Protocols and Concepts to Watch for
Protocols are rules and procedures that a system operates on. Networked systems are built on protocols that are agreed on by the participants as a precursor to participate. In the early days of blockchain, protocols meant consensus mechanisms—the rules and algorithms by which transactions were added in a block and how blocks were mined. Over the last few years, the definition of protocol has expanded to include privacy, smart contracts, interoperability, tokenization, and many more. These protocols manifested from the early days of blockchain to expand the use case of blockchain from financial transfer to other types of value transfers.
Protocols are the foundations of blockchain use cases. Hence, ...
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