区块链专业的术语有哪些,区块链专业的术语是什么

近年来，随着区块链技术的发展，区块链专业术语也在不断更新、发展，为了更好地掌握区块链技术，我们需要熟悉一些常见的区块链技术术语。今天，小编就为大家介绍一些常见的区块链专业术语，希望能够对大家有所帮助。

1. 区块链：区块链是一种分布式数据存储技术，它将数据存储在多个节点中，并通过密码学技术实现数据的安全性和可靠性。

2. 挖矿：挖矿是指通过算力来完成区块链网络中的交易记录，并获取对应的奖励。

3. 共识机制：共识机制是指区块链网络中的一种技术，它可以确保网络中的交易记录是有效的。

4. 加密货币：加密货币是指在区块链网络中使用的一种数字货币，它可以在网络中进行交易。

5. 智能合约：智能合约是指在区块链网络中使用的一种技术，它可以自动执行网络中的交易。

6. 以太坊：以太坊是一种分布式计算平台，它可以用于构建和部署分布式应用程序。

7. 硬分叉：硬分叉是指在区块链网络中，为了实现某些功能的需要，需要将网络中的所有节点同时升级到新的版本。

8. 软分叉：软分叉是指在区块链网络中，为了实现某些功能的需要，只需要部分节点升级到新的版本即可。

9. 元数据：元数据是指在区块链网络中，用于描述和记录网络中的交易信息的数据。

10. 时间戳：时间戳是指在区块链网络中，用于记录网络中的交易信息的时间。

以上就是小编介绍的一些常见的区块链专业术语，希望能够帮助大家更好地掌握区块链技术。

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A. Read this article to understand the cryptography and blockchain theory terms you must master in Put it in the refrigerator?" It's as simple as "open the refrigerator, put the elephant in, and close the refrigerator." Everything requires a cognitive process of peeling off the cocoons and breaking them into parts. Especially an emerging concept or thing requires a more detailed understanding.

The XFS system is a distributed file system, but it is not a single framework structure. It is an organic whole that combines cryptography, blockchain, the Internet and other technical means. Therefore, I would like to To understand it in more detail, we must know the concepts of some professional terms.

1. Encrypted network

An encrypted network is simply a public blockchain. Before the birth of blockchain technology, there was no encryption method for data transmission in the Internet network. Once a hacker intercepted the data, unless the data itself was ciphertext, the data would be directly exposed to the hacker. .

The encrypted network uses blockchain technology and is maintained by each node of the blockchain. Anyone can join without permission. More importantly, the data running in the entire network is encrypted. The XFS system is a typical encrypted network.

2. Hash algorithm

The hash algorithm is a special program in the blockchain to ensure data integrity and security. The hash algorithm uses a mathematical relationship called a "hash function" and the resulting output is called a "cryptographic digest". The characteristic of the encrypted digest is that after inputting data of any length, a unique and fixed-length value is returned.

A hash function has:

Based on these properties, it is also used to be tamper-proof when ensuring cryptographic security, because even small changes to the data input to the hash function will results in completely different output. This has also become the workhorse of modern cryptography and blockchain.

3. Distributed ledger

Blockchain is a distributed ledger, but this ledger can not only record transaction information, but also record any data interaction. Each ledger transaction is an encrypted digest, so entries cannot be changed without detection. This allows blockchain to enable participants to audit each other in a decentralized manner.

4. Private key and public key

Private key and public key are a set of "keys" generated for decryption after the blockchain is encrypted through a hash algorithm. By encrypting the private key, a public key is formed. At this time, the original information can only be viewed through the private key and is saved by the user. The public key is like a house address, which is used for data interaction and can be made public. On the contrary, if the public key is encrypted to form a private key, it will form an untamperableDigital signature, because the signature on this public key can only be created by the owner of the private key.

1. Node

Node is the most basic construction of a blockchain network, and it is also the physical device that connects the blockchain network to reality. A single node has many functions, such as caching data, validating information, or forwarding messages to other nodes.

2. Point-to-point (P2P) network

What the blockchain builds is the data interaction between nodes after decentralization. Traditional Internet data transmission is a client-server-client hub-and-spoke model. A point-to-point network is more consistent with the word "network". In this network, each node runs under a single communication protocol to transmit data between them, avoiding network collapse caused by a single point failure of the server.

3. Consensus verification

The consensus verification of the blockchain solves the problem of inconsistent opinions among a large number of scattered nodes. Based on the philosophical basis of "the minority obeys the majority", in the blockchain In the network, more node recognition means "consensus". Generally speaking, if more than 51% of the nodes in the blockchain network approve it, it will be adopted and recognized.

4. Replication proof and space-time proof

These two proofs can be collectively called storage proofs in the XFS system. One of the core functions of the XFS system is data storage. Therefore, in order to prove the effectiveness of storage, replication proof is used to verify whether the data exists in the node storage space, and space-time proof is used to verify the persistence in time. If the storage provider can continue to submit storage certificates during the storage validity period, then he will receive rewards provided by the XFS system.

5. Redundancy strategy and erasure coding

These are two ways that XFS uses to balance the amount of data storage. The redundancy strategy backs up data through multiple copies to ensure that data can be retrieved if it is damaged or lost.

Erasure coding ensures that excessive backups will not be generated during data copying and transmission, saving storage space and improving transmission efficiency.

6. File fragmentation protocol

XFS divides the file into N small fragments and stores them in the nodes. As long as there are any M fragments of these fragments, the data can be recovered. In this way, as long as N-M+1 nodes do not fail at the same time, data integrity can be ensured without loss.

7. Smart Contract

The smart contract in XFS is a piece of program code. Since it is generated based on the blockchain, it also inherits the non-tampering, traceability, etc. of the blockchain. Features, it can ensure the certainty of the execution results of both parties, which also makes data interaction in the XFS network more trustworthy.

