The following section describes how the FoolProof Labs DUM toolset operates within the rules defined the blockchain to illustrate what FoolProof Labs is able to impact and what is taken care of the decentralized nature of the blockchain.
Blockchain overview
It is important to understand some blockchain basics in regards to how an EVM blockchain processes a smart contract interaction, and verifies that all parties involved in the transaction have granted a required signature when assets are being moved, especially through a smart contract (as opposed to a direct transfer).
EVM blockchains and the Ethereum blockchain store and validate new transactions through the creation of blocks. The data that is being applied to a block is transmitted through a RPC, where it lands in a mem pool. The mem pool is a holding location where it collects transaction data until there is enough available to fill a block.
Data is prioritized onto blocks based on the gas fee. Think of a gas fee as a toll to use a highway. The distribution of the gas fee is configurable and also fluctuates based on the traffic of the blockchain, much like paying for the fast lane. There is a minimum, one-time fee to store your data on the blockchain, the rest is dictated by traffic and how long you are willing to wait. Once the data is stored, there are no additional maintenance fees, which is different from cloud storage providers, who are typically running a SaaS model with add-ons and tooling.
Once there are enough queued transactions waiting to be written to a block in the mem pool, validators will pick up the transaction and work together to determine if the transaction is valid, by confirming ownership of the assets that are being acted upon. If a validator makes a mistake, they are “slashed,” and face a financial penalty.
This architecture creates an environment where there is virtually no downtime, as a result of sharing the workload, as long as the blockchain is sufficiently decentralized (lack of decentralization is one of the biggest risks of using a layer 2 blockchain). Transactions are immutable and truthful, and control is in the hands of the data “owner.”
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