What block chain? What digital currency? Block chain details

What block chain? What digital currency? Block chain details
What is Block Chaining?

Block chain (Blockchain) refers way to the center and to trust in the collective maintenance solution for a reliable database.
Popular point, block chain technology refers to a way of accounting of all the people involved. Behind all of the systems have a database, you can put the database is seen as a big ledger. Who will remember the books becomes important. Who is who at present accounting system, is Tencent micro-letter books in mind, Taobao books that Ali in mind. But now block chain system, each person in the system can have the opportunity to participate accounting. In a certain period of time if there is any data changes, since the system everyone can carry out billing, the system will judge this period the fastest and best man bookkeeping, record the contents of his written books, and this the contents of the books distributed to all others in the system back up within a period of time. Everyone this system are the one full of books. In this way, we call it the block chain technology.
Digital currency block chain of
MAYC by a cryptographic digital currency Magiccube developed for utility payments scenes of life, and the blood circulation is on the core chain and incentives, with the development of the block chain while maintaining appreciation, in the future no doubt there is a great collection value. In Magiccube, all of MAYC are directly output from the mining and circulate in the market, when the user uses MAYC sale transactions, according to MAYC friendly POW + POS consensus algorithm token output, the use of user feedback MAYC, free payment transactions globalization provide a solid, innovative technical support. MAYC on the one hand to absorb the advantages of open and transparent public chain, into intelligent Ethernet Square contract, reducing cost, and implementation of the rules of business transparency, make each other's main trading strange trust between each other; on the other hand, MAYC absorbed Union chain for the advantages of privacy protection to meet business and user privacy requirements for information and transactions.
MAYC token is the base currency Magiccubewww.fx61.com Ecology. In MAYC network, there are dollars, euros, yuan and other legal tender coins and bits of other electronic tokens, and MAYC monetary base --MAYCToken acts as the role of gold as collateral, without the need for any third-party clearing and settlement agencies can easily make the case with the payment transaction.
credit evaluation system plays a cornerstone role in payment transactions for global payment transactions, the objective and fair evaluation system of credit is more important. Global payment transactions, regional differences, low information transparency, so businesses credit rating is largely influenced the buying behavior of customers. In the traditional center of the platform, businesses can get through the user's spending record their personal information, the consumer for self-protection, fear of harassment by the seller, the transaction experience is poor, there will be concern when evaluating poor quality of service, which caused the current global credit evaluation payment transaction is not objective and unfair, lost its due role. In addition, businesses often fake reviews to get high ratings, or industry competitors will attempt to influence consumer buying behavior discredit opponents evaluation. MAYC establish a jamming, authentic credit evaluation system through a more formal reputation degrees.
Block chain to solve the problem?

Block chain most important thing is to solve the problem of credit intermediaries. In the past, two did not know each other and trust people to reach Collaboration is difficult, we must rely on third parties. For example, payment behavior in the past any kind of transfer, must be in the bank or pay such a body. But by block chain technology, Bitcoin is the first human to achieve in the absence of any agency involved in the case, the two sides can complete trust transfer behavior. This is a major breakthrough in the block chain.
Bitcoin block chain is it? Bitcoin block chain, or is it?
Block Chain bit technology is technology underlying currency, not many people in the early and underlying technology bits currency notes. But when Bitcoin without any centralized agency operations and management of cases, very stable operation over many years, and there has never been any problems. So many people noted that the underlying technology may have great technology mechanism, and not only can be used in Bitcoin, perhaps may be possible to apply this technology in many areas. Thus the bit extracted credits technology abstraction, called block chain technique, or a distributed technique books. So from a certain perspective, bitcoin block chain can be seen as the first application, and the block chain is more akin to TCP / IP such as the underlying technology, the future will be extended to more and more industries.
The main block chain technology can be used in which industries?

The main advantage is no need to block chain intermediaries involved in the process transparent and efficient low cost, highly secure data. So if there is a demand for any industry in these three areas have the opportunity to use the block chain technology.
Why the financial sector to use the block chain technology? What are substantial benefits?
Block chain technology major advantage of disintermediation and greatly reduce costs in the financial sector.
First, the financial industry is due to the single point of failure and prevent systemic risk, the need for layers of audit to control financial risks, but which also cause internal costly. And due to the increasing emergence of regulations, in particular the 2008 financial crisis led to financial control threshold rising, and war on terror led to the scope of anti-money laundering and counter-terrorist financing but also to the breadth and depth of regulation gradually expanded, resulting in the entire financial regulatory cost of the system has increased dramatically. In this case, block chain technology and high-tampering transparent manner so that greatly reduce the cost of the financial system through a true defense. Spain's largest bank Santander, according to a report released shows that around 2020 if the internal banks around the world are using the block chain technology would probably be able to save $ 20 billion a year in costs. Such data sufficient to show a huge change and break the "block chain" to the traditional financial sector brings.
