Blockchain contains the following three concepts:
1. Transaction: An operation on the account book will add a record. For example, after making a transfer, add a transfer record.2. Block: It records all transactions and status results that occurred within a period of time (it is no longer recorded by a single institution), and is a consensus on the current ledger status (recording across the entire network).
3. Chain: How to save the block after it is generated? In fact, its underlying structure is to use a linear linked list, which is formed by concatenating blocks one by one. The subsequent block records the hash value of the preceding block, and the newly added data must be put into a new block, and whether the transaction of this block is legal can be quickly checked by calculating the hash value. Any maintenance node can propose a new legal block, but must agree on the final selected block through a certain consensus mechanism (smart contract).
Myth: When it comes to blockchain, you think of Bitcoin?
Although the idea of blockchain was born in the design of Bitcoin, its significance has long surpassed that of Bitcoin. Bitcoin's focus is on direct transactions using digital currency. Blockchain proposes smart contracts and distributed ledgers on its basis. In other words, the blockchain has developed to this day, and its meaning is wider than that of Bitcoin. For example, in the credit reporting system, we can know the credit level of each person according to the smart contract. From this point of view, we don’t need to stick to digital currency.What is a smart contract?
The so-called smart contract is like a contract in reality, and the realization of the contract in computer language becomes what we call a smart contract. Just like an if statement, it can be executed if a certain condition is met. But the only difference is that contracts in reality are based on trust between people, while smart contracts turn this relationship into trust between people and machines. As long as the smart contract is reached, whether there is trust between people The question need not be considered. It has code enforcement and is completely automatic without intervention.The distinction between public chains, alliance chains, and private chains.
Public chain: The information is completely open and can be maintained by anyone.
Private chain: managed by a centralized manager, information is not fully disclosed.
Consortium chain: between the above two, managed by several organizations, the use of the blockchain must be authorized
restricted access.
