for exchanges and layer-2 solutions that require certainty.

Future Upgrades: Single Slot Finality (SSF)

  • Current Issue: The ~15-minute wait time is too long for many applications, creating opportunities for temporary re-orgs.
  • Goal: The Ethereum roadmap targets “single-slot finality,” aiming to secure transaction finality within 10 to 20 seconds, allowing for safer, faster on-chain activity.
  • Challenges: Achieving this requires overcoming trade-offs between validator overhead (computing power) and decentralization.

ChatGPT: “does removing a finalized block in ethereum require 33 percent of the total staked ETH or 33 percent of one validator’s staked ETH?”

Removing or reversing a finalized block in Ethereum is about the collective stake of the validator set, not one validator’s personal 32 ETH stake.

Short answer

It relates to ~33%+ of the total actively staked ETH participating in consensus, not 33% of a single validator’s stake.

A single validator only has one stake position (typically 32 ETH per validator instance) and cannot reverse finality alone.

Why 33% matters

Ethereum finality uses a Byzantine fault tolerant threshold model:

  • ≥ 2/3 of stake is needed to finalize checkpoints.
  • If more than 1/3 of total stake is faulty, offline, or malicious, normal finalization can be prevented or disrupted.

So:

  • < 1/3 malicious stake → network can usually keep finalizing safely.
  • > 1/3 malicious stake → liveness/finality problems become possible.
  • To create conflicting finalized histories or revert finalized states would require a very large coordinated attack, generally involving a substantial fraction of total stake and severe slashing risk.

Important distinction: stop finality vs revert finality

1. Prevent new finality

With around 33% of total active stake, attackers may be able to block or delay new finalizations.

2. Revert an already finalized block

This is harder. It would require coordinated protocol-violating behavior by a large amount of stake, and those validators could be slashed massively.

So “removing a finalized block” is not a simple 33% threshold switch.

Example

If 30 million ETH are actively staked:

$0.33 \times 30{,}000{,}000 \approx 9{,}900{,}000\ \text{ETH}$

That would be roughly 9.9 million ETH of coordinated stake, not 10.56 ETH from one validator.

Why one validator cannot do it

One validator controls:

  • one proposer turn occasionally
  • one vote weight proportional to its stake

That is tiny relative to the full validator set.

One-line summary

The 33% figure refers to the total active staked ETH across the network, not 33% of one validator’s deposit.

slide: “10. Fazit – Sicherheit durch ökonomischen Konsens”

ChatGPT: “meaning (of slide text)”

This is the conclusion about Ethereum Proof of Stake security.

1. Security through economic consensus

Ethereum secures the network through economic incentives rather than raw computing power.

Instead of miners competing with machines and electricity, validators lock up ETH as collateral.

➡️ Security comes from financial risk.

2. Random selection + incentives prevent manipulation

Validators are randomly chosen for duties such as proposing and attesting blocks.

Because selection is unpredictable and validators have money at stake:

  • it is difficult to coordinate attacks
  • bribery becomes harder
  • dishonest behavior becomes costly

➡️ Randomness plus incentives helps keep the system fair.

3. Penalties ensure honesty

If validators cheat, sign conflicting messages, or fail seriously, they can be penalized or slashed.

This means they may lose part of their staked ETH and be removed from participation.

➡️ Bad behavior has direct financial consequences.

4. Finality guarantees irreversibility

Once blocks are finalized, reversing transactions becomes extremely difficult and economically unrealistic.

This gives users strong confidence that confirmed transactions are permanent.

➡️ Finality provides settlement certainty.

5. Proof of Stake summary

Ethereum Proof of Stake is designed to be:

  • fast – regular block production and quicker confirmation
  • secure – protected by incentives and penalties
  • energy-efficient – no mining hardware race or massive electricity use

Simple one-line meaning

Ethereum replaces mining power with financial incentives to create a network that is efficient, secure, and difficult to manipulate.

slide: “MEV: Maximal Extractable Value”

ChatGPT: “what is MEV in Ethereum”

MEV in Ethereum stands for Maximal Extractable Value (originally “Miner Extractable Value” before The Merge).

It means the extra profit that block producers (now validators) or parties controlling transaction order can earn by reordering, including, excluding, or inserting transactions within a block.

1. Why MEV exists

On Ethereum, many transactions wait in the mempool before being included in a block.

The party deciding block contents/order can sometimes make money by choosing:

  • which transactions go first
  • which are delayed
  • which are omitted
  • whether to insert their own transaction first

➡️ Transaction ordering has economic value.

2. Common MEV examples

Arbitrage

If prices differ between decentralized exchanges like Uniswap Labs / Uniswap and Curve Finance, traders profit by buying on one and selling on another.

Sandwich attack

A user places a large swap:

  1. attacker buys before it
  2. user trade moves price
  3. attacker sells after it

The attacker profits; user gets worse execution.

