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『一』 There is a blockchain project called Rate3. What does it do and what role does it play in the financial field
[The actual role of blockchain]
< p>If it is closer to our lives, it is: Blockchain has achieved "de-trust" or "de-trust based on people".When we trust WeChat Pay, we essentially trust Tencent; when we deposit money into banks, we essentially trust banking companies. These "traditional" trusts may have various flaws and loopholes, such as certain types of contracts that are prone to breach of contract.
Blockchain technology provides a new solution model, that is, a "100% code-based trust model", a completely machine-based trust model without any other artificial trust factors. This trust model is actually safer and very practical. It is not just a concept~
[What does Rate3 do]
Rate3 is a blockchain project in Singapore . It takes into account that in the past few years, global trade has almost completely played a role in improving the living standards of the world's residents. In fact, the use of blockchain technology can improve existing trade and further benefit individuals and businesses through tokenized digital asset transactions. Businesses create wealth.
But the biggest difference between Rate3 and other blockchain projects is that it aims to build cross-chain bridges for corporate and individual users.
To be precise, Rate3 is currently developing a tool that can span the Ethereum and Stellar networks and can perform asset tokenization and identity management. It hopes to build a tool for users to enjoy both. A bridge to the advantages of public chains.
The technical highlight of Rate3 is the "Rate3 dual agreement" including cross-border payment agreement and credit scoring agreement. Through the former, Rate3 aims to help businesses use the Stellar network for cross-border payments and settlements. Through the latter, Rate3 uses the Ethereum network to provide a gateway to further leverage financial services: decentralizing credit scoring, facilitating credit lending, and building bridges to other financial institutions.
Rate3’s vision is to achieve a more transparent and inclusive tokenized future. This vision has also been supported by many well-known venture capital institutions (Funded Capital, Matrix Partners China, Hash Capital, etc..) investment support.
You can go to the official website of Rate3 to find out~ You can also directly search for Rate3 through the WeChat official account of the web link~
『二』Top Ten Virtual Coins with Potential in 2023
Bit Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS6, Litecoin, Stellar Lumens, Cardano, Tether, IOTA
1. Bitcoin was created by the Japanese on November 1, 2008 Launched by Satoshi Nakamoto and officially born on January 3, 2009! Bitcoin is a virtual encrypted digital currency in a P2P situation. Point-to-point transmission means a decentralized payment system! Since it is a virtual currency, it is definitely not issued by a specific institution, but through a specific method and a large number of computers.Consider it produced! Because the total amount is relatively small, its scarcity is very high, and the number is now permanently limited to about 21 million!
2. Ethereum: Ethereum is an open source public blockchain platform with contract functions. Through its dedicated cryptocurrency Ethereum, it is also a decentralized virtual machine to handle peer-to-peer transactions. contract! It was proposed by programmer Vitalik Buterin in 2013 after being inspired by Bitcoin. It was developed in 2014 and is now the cryptocurrency with the second highest market value after Bitcoin!
3. Ripple currency: Ripple currency is the base currency of the Ripple network. It circulates throughout the entire Ripple network. The total amount is about 100 billion, and the number will gradually decrease with more transactions! Last year, Ripple surpassed Ethereum in a short period of time to become the world’s second most valuable virtual currency!
4. Bitcoin Cash: It is a new encrypted digital asset launched by ViaBTC, a mining pool owned by the mining giant Bitcoin Continent, based on the BitcoinABC plan. It can be regarded as a fork of Bitcoin BTC or It’s an altcoin! Its purpose is to alleviate Bitcoin’s network congestion problem!
5. EOS: It is a blockchain operating system designed for commercial distributed applications. It is similar to the Winds operating system and can support multiple applications operating at the same time. It aims to realize the implementation of distributed applications. New capabilities expanded! But it is not a currency like Bitcoin and Ethereum, but a token released based on the EOS software project, and there are no handling fees, so it has a wider audience!
6. Litecoin: It is also a virtual currency inspired by Bitcoin. Its creation and transfer are based on an open source encryption protocol and are not managed by any central agency. Designed to improve Bitcoin, the circulation is more than four times that of Bitcoin!
7. Stellar currency: It is a basic currency circulating in the Stellar network, and the Stellar network is developed based on the Ripple network. However, the Stellar network and the Ribo network are classified as pyramid schemes in China and are not allowed. Released!
8. ADA Coin: A virtual currency born in 2015, with a total amount of 4.5 billion. This advanced digital currency represents the currency of the future. Through encryption technology, it can be used more quickly. Direct transfers ensure security!
9. Tether: It is a virtual currency launched by Tether that links cryptocurrency to the legal currency US dollar. It is a virtual currency that is stored in a foreign exchange reserve account and supported by legal currency! 1 Tether is equal to 1 US dollar!