In addition, due to historical reasons, resulting in traditional financial institutions in the settlement and clearing rely on central clearing house to complete, and the resulting problems is inefficient. The traditional cross-border settlement because through such institutions like SWIFT, so cross-border wire transfer is often calculated by the day. But Bitcoin block chain in the use of technology, there is no center in the case of operators, the perfect run for seven years, not only to achieve real-time clearing and settlement, and no error occurred sum accounts. So, if all of the financial system can achieve real-time settlement and clearing center of the go, not only will greatly improve the efficiency of global finance, and thereby change the pattern of global finance.
What is Bitcoin say "mining"?
The bitcoin "mining" is actually the process of accounting, Bitcoin uses a calculation called "workload proof (Proof of Work, PoW)" mechanism, the system in order to find out who is more powerful computing power, each will be out a math problem, work out the problem only the fastest computer in order to carry out the purpose of billing. The right to grab accounting computer will get 25 bitcoin reward. This behavior is usually referred to as "mining", the bits of money to get a reward of successful mining.
All mining block chain needs it?
Not all projects will employ block chain like this "proof of work" approach Bitcoin, which appeared more in early block chain project. If you take other proven mechanisms, such as "proof of interest (Proof of Stake, PoS)" , " shares proof of authorization mechanism (DPoS, Delegate Proof of Stake) " is no need to take this mining method.
Block chain and big data What is the relationship? Block chain will replace Big Data?
Block chain and large data relationships is not great. Big Data is managed primarily for the huge amounts of data, while the core block chain is to achieve in the absence of data center intermediary included in the case of high security and high reliability. So block chain and big data are not in conflict with each other, they will not replace entirely the face of different solutions for data in different scenarios circumstances.
Block chain cloud storage and cloud computing have anything to do? Block chain cloud computing or cloud storage you?
Cloud computing is usually defined as providing dynamic and scalable and often virtualized resources via the Internet, but often provide cloud computing platform is a centralized agency. And the network block chains are generally no specific mechanism, the block chains closer definition of distributed computing systems, is a form of distributed computing. However, the block chain is able to achieve cloud storage, different from the current centralized cloud storage, cloud storage block chain there are some programs decentralized. Such projects include Storj, Sia, Maidsafe.
Block chain is the software? What is written in the program?
Block chain is not a specific software, like "database" means the same as the performance of the three words, it is the design of a particular technology. The vast majority language can be used to achieve it, and the way to achieve, there are many kinds. And block chain technology is still rapidly developing, relatively speaking, the current block chain technology design philosophy is quite simple, and perhaps in the future will become more complicated.
What is the public chain? What is a private chain? What is the league's chain?
Public chain is any node that is open to anyone and everyone can participate in this block chain involved in the calculation, and anyone can download a complete chain of data blocks (all books). However, under some scenarios block chain and does not want anyone can participate in this system, anyone can see all the data, only nodes licensed before they can participate and view all data. Then this block chain structure we call the private chain.
Union chain refers rights are fully involved in each node on the other, we can achieve credible exchange of data without the need for full mutual trust, bank block chain alliance consisting of R3 to be built is a typical chain alliance.
If you make an analogy, it is the public chain WAN, LAN alliance chain, the chain is a private computer!
But with the rapid development of technology block chain, the chain does not rule out future public and private boundaries chain will become more blurred. Because each node can have more complex read-write access, there may be a node will develop some privileges to all, and nodes or core competencies of accounting only open to licensed nodes, it will no longer be purely public or private chain chain.
The main problems of technological development chain block?
Currently block chain technology is still in a very early stage, not yet formed a unified technical standard, and a variety of technical solutions is rapidly developing. But the past is believed to block chain technology-based systems can be very resource-intensive (like Bitcoin), or data processing system block chain technology, there is a problem such restrictions has gained a breakthrough in technology. However, for scalability block chain technology, it has not been a large-scale test of practice, but now mainly still in the prototype stage.
If it is not quantitative analysis, the actual benefits of using block chain technology can bring to us, including the creation of value for money and be able to save, then the financial sector will remain relatively cautious in the short term. After all, the current global financial infrastructure investment has been more than a few trillion to build a new financial architecture and the underlying operating system is the need to have the actual data phase support. The case has not yet been deployed in the prior art and to obtain the use case, the total amount of energy savings under still difficult to determine. This far, there is still a big question is how much money in the end need to build a strong enough block chain platform to handle, trillion dollar magnitude of capital market ecosystem to face every day.
In addition sorely lacking block chain industry professionals, the lack of understanding of both the large number of block chain technology, and understands the many talents of the financial market is desperately looking for two people can be connected to the world, need to be able in the real world, the block chain technology It can be achieved in the capital market, and to achieve better functionality. The need to establish a system based on the new block chain technology, must be the need for such cross-border talent.