8.Dapp

It is a decentralized APP, which is more convenient than an ordinary APP.The only difference between the convenient and fast network access port is that it abandons the centralized characteristics of traditional APPs. This makes the data in the Dapp belong to the users themselves, without having to worry about privacy leaks, big data maturity and other issues.

The XFS system is an open platform where users can freely use, design, and create various Dapps.

Conclusion

It is difficult to elaborate on the theoretical terminology in XFS due to space reasons, which involves more Internet and blockchain expertise. But through the above simple explanations, I believe everyone has a more three-dimensional understanding of the XFS system. Then, we look forward to breaking the shortcomings of traditional centralized storage and launching a new generation of XFS distributed file system in a new storage era.

B. Explanation of common terms of blockchain

1. Blockchain (BlockChain)

Blockchain is a series of verified blocks , where each block is connected to the previous block, all the way to the genesis block. Blockchain is the underlying technology of digital currencies such as Bitcoin. It is a decentralized distributed shared ledger. Blockchain, artificial intelligence, and big data are known as the three major directions of financial technology.

2. Bitcoin

Bitcoin is the first practical application of blockchain technology. It was originally a peer-to-peer electronic cash (Bitcoin: A Peer -to-Peer Electronic Cash System). Today, Bitcoin has been designed and developed into an open source system based on Satoshi Nakamoto's ideas, as well as a digital currency network built on it.

3. Satoshi Nakamoto

Satoshi Nakamoto is a pseudonym. He is the founder and early developer of Bitcoin. In 2008, Satoshi Nakamoto Published the Bitcoin white paper, Bitcoin: A Peer-to-Peer Electronic Cash System, in Cypherpunk, which established the basic framework of the Bitcoin system. In 2009, he built an open source project for the Bitcoin system and officially announced the birth of Bitcoin. But when Bitcoin gradually became popular, Satoshi Nakamoto quietly left and disappeared from the Internet.

4. Digital Currency (Token)

The initial application form of blockchain is digital currency, and the emergence of blockchain itself also serves digital currency. as far as I can tellThe best area for blockchain application is the financial field, because blockchain technology is more suitable for serving financial scenarios. Digital currency is an alternative currency in electronic form, which is a virtual currency in the virtual world. There are currently tens of thousands of digital currencies issued around the world, and they can be traded with real-world currencies through exchanges, or with other digital currencies.

5. Mining

Bitcoin is likened to digital gold. In the network, through competition for computing power, the right to recognize the block is obtained, and then the block is obtained. Token rewards and transaction fee rewards, and this method is the way to obtain the initial Bitcoin in the system, just like gold and silver were mined from the ground back then, so it is called mining. .

6. Miner

The node that provides computing power for mining is called a miner. Of course, it sometimes also refers to the owner of the node.

7. Public Keys/Private Keys

Public keys and private keys are the method of asymmetric encryption algorithms, which is also a modification of the previous symmetric encryption algorithms. improvement. The symmetric encryption algorithm uses a set of passwords to encrypt and decrypt. If you know the encryption password, you can decipher the ciphertext. The asymmetric encryption algorithm uses two sets of passwords, using the public key to encrypt and the private key to decrypt. In this way This ensures the security of the password. In the Bitcoin system, the private key is essentially an array of 32 bytes. The generation of the public key and address depends on the private key. With the private key, the public key and address can be generated, and the corresponding address can be used. Bitcoin.

8. Hash value (Hash)

The hash algorithm maps a binary value of any length into a smaller binary value of a fixed length. This small binary value is the hash value. Hope value. A hash value is a unique and extremely compact numerical representation of a piece of data. Changing even one letter in a piece of plaintext will result in a huge difference in the resulting hash value. Finding two different inputs that correspond to the same hash value is basically computationally impossible.

9. Consensus

As a data structure that stores data in chronological order, blockchain can support different consensus mechanisms. The consensus mechanism is an important component of blockchain technology. The goal of the blockchain consensus mechanism is to enable all honest nodes to maintain a consistent view of the blockchain while satisfying two properties:

(1) Consistency. The prefix part of the blockchain saved by all honest nodes is exactly the same.

  (2) Effectiveness. The information published by an honest node will eventually be recorded in its own blockchain by all other honest nodes

10. Wallet

The Bitcoin wallet does not exist Balance, there is no concept of "balance" in the Bitcoin world. The wallet here refers to the client or software that saves the Bitcoin address and private key. You can use it to receive, send and store your Bitcoins.

C. Super detailed compilation of blockchain and cryptocurrency industry terms (recommended collection)

Bitcoin Glossary: ​​Every blockchain and cryptocurrency phrase you need to know< /p>

Despite the difficulties, blockchain technology has become mainstream. Bitcoin has become a household word, with financial institutions around the world investing in the cryptocurrency or allowing their clients to do so. At the same time, NFT has attracted the participation and appreciation of celebrities from all walks of life.

But despite this, blockchain technology remains very mysterious. Only talented engineers - many of whom were early adopters of cryptocurrencies like Bitcoin and Ethereum - can truly understand this, while it can still be difficult for laypeople.

Below is a glossary of blockchain terms you may find useful. (All phrases in alphabetical order)

Airdrop

An airdrop is when a company drops a cryptocurrency or NFT directly into your wallet. Instead of an IPO, the blockchain service will launch tokens and airdrop them to users who have used the service. There are several reasons for this: it could be pure marketing, as the airdrop raises awareness of the tokens people can invest in, or it could provide governance tokens for the DAO.

A recent example: the Ethereum Name Service allows users to change their wallet number to a wallet name (such as CNET.eth). Last December, it launched its own ENS token, airdropping a certain amount to everyone who uses the service. The more people use the Ethereum name service, the more tokens they get airdropped — worth tens of thousands of dollars in some cases.

Altcoin

Any cryptocurrency that is not Bitcoin or Ethereum is called an Altcoin. Sometimes called "shitcoins."

