1. Background introduction
Almost all trade on the Internet requires the help of a reliable third-party credit institution to process electronic payment information. Such systems are still inherently subject to the "credit-based model".
Blockchain technology is the basic technology for building the Bitcoin blockchain network and encrypted transmission of transaction information. It is based on the principle of cryptography rather than credit, so that any two parties who reach an agreement can pay directly without the participation of a third-party intermediary
So the question is, what is blockchain?
Blockchain is a distributed ledger, a technical solution for collectively maintaining a reliable database through decentralization and trustlessness.
from a data point of view
A blockchain is a distributed database that is nearly impossible to alter. The "distributed" here is not only reflected in the distributed storage of data, but also in the distributed record of data (that is, jointly maintained by system participants).
from a technical point of view
Blockchain is not a single technology, but the result of the integration of multiple technologies. These technologies are combined in new structures to form a new way of recording, storing and expressing data.
- Blockchain characteristics and classification
- open consensus
Anyone can participate in the blockchain network, each device can be used as a node, and each node is allowed to obtain a complete copy of the database. Based on a set of consensus mechanisms, nodes jointly maintain the entire blockchain through competitive calculations. If any node fails, the remaining nodes can still work normally
- decentralized trust
The blockchain is composed of many nodes to form an end-to-end network, and there is no centralized equipment and management organization. The data exchange between nodes is verified by digital signature technology, without mutual trust, as long as it is carried out in accordance with the established rules of the system, nodes cannot and cannot deceive other nodes
- The transaction is transparent and both parties are anonymous
The operating rules of the blockchain are open and transparent, and all data information is also public, so every transaction is visible to all nodes. Since there is no trust between nodes, there is no need to disclose identities between nodes, and each participating node is anonymous.
- Unalterable and traceable – it is this property that makes it a very core technology in the Metaverse
The modification of the database by a single or even multiple nodes cannot affect the databases of other nodes, unless more than 51% of the nodes in the entire network can be controlled to modify at the same time, which is almost impossible to happen. Each transaction in the blockchain is connected in series with two adjacent blocks through cryptographic methods, so it can be traced back to the past and present of any transaction.
- Blockchain classification
Public chain (no official organization and management agency, no central server, participating nodes are free to access the network according to system rules and are not controlled, and work between nodes is based on a consensus mechanism)
Private chain (established within an enterprise, the operating rules of the system are set according to the requirements of the enterprise, and the modification and even reading permissions are limited to a few nodes, while still retaining the authenticity and partial decentralization of the blockchain)
Consortium chain (jointly initiated by several organizations, between public chain and private chain, with partial decentralization features)
- data structure
- fork
In the same period of time, more than one node in the whole network can calculate the random number, that is, there will be multiple nodes broadcasting their respective packaged temporary blocks in the network (all legal)
If a node receives multiple subsequent temporary blocks for the same previous block, the node will establish a branch on the local blockchain, and multiple temporary blocks correspond to multiple branches. The deadlock will be broken until the next proof of work is found, and one of the chains is confirmed to be the longer one, then the nodes working on the other branch chain will switch camps and start working on the longer chain .
Other branches will be completely abandoned by the network
- double flower,
Double spending, that is, double payment, means that the attacker uses the same money for different transactions almost at the same time.
Whenever a node adds a newly received transaction order to a block, it will traverse forward along the public key of the initiator of the transaction to check whether the currency used in the current transaction really belongs to the initiator of the current transaction.
This check can be traversed to the original birth point of the coin (that is, the block source that generated it). Although multiple transaction orders can be broadcast in any order, they must appear in a certain order when they are finally added to the block. The Hash value is used as the time stamp between the blocks, which determines the backtracking of the source of funds for any transaction.
- More professional apps open blockchain development and chain games can communicate with Henan Manyun Technology Co., Ltd.
- social outlook
- Starting from Bitcoin in 2008, the blockchain has experienced three major application eras of programmable currency, programmable finance and programmable society, and its application scope has gradually expanded to all aspects of social life.
- From the demand side
Finance, medical care, notarization, communications, supply chain, domain names, voting and other fields have begun to realize the importance of blockchain and have begun to try to connect technology with the real world.
- From the investment point of view
The supply of investment funds in the blockchain is gradually increasing, and the investment enthusiasm of venture capital is also rising, and the investment density is increasing. The supply of funds on the supply side is expected to promote the further development of technology
- From market application point of view
Blockchain can become a market tool to help society reduce platform costs and make intermediaries a thing of the past; blockchain will promote the shift of the company's existing business model focus and is expected to accelerate the company's development.
- From the perspective of underlying technology
The blockchain is expected to promote the transformation of data recording, data dissemination and data storage management; the blockchain itself is more like an open source protocol at the bottom of the Internet, which will touch or even completely replace the underlying foundation of the existing Internet in the near future protocol.
- From the data structure point of view
Blockchain technology is expected to integrate law and economy, completely overturning the original social supervision model; the organizational form will change because of it, and blockchain may eventually lead people to a distributed and autonomous society