Liquidations

On lending protocols like Aave, being first to liquidate unhealthy positions can be profitable.

3. Who captures MEV today?

After The Merge, validators often outsource block building through PBS-style markets (Proposer-Builder Separation), commonly via systems like Flashbots.

Typical flow:

  • searchers find opportunities
  • builders assemble profitable blocks
  • proposers/validators choose the best-paying block

4. Why MEV matters

Positive side
  • keeps DeFi prices aligned (arbitrage)
  • improves market efficiency
  • incentivizes sophisticated block building
Negative side
  • worse prices for users
  • front-running / sandwiching
  • centralization pressure
  • spam/gas wars

5. Simple example

You submit a trade to buy a token.

A bot sees it in the mempool, trades before you, then sells after you.

You pay more; the bot earns the difference.

That extracted profit is MEV.

6. One-line definition

MEV = extra value earned from controlling transaction ordering inside blocks.

some slides in between here discussed in Blockchain Basics Part 3

slide: “Blockchain Application Areas (ATOMIC)”

ChatGPT: “What do W. Mougayar and F. Bolten say about blockchain application areas and ATOMIC (abbreviation for assets, trust, ownership, money, identity, contracts) in ‘The business Blockchain’ ?”

In The Business Blockchain (2016), William Mougayar and Florian Bolten discuss blockchain not only as a technology but as a platform for programmable economic functions. They describe its main application areas using the mnemonic ATOMIC, which summarizes the fundamental elements that blockchain can “program” or manage digitally. ([Vishnu Nanduri, PHD][1])

1. Blockchain application areas in The Business Blockchain

Mougayar and Bolten argue that blockchain applications emerge wherever value, trust, or ownership relationships must be recorded and verified. Instead of focusing only on cryptocurrency, they emphasize business and societal applications, such as:

Key domains they highlight include:

  • Financial services – payments, remittances, clearing and settlement
  • Supply chain and logistics – tracking goods and verifying provenance
  • Healthcare – secure patient records and data sharing
  • Government and public records – land registries, identity systems, voting
  • Energy markets – peer-to-peer energy trading
  • Digital platforms and marketplaces – decentralized applications and services

The main idea is that blockchain can replace or reduce intermediaries that traditionally manage trust (banks, registries, platforms) by embedding trust into the protocol itself.

2. The ATOMIC framework

To summarize what blockchain enables, Mougayar and Bolten introduce the acronym ATOMIC, describing six core categories of programmable functionality enabled by blockchain. ([Vishnu Nanduri, PHD][1])

A — Programmable Assets

Blockchain can represent digital or physical assets as tokens.

Examples:

  • cryptocurrencies
  • tokenized real estate or securities
  • digital collectibles or intellectual property

Assets become digitally transferable and divisible on a blockchain.

T — Programmable Trust

Trust shifts from institutions to cryptographic verification and consensus mechanisms.

Instead of relying on:

  • banks
  • governments
  • central platforms

trust is created by:

  • distributed ledgers
  • consensus protocols
  • transparent transaction records.
O — Programmable Ownership

Ownership of assets can be recorded and transferred on-chain.

Examples:

  • property titles
  • digital rights management
  • supply-chain ownership tracking

Blockchain provides an immutable record of who owns what and when ownership changed.

M — Programmable Money

Money itself can be digitally native and programmable.

Examples:

  • cryptocurrencies
  • stablecoins
  • automatic payments triggered by conditions

This enables instant settlement, micropayments, and new financial models.

I — Programmable Identity

Blockchain can support self-sovereign digital identity, where individuals control their credentials.

Examples:

  • decentralized identifiers (DIDs)
  • verifiable credentials
  • digital passports or academic certificates

Users can prove identity attributes without relying on centralized databases.

C — Programmable Contracts

Smart contracts allow automated agreements executed by code.

Examples:

  • escrow payments
  • insurance payouts triggered by events
  • automated financial instruments

These contracts run without intermediaries and execute automatically when conditions are met.

3. Main idea behind ATOMIC

The ATOMIC concept expresses Mougayar’s broader thesis:

Blockchain is a general-purpose infrastructure for programmable value and trust, not just a cryptocurrency system.

In other words, blockchain allows core economic elements (assets, money, ownership, etc.) to become digital and programmable, enabling entirely new types of business models and decentralized applications.

✅ In short: Mougayar and Bolten argue that blockchain applications span many industries and can be understood through the ATOMIC framework, which captures the six fundamental programmable elements enabled by blockchain:

Assets, Trust, Ownership, Money, Identity, and Contracts.

If you want, I can also explain how ATOMIC connects to decentralized applications (dApps) or how it relates to DIDs and Web3 architecture (which seems close to what you’re studying).

(1): https://vishnunanduri.com/2017/05/23/review-of-the-business-blockchain-by-william-mougayar/?utm_source=chatgpt.com “Review of “The Business Blockchain” by William Mougayar”