Binance

The world's largest cryptocurrency exchange, where people buy and trade cryptocurrencies. It's being evaded by the U.S. Department of Justice and the IRSTax and money laundering investigations.

Blockchain

Blockchain is a "distributed database". Simply put, it is a decentralized ledger that records information in digital “blocks.” Once a block is mined and added to the chain, it cannot be changed, so the blockchain provides a public record of unchangeable data.

There are many different blockchains with varying degrees of decentralization, efficiency, and security. Many people have their own cryptocurrencies - for example, Ethereum is a cryptocurrency built on the Ethereum blockchain.

Bitcoin

Bitcoin is the first cryptocurrency, built on the Bitcoin blockchain. It was created in 2009 by a person or group of people under the pseudonym Satoshi Nakamoto. Only 21 million pieces can be minted, of which approximately 18.9 million are already in circulation.

Burning

Cryptocurrency is "burned" by sending to a wallet that can only receive but not send. Burning mechanisms are often used to create a deflationary effect: the fewer tokens in circulation, the scarcer the tokens held by investors.

Buy the dip

This refers to buying more of an asset after its price has fallen. For example, if the price drops by $10,000, a Bitcoin holder might “buy the dip.”

Cold Wallet

A cryptocurrency wallet that is not connected to the Internet. These wallets are safer and less susceptible to scams.

Cross-chain

The ability to send data, tokens or assets from one blockchain to another. This is different from “multi-chain” services that are built to work on multiple blockchains.

Cryptography

A form of information encryption in which data can only be decrypted using a key. Blockchains using a proof-of-work protocol rely on solving extremely complex cryptographic puzzles in order to mine and verify new blocks.

Cryptocurrency

Cryptocurrency is a token native to the blockchain. Cryptocurrencies are typically minted with each new block mined. For example, every time a new Ethereum block is mined, two Ether coins will be obtained as compensation for the miners.

A cryptocurrency is a token. Their birth is their defining factor: other tokens are created using platforms and applications built on top of the blockchain, while cryptocurrencies are built into the blockchain’s protocol.

Decentralized Applications (Dapps)

Abbreviation for Decentralized Applications.

Dao (DAO)

A decentralized autonomous organization. The DAO is an organization that makes decisions through consensus: all holders of governance tokens receive voting rights in organizational decisions, and the solution with the most votes is the DAO's action plan. Imagine a decentralized investment bank, but instead of fund managers making investment decisions, holders of their governance tokens vote on how to invest the funds in their treasury.

Decentralized exchange

Decentralized exchanges are used to buy and trade cryptocurrencies. Unlike typical exchanges, these exchanges use peer-to-peer trading that bypasses any centralized authority. These include Uniswap and Sushiswap.

Decentralized Finance (DeFi)

Abbreviation of "decentralized finance". DeFi is any financial instrument that uses blockchain technology to bypass centralized institutions, such as smart contracts or DAOs.

Diamond Hands

A diamond hand is a person who holds financial assets for the long term or during periods of price volatility.

DYOR

Abbreviation for "Do Your Own Research".

Ethereum (ETH)

A cryptocurrency mined on the Ethereum blockchain. Ethereum has a market capitalization second only to Bitcoin, but is a more commonly used cryptocurrency. Most altcoins are also built on Ethereum and are therefore pegged to Ethereum. Most NFTs are also built on Ethereum, which is why Ether is the primary token used in NFT transactions.

Ethereum

A blockchain that competes with Bitcoin. It aims to take the blockchain technology pioneered by Bitcoin developers and use it for more complex financial instruments such as smart contracts.

Flash loan

Flash loan is a DeFi tool that allows loans to be made without collateral. Flash loans allow you to borrow money to buy an asset, but only if you can buy the asset and repay the interest within the same block. Imagine using a loan to purchase a $1 million house, but the loan will only be approved if you have lined up another buyer who is willing to pay enough for you to repay the loan plus interest.

These loans use smart contract technology.

FUD

Abbreviation for "fear, uncertainty and doubt". This could be legitimate, such as people expressing concerns about the safety or legality or safety of a token or NFT project, such as an organized move to encourage people to sell, lowering the price of an asset.

Gas

Gas is the price you pay to use the Ethereum network. Each transaction requires a gas fee, which depends on how overloaded the blockchain is. Prices typically range from $50 to $500 per transaction, but prices can spike when the network is under heavy load.

Governance token

Governance tokens are cryptocurrencies that give their owners voting rights on a given project. See also: DAO.

GWEI

The cost of gas is expressed in GWEI. As a rough guide, when gwei is below 50, gas will be cheap, and when gwei is above 100, gas will be expensive.

HODL

An intentional misspelling of "hold" used to encourage people to hold their coins during price drops.

Layer 1 and Layer 2

If you dabble in cryptocurrency, you will have heard of Layer 1 and Layer 2 solutions. Layer 1 is the blockchain architecture itself, while Layer 2 refers to the architecture built on top of the blockchain.

For example, take the high gas cost problem of Ethereum as an example. Layer 1 solutions are to make the Ethereum blockchain more efficient, for example by adopting a proof-of-stake protocol. An example of a Layer 2 solution is Immutible X, an exchange built on Ethereum that uses smart contract technology to allow gas-free, carbon-neutraland transactions.

Liquid Market

A liquid market is a market with a large number of buyers and sellers, which allows buy and sell orders to be completed almost immediately. Cryptocurrency markets are liquid, NFT markets are not. Most legal cryptocurrencies can be bought and sold at any time, as NFT traders are required to list items for sale in the hope that buyers will purchase them manually.

Mainnet

A blockchain protocol for public use will be put into the mainnet. This distinguishes it from a testnet, which is more like a beta release of a blockchain protocol.

Memecoins

Many cryptocurrencies are designed to provide utility or services. Memecoins offer no practical prospects and exist purely as speculative assets. Dogecoin is the most well-known, but there are many, many more.

MetaMask

A browser-based online digital wallet, mainly used on the Ethereum blockchain transaction.