10. 10. IOTA: It is a new type of digital cryptocurrency that focuses on solving transaction problems between machines. It is more efficient, secure and real-time micro-transactions and does not generate No transaction fees!
『三』 Consensus mechanism of blockchain
1. The goal of blockchain consensus mechanism
Blockchain is What? Simply put, blockchain is a decentralizedA centralized database may be called a distributed ledger. Traditionally, all databases are centralized. For example, a bank's ledger is stored in the bank's central server. The disadvantage of a centralized database is that the security and accuracy of the data depend entirely on the database operator (i.e., the bank), because anyone who has access to the centralized database (such as bank employees or hackers) can destroy or modify the data in it.
Blockchain technology allows databases to be stored on thousands of computers around the world. Everyone’s ledger is synchronized through a peer-to-peer network, and anyone in the network can Once a user adds a transaction, the transaction information will be notified to other users through the network for verification and recorded in their respective ledgers. Blockchain gets its name because it is a data structure composed of blocks containing transaction information linked in an orderly manner from back to front.
Many people’s question about blockchain is that if each user has an independent ledger, does it mean that they can add to their own ledger? Arbitrary transaction information, and how can thousands of ledgers ensure the consistency of accounting? Solving the problem of accounting consistency is the goal of the blockchain consensus mechanism. The blockchain consensus mechanism aims to ensure that the data in all nodes in the distributed system are exactly the same and can reach agreement on a certain proposal (for example, a transaction record). However, due to the introduction of multiple nodes in a distributed system, various very complex situations will occur in the system; as the number of nodes increases, node failure or failure, network communication between nodes is interfered or even blocked, etc. In addition to common problems, solving various boundary conditions and unexpected situations in distributed systems also increases the difficulty of solving distributed consistency problems.
Blockchain can be divided into three types:
Public chain: full Anyone in the world can enter the system at any time to read data, send confirmed transactions, and compete for accounting in the blockchain. Public blockchains are generally considered "completely decentralized" because no one or institution can control or tamper with the reading and writing of data. Public chains generally encourage participants to compete for accounting through a token mechanism to ensure data security.
Alliance chain: Alliance chain refers to a blockchain in which several institutions jointly participate in management. Each institution runs one or more nodes, and the data in it only allows different institutions within the system to read, write and send transactions, and jointly record transaction data. This type of blockchain is considered “partially decentralized.”
Private chain: refers to a blockchain whose write permission is controlled by an organization or institution. Participating node resourcesThe grid will be strictly limited. Since the participating nodes are limited and controllable, private chains can often have extremely fast transaction speeds, better privacy protection, lower transaction costs, are not prone to malicious attacks, and can Meet the necessary requirements of the financial industry such as identity authentication. Compared with centralized databases, private chains can prevent single nodes within an organization from deliberately concealing or tampering with data. Even if an error occurs, the source can be quickly discovered, so many large financial institutions are currently more inclined to use private chain technology.
2. Classification of blockchain consensus mechanisms
The difficulty of solving distributed consistency problems has given rise to several consensus mechanisms, each of which has its own advantages and disadvantages, and is also suitable for different environment and issues. The consensus mechanisms that are common knowledge include:
l PoW (Proof of Work) workload proof mechanism
l PoS (Proof of Stake) ) Equity/Equity Proof Mechanism
l DPoS (Delegated Proof of Stake) Share Authorization Proof Mechanism
l PBFT (Practical Byzantine Fault Tolerance) Practical Byzantine Fault Tolerance Algorithm
l DBFT (Delegated Byzantine Fault Tolerance) Authorized Byzantine Fault Tolerance Algorithm
l SCP (Stellar Consensus Protocol) Stellar Consensus Protocol
l RPCA (Ripple Protocol Consensus Algorithm) Ripple Consensus Algorithm
p>l Pool verification pool consensus mechanism
(1) PoW (Proof of Work) workload proof mechanism
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1. Basic introduction
In this mechanism, every node on the network is using the SHA256 hash function (hash function) Calculate the hash value (hash sum) of a changing block header. Consensus requires that the calculated value must be equal to or less than a given value. In a distributed network, all participants need to continuously calculate the hash value using different random numbers until the goal is reached. When one node calculates an exact value, all other nodes must confirm with each other that the value is correct. Transactions in new blocks will then be verified to prevent fraud.
In Bitcoin, the above nodes that calculate hash values are called "miners", and the PoW process is called "mining". Mining is a time-consuming process, so incentives have been proposed (such as granting miners a small share of Bitcoin). The advantage of PoW is complete decentralization, but its disadvantage is the waste of resources caused by consuming a lot of computing power, the cycle of reaching consensus is also relatively long, and the consensus efficiency is low, so it is not very suitable for commercial use.