What is a smart contract?
Smart is a substitute for legal contract language computer language to record the terms of the contract. Intelligent contract can be performed automatically by a computing system. If the block chain is a database of contracts it is the ability to make intelligent block chain technology to the application layer of reality. Contract in the traditional sense are generally not directly linked with the implementation of the contract of computer code. In most cases a paper contract is to be archived, and the software will perform the terms of the contract written in computer code. The potential benefits of smart contract include reducing the cost of signing the contract, implementation and supervision of; therefore, many low-value transactions related to contracts, it is greatly reducing labor costs.
Smart how to use contract?
If the central bank is able to issue legal tender by block chain, you can also contract through intelligent technology, will embed code to conduct legal tender issued in this part of the legal tender can be called "programmable currency." For example, if the central bank to specify a particular part of the funds is paid to agriculture-related account, then you can write a program corresponding to this part of the funds, specify the part of the funds can only be entered agriculture-related accounts, then this part of the funds in any case It can not be diverted to other accounts. If most of the money will become a "programmable currency", then we can imagine, they make up the financial environment becomes a "programmable financial."
Block chain and ordinary people have to do?
Basically nothing, unless it is prepared to engage in business in this area. And on the relationship between the TCP / IP protocol and ordinary people, ordinary people do not need to know exactly what the Internet is the underlying TCP / IP protocol, as long as the Internet provides access to services on the line.
Whether the project must block chain needs to have some kind of currency appear?
No. Bitcoin as a payment system in itself, so it needs to have a tool to measure value, it must be bitcoin appear. In addition, in order to reward more people are willing to contribute their own computer to provide computing system, so it is necessary to have bitcoin reward. And in some private chain system, designed specifically for asset transactions, and each node is to be involved in the calculation, it is their responsibility is their right, so do not consider incentives to encourage them to participate by the way, so such a system which may no longer need to design some kind of currency.
Bitcoin now legal yet?
Bitcoin in the major world powers, including China, it has been perfectly legal. Due to some bad media misleading, many people think that China had declared Bitcoin illegal. In fact, according to the December 5, 2013, notice to prevent the risk of Bitcoin five ministries issued by People's Bank of China clearly stipulates that Bitcoin is a specific virtual goods, under the premise of ordinary people have their own risk of involvement free. The various types of financial institutions and payment institutions may not conduct bitcoin related financial services, or bitcoins as investment targets.
Bitcoin in Germany as a monetary unit, defined as a commodity in the United States. EU court held that Bitcoin as a means of payment without VAT. XX money can invest it? Is a block chain project? MLM is it?
At present, all digital currencies, including Bitcoin, including have a high risk, block chain technology itself is just the initial stage, all of the block chain projects have a very high risk. Any ordinary person does not recommend any investment projects and digital currency block chain related. And digital currency and block chain has a certain technical threshold, the average person can not distinguish between what is real project, which is a pyramid scheme project. So the average person does not recommend any such investment projects. For any of you can not tell whether the project is a pyramid scheme, please deemed directly MLM project.
How to invest block chain?
Most block chain in its infancy, but are mainly in overseas and domestic good block chain project very, very small, so I do not recommend any non-professional investment block chain projects. If you are very interested in the block chain technology, they have the technology or finance-related background, we should consider to conduct business in this area.
Block chain / Bitcoin in the end who invented? Nakamoto is not Japanese? Is not a US government conspiracy?
Bitcoin is a self-described "Satoshi" person or team to create, and in the early Bitcoin project has been completely pulled out of the project. "Nakamoto" is a very small possibility that the Japanese, because of his past e-mail can be inferred that he should be a native English-speaking people.
In addition to the current Bitcoin creator of Bitcoin project has absolutely no influence, so it is unlikely to be the product of a conspiracy. Whether "Nakamoto" After whether there will be or be destroyed by the body can not produce too much influence on the impact on Bitcoin.
Q coins and Bitcoin in the end what is the difference?
Q coin is an electronic currency that centralization, including the total amount of issuance is controlled by Tencent. The total amount of Bitcoin, after distribution methods are pre-set by the program and encryption algorithms in the world to run on multiple nodes, no people and institutions can be modified without any single person or institution to control. Q coins generally referred to as electronic money, tokens or business. Bitcoin is a digital currency known or encrypted digital currency.
Bitcoin is the total capped it? Is how allocation?
As I said before, the miners are involved in competition for the right to have access to accounting reward. In the beginning every 10 minutes the system will reward the fastest and best accounting person 50 Bitcoin, then this 50 every four years by half, about the same time in 2140 no longer appear new bitcoins, It will reach 21 million limit. After that, the transaction fee will be used to reward the miners.