Mining

Mining is the process of verifying transactions and adding blocks to the blockchain. This usually involves powerful computers solving complex password problems. Crucially, this is also how new cryptocurrencies are added into circulation.

Mining Rig

A powerful computer set up for the specific purpose of mining cryptocurrency.

Mining Farm

A warehouse (or room) of mining equipment that operates around the clock and is used to mine cryptocurrency.

Mint

On the blockchain, minting means verifying information and making it a block on the blockchain.

To "mint" an NFT means to purchase it from its creator during a public sale. The "mint price" is the price at which its creator sells it - for example the "mint price" of Bored Ape Yacht Club is 0.08 Ether. After all NFTs in a collection have been minted, traders who want exposure to the collection need to purchase them from a secondary market like OpenSea.

Multi-chain

Applications or services designed to work with multiple blockchainsservice. This is different from cross-chain applications and services, which are designed to send data or assets from one blockchain to another.

MOON

A sharp surge in price is called "mooning" or "a moon". "To the moon" is a common phrase.

NFT

Non-fungible token. These are digital contracts that prove ownership of digital assets. Currently, they are associated with art, but NFTs can prove ownership of any number.

Off-Chain/On-chain

On-chain refers to things that exist on the blockchain, and off-chain refers to things that exist on the blockchain something other than something. Cryptocurrencies are on-chain currencies, and fiat currencies are off-chain currencies.

OpenSea

It is the largest NFT marketplace, specializing in Ethereum-based NFTs. (NFTs built on different blockchains are often sold on specialized marketplaces. For example, Solana NFTs are sold on Solanat.)

Play to Earn (P2E)

Play to Earn (P2E) games integrate blockchain and reward players with in-game cryptocurrency. Cryptocurrencies in these games can be exchanged for Bitcoin or Ethereum. The most prominent example is Axie Infinity, where players can earn Smooth Love Potion ($SLP).

Proof of Work

Proof of Work (POW) is a consensus mechanism by which blocks are added to the blockchain. Proof-of-work requires miners to solve complex cryptographic puzzles, which require large amounts of energy from powerful mining equipment, in order to verify new blockchain transactions.

Proof-of-work is a secure and decentralized consensus mechanism, but it is notoriously inefficient. This is how the Bitcoin and Ethereum blockchains work, although Ethereum will soon move to a more efficient Proof of Stake.

Proof of Stake

Facing the huge energy demand of proof of work, Proof of Stake (POS) is aAn updated consensus mechanism that can mine blocks more efficiently. Proof of Stake allows cryptocurrency holders to validate new blocks on the relevant blockchain.

They do this by staking their cryptocurrency. Network users stake their cryptocurrency, and if their stake is selected via a random algorithm, they have the opportunity to validate a new block – for which they are rewarded in the form of more cryptocurrency. The more cryptocurrencies are staked, the greater the chance that users will be selected to validate new blocks.

Proof-of-work rewards those who expend the most computing power to solve cryptographic puzzles, while proof-of-stake rewards those who have invested in the cryptocurrency for the long term.

Pump and dump (Pump and mp)

Pump and dump schemes involve artificial incentives for a product, causing people to buy it and raising its price. The pump-and-dump coordinators then sell their assets at inflated prices, causing prices to fall sharply.

These exist in traditional markets but are more common in cryptocurrency trading because the low liquidity of micro-cap cryptocurrencies makes their prices easier to manipulate.

Rug pull

A rug pull is when the creator of a cryptocurrency disappears, taking the funds with them. A recent example is the counterfeit Squid Game coins, although these coins are far from rare. “Carpet” is essentially shorthand for “scam.”

Satoshi Nakamoto

A pseudonym for the creator of Bitcoin. The white paper explaining the need for decentralized finance and explaining how Bitcoin works was signed by Satoshi Nakamoto, but no one knows who the real person was. It is speculated that Satoshi Nakamoto was actually several people.

Seed Phrase

When you create a cryptocurrency wallet, you are given a 12-word seed phrase . Every time you log into your wallet on a new device, you will need to use a mnemonic phrase. Never give your mnemonic phrase to anyone.

Sharding

Sharding distributes the network load on the blockchain, allowing more transactions to be processed per second. This sounds boring, but it's very important. Ethereum will integrate sharding next year, which will make using it cheaper and less damaging to the environment.

Shitcoin

Shitcoin is an altcoin that does not provide any utility, eitherMemecoin is still an invalid altcoin.

Silk Road

Silk Road was an online black market that was shut down by the FBI in 2013. This is where many people are first exposed to cryptocurrency, as Bitcoin is a popular payment method for illegal goods on the site.

Smart contract

A smart contract is a digital contract that executes itself when required conditions are met. For example, if Wallet X sends 0.08 ether to Wallet Y, Wallet Y sends NFT Z to Wallet X. They are most commonly used for automated trading, but can also be used for more complex purposes, such as quick loans.

Stable coin

Stablecoin is a cryptocurrency pegged to the US dollar. These include Tether and USDC. Their purpose is to allow cryptocurrency traders to keep their coins within the crypto ecosystem without experiencing the volatility of Bitcoin and Ethereum price fluctuations.

Staking

Equity staking is to lock the funds held in the cryptocurrency wallet to support the operation of the blockchain network. Essentially, it involves locking up cryptocurrency to earn rewards. In most cases, the process requires users to participate in blockchain activities using a personal crypto wallet.

The concept of equity staking is closely related to the Proof of Stake (PoS) mechanism. It is used in many other blockchain systems based on PoS or similar.

TLT

Abbreviation for "think long term".

Token

Tokens are various forms of blockchain assets. A cryptocurrency like Bitcoin is a type of token. Other types include governance tokens , which grant holders voting rights in a DAO or service, or utility tokens , which grant access to services based on the number of tokens held.

TXN

Abbreviation for transaction.

Utility Token

A token designed to provide a certain function. These can be access to applications, services or games. Examples include Filecoin, which grants access to blockchain-based digital storage, and Link, which connects smart contracts for off-chain type data.

Vanity Address

Personalized wallet addresses provided by companies such as Ethereum Name Service. It allows you to change your wallet address to a word or phrase of your choice, such as CNET.eth.

Vaporware

Products that were promised but never actually made it to market. The term became popular in the late 1990s with the original dot-com boom and has seen a revival thanks to shady cryptocurrency creators.

Vitalik Buterin

The creator behind the Ethereum blockchain.

Wallet

A cryptocurrency wallet is a place where you can store cryptocurrencies and NFTs. These wallets can be hot or cold wallets – i.e. browser wallets connected to the internet or physical hardware not connected to the internet. Wallets are read-write, which means they can receive information as well as signatures or online IDs.

Web 3

Web3 is the next iteration of the Internet imagined by blockchain enthusiasts. From the invention of the Internet until around 2005, Web1 was the read-only Internet. Web2 refers to the emergence of users being able to produce content and upload it to the Internet. Web3 will be an Internet integrated with blockchain. Imagine owning your social media posts as NFTs, using a cryptocurrency like Ethereum as a universal currency, and having your wallet as a form of ID rather than an email/password combination.

Whale

A person who holds a large amount of cryptocurrency.

Whitelist

Pre-sale list of cryptocurrencies and NFTs. Whitelisted investors can purchase assets ahead of a public offering, sometimes at a discount.

WAGMI

Abbreviation for "we're all going to make it".

D. What does blockchain FOMO mean?

FOMO is a relatively common blockchain term and is the origin of Fear of Missing Out headThe abbreviation refers to a fear of missing out. For example, the price of Bitcoin recently exceeded $10,000, and many people are afraid of missing out if Bitcoin continues to rise. This fear of missing out is called FOMO.

In daily life, there are many people who have experienced the FOMO phenomenon. Many people start scrolling through Weibo or Moments as soon as they open their eyes every day, otherwise they will feel panicked and always feel like they will miss something important. In the currency circle, it is manifested by looking at the market software every day and reading various blockchain-related information, for fear that you will miss some important information.

FOMO psychology is a common psychological state in the currency circle. Because of this psychology, it can easily be exploited by unscrupulous project parties. For newcomers with no investment experience , you must not invest blindly.

It is very important to have a correct outlook on investment. You must not chase the rise or fall. If your control ability is not strong, it is recommended to stock up on coins, then uninstall all irrelevant apps in the currency circle, and do other things. , to enrich your life.

E. What does ICO mean?

ICO (abbreviation of Initial Coin Offering), initial coin offering, originates from the concept of initial public offering (IPO) in the stock market and is a blockchain The project issues tokens for the first time and raises general digital currencies such as Bitcoin and Ethereum.

ICO is a blockchain industry term and a common way to raise funds for cryptocurrency/blockchain projects, in which early participants can receive initially generated cryptocurrency in return.

Because the tokens have market value, they can be exchanged for legal tender, thus supporting the development costs of the project. The tokens issued by ICO can be based on different blockchains. Common ones are issued based on the Ethereum (ETH) and BitShares (BTS) blockchains, with the blockchain providing accounting services and value consensus to achieve global issuance and circulation.

(5) Extended reading on blockchain professional terms:

The connection and difference between ICO and IPO.

IPO (English abbreviation Initial Public Offering) refers to the issuance method of a joint-stock company to the public for the first time. Compared with ICO, they have similarities and differences.

What they have in common

1. All raise funds by selling shares;

2. All potential investors take risks for the potential huge gains.

Differences

1. Most of the supporters of ICO are project enthusiasts or unprofessional investors;

2. ICO does not require a registered operating license ;

3. The ICO platform is a third-party neutral platform, and investors bear their own risks.

The development history of ICO:

July 2013: MasTercoin (now renamed Mastercoin OMNI) is one of the earliest blockchain projects to conduct an ICO. It successfully raised 5,000 BTC through crowdfunding on the Bitcointalk forum. Mastercoin is a second-generation coin built on top of the Bitcoin protocol and is designed to help users create and trade cryptocurrencies and other types of smart contracts.

December 2013: NXT (Future Coin) is the first complete POS blockchain. It raised 21 BTC (equivalent to US$6,000 at the time). Its market value was once as high as US$100 million. For investors, It is undoubtedly one of the most successful ICO projects.

Between 2013 and 2014: Many crazy blockchain projects successfully launched ICOs, and their token prices have skyrocketed. Unfortunately, these ICO projects eventually died due to hype. In the process or directly become a scam. However, during this time, there were also very successful ICO projects, such as Ethereum.

July 2014: Ethereum (Ethereum ETH) has high popularity at home and abroad. It is one of the largest ICOs to date, raising more than 18 million US dollars. It is also the cryptocurrency with the highest market value after Bitcoin. Digital currency.

March 2015: Factom (Factom) used the blockchain technology of Bitcoin to innovate the data management and data recording methods of commercial society and government departments through the Koinify platform ICO.

F. What are some professional terms in the currency circle

Explanations of 26 common terms in the blockchain industry

1. Blockchain——Blockchain< /p>

Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. is a shared distributed ledger where transactions are permanently recorded through appended blocks.

2. Block——Block

In the Bitcoin network, data will be permanently recorded in the form of files. We call these files blocks. A block is a set of records of some or all of the latest Bitcoin transactions that have not been recorded by other previous blocks.

3. Node - A copy of the ledger operated by participants in the blockchain network.

4. Decentralization

Decentralization is a phenomenon or structure that must appear or exist in a system with many nodes or in a group with many individuals. The influence between nodes will form a non-linear causal relationship through the network.

5. Consensus mechanism

The consensus mechanism is to complete the verification and confirmation of transactions in a very short time through the voting of special nodes; for a transaction, if the interests are irrelevant If several nodes can reach a consensus, we can think that the entire network can also reach a consensus on this.

6. Pow - Proof of Work

Proof of Work refers to how much currency you get, depending on the workload you contribute to mining. The better the computer performance, the more mines will be allocated to you.

7. PoS - Proof of Stake

Proof of Stake, a system of interest distribution based on the amount and time of currency you hold. In POS mode, your "mining" The income is proportional to your currency age and has nothing to do with the computing performance of your computer.

8. Smart Contract

Smart contract is a computer protocol designed to spread, verify or execute contracts in an information-based manner. Smart contracts allow trusted transactions to be made without third parties, which are traceable and irreversible.

9. Timestamp

Timestamp refers to a string or encoded information used to identify the recorded time and date. The international standard is ISO 8601.

10. Turing completeness

Turing completeness refers to the ability of a machine to perform any calculation that any other programmable computer can perform.

11. Dapp - decentralized application

It is an open source application that runs automatically and stores its data on the blockchain in the form of cryptocurrency tokens. Form incentives and operate with a protocol that displays proof of value.

12. DAO - Decentralized Autonomous Organization

It can be thought of as a company that operates without any human intervention and hands all forms of control to a set of uncontrollable entities. Broken business rules.

13. PrivateKey - Private Key

A private key is a string of data that allows you to access a token in a specific wallet. They, as cryptocurrencies, are hidden except from the owner of the address.

14. PublicKey——Public key

It appears in pairs with the private key. The public key can calculate the address of the currency, so it can be used as a certificate for owning the address of the currency.

15. Mining machine

A computing device or software that attempts to create blocks and add them to the blockchain. In a blockchain network, when a new valid block is created, the system will generally automatically give the block creator (mining machine) a certain number of tokens as a reward.

16. Mining pool

It is a fully automatic mining platform that allows miners to contribute their own computing power to mine together to create blocks and obtain block rewards. And the profits are distributed according to the proportion of computing power contribution (that is, the mining machine is connected to the mining pool - provides computing power - obtains income).

17. Public chain

A completely open blockchain refers to a fully open blockchain that can be read by anyone, anyone can send transactions, and transactions can be effectively confirmed. People around the world can participate in system maintenance, and anyone can read and write data through transactions or mining.

18. Private chain

A blockchain where write permission is only for a certain organization or a specific few objects. readAccess permissions can be open to the outside world or restricted to any extent.

19. Alliance chain

The consensus mechanism is a blockchain jointly controlled by a number of designated institutions.

20. Sidechains

Pegged sidechains technology will enable the transfer of Bitcoin and other digital assets between multiple blockchains. This This means that users can access the new cryptocurrency system while using their existing assets.

21. Cross-chain technology

Cross-chain technology can be understood as a bridge connecting various blockchains. Its main application is to realize Atom transactions, asset conversion, and partitioning between blockchains. Information exchange within the blockchain, or solving Oracle problems, etc.

22. Hard fork

The blockchain has a permanent divergence. After the new consensus rules are released, some nodes that have not been upgraded cannot verify the blocks produced by the upgraded nodes. Usually a hard fork happens.

23. Soft fork

When the new consensus rules are released, nodes that have not been upgraded will produce illegal blocks because they do not know the new consensus rules, which will cause Temporary forks.

24. Hash——Hash value

Generally translated as "hash", there are also direct transliterations as "hash". Simply put, it is a function that compresses a message of any length into a message digest of a fixed length.

25. Main chain

The term main chain comes from the main network (relative to the test network), which is an independent blockchain network that is officially online.

For those who don’t understand the “jargon” of the currency circle, come and learn it quickly:

1. What is legal currency?

Legal currency is legal tender, issued by the country and the government, and is only guaranteed by government credit, such as RMB, US dollars, etc.

2. What is token?

Token, usually translated as pass. Token is one of the important concepts in the blockchain. It is more commonly known as "token", but in the eyes of professional "chain circle" people, its more accurate translation is "pass", which represents the area. A proof of stake on the blockchain, not a currency.

The three elements of Token

The first is digital proof of rights and interests. The token must be a certificate of rights and interests in digital form, representing a right and an inherent and intrinsic value;

The second is cryptocurrency. The authenticity, tamper resistance, privacy protection and other capabilities of the token are guaranteed by cryptography;

The third is the ability to flow in a network, so that It can be verified anytime and anywhere.

3. What is position building?

Building a position in the currency circle is also called opening a position, which refers to a trader’s new purchase or sale of a certain amount of digital currency.

4. What is stud?

Cryptocurrency stud means investing all the principal.

5. AirdropWhat is it?

Airdrops are currently a very popular cryptocurrency marketing method. In order to provide potential investors and people who are passionate about cryptocurrency with information about the token, the token team will conduct frequent airdrops.

6. What is lock-up?

Lock position generally means that after investors buy and sell contracts, when the market trend is opposite to their own operations, they open a new position opposite to their original position. Its name is Butterfly Flying Double.

7. What is candy?

Cryptocurrency candies are digital coins that are distributed to users for free when various digital currencies are first issued during ICO. They are a kind of momentum and publicity for the project itself by the issuer of the virtual currency project.

8. What is a break?

Break refers to falling below, and hair refers to the issuance price of digital currency. A currency circle break means that a certain digital currency falls below the issuance price.

9. What is private equity?

Cryptocurrency private placement is a way to invest in cryptocurrency projects, and it is also the best way for cryptocurrency project founders to raise funds for platform operations.

10. How do you look at the K-line chart?

K-line charts (Candlestick Charts) are also called candle charts, Japanese lines, yin-yang lines, stick lines, red and black lines, etc. The commonly used term is "K-line". It is plotted as the opening, high, low and closing prices for each analysis period.

11. What is hedging?

Generally, hedging is to conduct two transactions at the same time that are related to the market, opposite in direction, of equal quantity, and with profits and losses offsetting. In the futures contract market, buy positions of the same quantity but in different directions. When the direction is determined, close the position in the opposite direction and retain the positive direction to gain profits.

12. What is a position?

Position is a market agreement that commits to buying and selling the initial position of a contract. Those who buy the contract are long and are in a position to expect an increase; those who sell the contract are short and are in a position to expect a decrease.

13. What are the benefits?

Good news: It refers to news that a currency has received mainstream media attention, or that a certain technology application has made breakthrough progress, which is conducive to stimulating price increases. This is called good news.

14. What are the disadvantages?

Bad news: news that causes currency prices to fall, such as Bitcoin technical problems, central bank suppression, etc.

15. What is rebound?

The price adjustment phenomenon in which currency prices rebound due to falling too fast in a downward trend. The recovery is smaller than the decline.

16. What is leverage?

Leveraged trading, as the name suggests, is to use small amounts of funds to invest several times the original amount, in the hope of obtaining multiple returns or losses relative to the fluctuations in the investment target.

G. What is Blockchain

In the simplest terms, blockchain is a distributed ledger.

To understand what this means, we first have to look at its oppositeSurface: A centralized ledger. Because blockchain technology started with finance, we will also introduce it below using banks as an example.

The following is our process for using bank debit card transactions:

You can swipe your card to purchase goods in stores.

The merchant sends a statement to your bank for the agreed upon amount.

Your bank will verify that you may have authorized the purchase.

The bank sends the money to the merchant.

Finally, the bank records this information in its ledger.

There’s a lot of technology involved here, but that’s basically it. The last step is important - the bank records all transactions made by the customer. This ledger goes all the way back to the first transaction the bank made.

This ledger is kept, maintained and regulated by the bank. You can read it in your online bank account, but you can't change it. The bank has complete control. If it decides to make a change, there's nothing you can do about it.

Crucially, if hackers were able to access a bank’s ledger, that could cause a lot of problems. They can change the account balance to make it look like certain transactions never occurred, etc.

This is why distributed ledgers are so cool.

Blockchain Network Visualization

If a bank operates on a distributed ledger, each member of the bank will have a copy of the ledger, and whenever any member of the bank When they make a purchase, they tell every other member of the bank.

Each member will validate the transaction and add it to the ledger (the added records are called "blocks"). This has some important benefits, as there is no centralized authority that can manipulate records. Hackers accessing one ledger won't be a big problem because other ledgers can easily verify it.

On the other hand, it requires a lot of work. In short, the second system is blockchain (at least in financial scenarios).

As mentioned above, blockchain is a decentralized list of transactions. If I send Xiao Ming 2 Bitcoins, I send a message to everyone in the network saying "I am sending Xiao Ming 2 Bitcoins" and they all record the transaction.

The future of blockchain, how will it change our lives?

One thing that is important about blockchain is that it is a public resource and no one really owns it because everyone owns it.

Blockchain is not just science fiction. We don’t need to understand the mechanism behind this technology, but you do need to understand that it may completely change our lives in the next 20 years.

This sounds bold, but remember, 20 years ago, we were still at NetscapeBrowse the Internet, use a state-of-the-art Motorola flip phone, and buy our first DVD player. At that time, if we imagined that a computer could be held in our hands and that we could buy cars, make payments, and watch movies, it would have been considered a fantasy.

Although the impact of blockchain may not be as obvious as the Internet, nor as tangible as mobile phones, blockchain will effectively solve many worries in daily life. Such as intermediaries cheating people, transaction delays, etc. In our current lives, middlemen are everywhere and we take them for granted as a part of life. If one day these intermediaries cease to exist, you will find that the world will become a different place.

Imagine that by 2040, blockchain may become a mature and widely used technology. When one day you can't live without the blockchain just like you can't live without the Internet now, you will be surprised to find that this decentralized accounting technology has simplified the complexity and become a part of your lifestyle

H. What is the so-called "blockchain"

It can be said that 2020 is the first year of industrial blockchain. With the continuous development of blockchain technology, the number of companies actively deploying blockchain has grown exponentially. However, blockchain is still in a very early stage of development, and the implementation of blockchain applications still requires continuous exploration.
In the past ten years or so, blockchain technology has had a wide impact on a global scale. Compared with its inception, the face of the blockchain industry has undergone earth-shaking changes.
The blockchain market in the past few years was more like the Internet before 2000. The Internet before 2000 went through a period of restlessness and experienced ups and downs. Then the big waves washed away the sand, and truly powerful companies developed. .
While participating in the Cointelegraph Chinese event, Avalanche Asia Ecology Partner Wilson said: "In 2018, the blockchain ecosystem was completely different from now. At that time, it was more conceptual. Starting last year, the district The blockchain industry has undergone great differences. More and more reliable projects have been born.”
Indeed, in addition to being initially limited to applications in the field of digital currency, blockchain technology has now gradually become the basis of different traditional industries. facility. After more than ten years of exploration and research and development, blockchain has also discovered more application scenarios that highlight its value.
The growth momentum continues, but large-scale application has not yet been achieved
It can be said that 2020 is the first year of industrial blockchain. With the continuous development of blockchain technology, the number of companies actively deploying blockchain has grown exponentially. Against the backdrop of the COVID-19 outbreak, blockchain technology has also shown its huge untapped potential.
In the past year, global blockchain companies have continued to grow, but at a slower pace. According to data from the "Blockchain White Paper (2020)" of the China Academy of Information and Communications Technology, as of September 2020, there are 3,709 blockchains in the world.Blockchain companies are mainly distributed in the United States and China, with the United States accounting for 27% and China accounting for 24%.
Obviously, as countries around the world continue to introduce positive blockchain policies and promote blockchain technology to empower the real economy, the blockchain industry bubbles are gone and the industry has returned to rationality. More and more companies are entering the market and actively using blockchain technology to expand their business.
Even though blockchain-related companies are springing up like mushrooms after a rain, blockchain is still in a very early stage of development. From the bottom of the protocol layer, it is still very early to be mature and complete. The middleware layer may be far away from maturity, and the middleware layer may be a very important infrastructure required for the future integration of blockchain with the real world and real economy.
When these things have gradually become standardized and mature, we will usher in a stage where blockchain will become mainstream and explode.
As for the development status of the entire blockchain technology, Helium China Managing Director Gao Yuan pointed out: "The user experience of various blockchain applications is not very good now. The development of middleware and the maturity of the user end are the key to achieving large-scale implementation." The key point of application. Ultimately, for blockchain to be implemented and become part of the real economy, it requires a mature and clear state at the regulatory level."
However, the implementation of blockchain applications still requires continuous exploration. If the performance of the underlying infrastructure of the blockchain is not improved, it will be difficult to achieve large-scale commercial applications in the future. So, what is the reason why a large number of blockchain applications have not been successfully implemented? Charlie Hu, head of Polygon China, believes:
First, it is not friendly enough to developers;
Second, it has limited expansion performance;
Third, it lacks interoperability, and its core logic is the future blockchain The world is not just one chain, but multiple chains coexist. Based on the existence of different chains for different business applications, cross-chain interoperability is very important.
Why is interoperability crucial for different blockchains?
The "interoperability" of blockchain means that different blockchain networks can easily communicate with each other and share information. Interoperability mainly refers to application layer interoperability, inter-chain interoperability, and off-chain data interoperability.
IOHK CEO and Cardano founder Charles Hoskinson said in an interview with Forbes that blockchain interoperability will lead to easy migration from one system to another.
In the blockchain industry, a blockchain that can meet user needs and operate efficiently is a necessity, and its status is very important. Although Ethereum has innovatively created smart contract technology and built a super ecosystem containing various applications, it is far from meeting commercial needs, at least until Ethereum 2.0 is fully launched.
Why is blockchain interoperability so important? With the continuous expansion of blockchain technology itself and its application in different industries,, the difficulty of interoperability between different chains, the difficulty of docking between different applications, and the difficulty of trustworthy interaction on and off the chain. These problems have largely restricted the large-scale application of blockchain.
The scenario requirements between different blockchains may be different, and under these different requirements, a large number of interactions are required. Regarding interoperability, Iris, head of Asia business strategy at Edge & Node, said: "If there are islands between chains, there will be no way to interact, which will greatly affect applications. Interoperability across chains has different levels. From assets to data, to a lower-level consensus. Many projects have already realized asset cross-chain, and the next more difficult step is data cross-chain.”
It is far from achieving interoperability between different blockchains. not enough. According to Zhixian, the founder of Leitu Technology, interoperability should not be limited to the blockchain ecosystem. Only by opening up the interoperability between the blockchain and the Internet can the user base be maximized.
Cross-chain technology is the key to achieving interoperability. Currently, cross-chain technologies include notary mechanisms, side chains/relay chains, hash time locking, and distributed private key control.
In terms of data trust and security issues during the interaction process, O3Labs product VP Tim believes that the interoperability of different chains may have some challenges. He added:
First, user experience. Products must be made for more users. Whether in enterprises, institutions or consumers, user experience issues will be taken into consideration. Even if it can be achieved in terms of technology, it must also be achieved in terms of experience.
Second, security. Different chains will need to adjust some off-chain data. Different chains have different methods, so it is important to ensure the accuracy of the data. Because this will become a foundation, if there are many applications on this chain in the future, the accuracy and speed of these data must be very consistent.
Just like the emphasis on privacy protection in the traditional Internet, privacy protection issues must also be paid attention to between different chains and in the process of on-chain and off-chain interactions. Every interaction should avoid privacy leakage during the interaction. Suterusu CTO Lin Huang said that currently, there are too many cross-chain projects, and there are many products in this area. However, there are relatively few products that consider supporting multi-chain privacy protection. Suterusu has already done a lot of work on privacy protection and will be deployed on some chains next.
The future of blockchain - the coexistence of multiple chains
The blockchain industry has been constantly evolving. In addition to Ethereum, there are many blockchains emerging with the same vision as Ethereum, such as EOS, Polkadot, Cosmos, Avalanche, Polygon, etc.
Competition and cooperation are inevitable for the development of various industries, and the same is true for the blockchain industry. Only through competition can we continue to innovate.
In the future, Ethereum will not be "one super, many strong", but will inevitably form a situation where multiple chains coexist. differentThere will be some differentiated competition among public chains and different infrastructures, and finally these different chains will be connected together through cross-chain technology.
When asked about the future development of blockchain, He Yifan, executive director of the BSN Development Alliance and CEO of Beijing Hongzao Technology Co., Ltd., looked forward to:
In 3 to 5 years, especially the operating system layer will become more and more mature. In this case, blockchain technology should become a conventional technology. If developers don't even know how to use traditional databases, they don't have to work at all. In 3 to 5 years, every developer should be able to use blockchain technology to build basic applications.

I. What is the concept of blockchain

Blockchain has two meanings:

1. Blockchain is a distributed data storage , point-to-point transmission, consensus mechanism, encryption algorithm and other new application models of computer technology. The so-called consensus mechanism is a mathematical algorithm in the blockchain system to establish trust and obtain rights and interests between different nodes.

2. Blockchain is the underlying technology of Bitcoin. It is like a database ledger that records all transaction records. This technology has gradually attracted the attention of the banking and financial industries because of its safety and convenience.

In a narrow sense, blockchain is a chain data structure that combines data blocks in a sequential manner in chronological order, and is cryptographically guaranteed to be non-tamperable and non-transferable. Fake distributed ledger.

Broadly speaking, blockchain technology uses block chain data structures to verify and store data, uses distributed node consensus algorithms to generate and update data, and uses cryptography to ensure data transmission and access. It is a new distributed infrastructure and computing method that uses smart contracts composed of automated script codes to program and operate data securely.