2. Application examples of cryptocurrency
Bitcoin and Litecoin. The first three phases of Ethereum (Frontier, Homestead, and Metropolis) all adopt the PoW mechanism, and its fourth phase (Serenity) will adopt the proof-of-stake mechanism. PoW is suitable for public chains.
Although the PoW mechanism has successfully proved its long-term stability and relative fairness, under the existing framework, using the "mining" form of PoW will consume A lot of energy. The energy it consumes is just to continuously perform SHA256 calculations to ensure fair workload, and has no other meaning of existence. The current transaction efficiency that BTC can achieve is about 5TPS (5 transactions/second). Ethereum is currently subject to the upper limit of the total amount of GAS in a single block, and the transaction frequency that can be achieved is about 25TPS, which is the same as the average thousand times per second and peak performance. There is a huge difference between VISA and MASTERCARD, which can achieve processing efficiency of 10,000 times per second.
3. Simple diagram understanding mode
(ps: The process of calculating hash values by A, B, C, and D is "mining". In order to reward the time cost, the mechanism will use a certain number of Bitcoins as incentives.)
(Ps: In PoS mode, your "mining" income is proportional to the age of your currency (number of coins * number of days), and has nothing to do with the computing performance of the computer. We can think that the accumulation of any probabilistic events is proof of work, such as gold mining. Assuming that the gold content of ore is p% mass, when you get a certain amount of gold, we can think that you must have dug 1/p mass of ore. And The more gold you get, the more reliable the proof is.)
(2) PoS (Proof of Stake) equity/stake proof mechanism
< p>1. Basic introduction
PoS requires people to prove the ownership of the currency amount. It believes in the possibility of people with a large amount of currency attacking the network. Low. Selection based on account balance is very unfair, as the single richest person is bound to dominate the network, so many solutions have been proposed.
In the proof-of-stake mechanism, whenever a block is created, miners need to create a transaction called "coin rights", which will be determined according to a certain Proportionately sends some coins to miners in advance. Then the equity proof mechanism reduces the mining difficulty of nodes in equal proportions based on the proportion and time of tokens held by each node (coin age) according to the algorithm, so as to speed up the node's search for random numbers and shorten the time required to reach consensus.
Compared with PoW, PoS can save more energy and be more efficient. But since the mining cost is close to 0, it may be vulnerable to attacks. And PoS still essentially requires nodes in the network to perform mining operations, so it is also difficult to apply in the commercial field.
2. Application examples of digital currency
The more mature digital currencies under the PoS mechanism are Peercoin and NXT. Compared with PoW, the PoS mechanism saves energy and introduces the concept of "coin days" to participate in random operations. The PoS mechanism allows more currency holders to participate in the accounting work without the need to purchase additional equipment (mining machines, graphics cards, etc.). The computing power of each unit token is positively related to the length of time it is held. That is, the more tokens a holder holds and the longer the time, the greater the probability that the holder can sign and produce the next block. Once it signs the next block, the currency days held by the currency holder will be cleared and a new cycle will be re-entered.
PoS is suitable for public chains.
3. How to generate block signers
Under the PoS mechanism, Because the signers of blocks are randomly generated, some currency holders will hold tokens for a long time and in large amounts to obtain a greater probability of generating blocks, and to clear as many of their "coin days" as possible. Therefore, the number of circulating tokens in the entire network will decrease, which is not conducive to the circulation of tokens on the chain, and prices will be more susceptible to fluctuations. Since there may be a small number of large investors holding most of the tokens in the entire network, the entire network may become more and more centralized as the running time increases. Compared with PoW, those who do evil under the PoS mechanismThe cost is very low, so for forks or double-spending attacks, more mechanisms are needed to ensure consensus. Under stable conditions, approximately 12 transactions can be generated per second, but due to network delays and consensus issues, it takes about 60 seconds to fully broadcast the consensus block. In the long run, the speed of generating blocks (that is, clearing "coin days") is much lower than the speed of network propagation and broadcasting. Therefore, under the PoS mechanism, it is necessary to "limit the speed" of generated blocks to ensure the stability of the main network. run.
4. Simple diagram understanding mode
(PS: The more “shares” you own, the easier it is for you to obtain account rights. It refers to how much currency you get, which depends on the workload you contribute to mining and the performance of your computer. The better, the more mines will be allocated to you.)
(In a pure POS system, such as NXT, there is no mining process, and the initial equity The distribution has been fixed, and then only the equity is transferred among traders, very similar to stocks in the real world.)
(3) DPoS (Delegated Proof of Stake) ) Share authorization certification mechanism
1. Basic introduction
Due to various disadvantages of PoS , thus the DPoS (Delegated Proof of Stake), the first equity representation mechanism pioneered by BitShares, came into being. The core element of the DPoS mechanism is election. Holders of each system's native tokens can participate in elections in the blockchain, and the balance of the tokens they hold is the voting weight. Through voting, shareholders can elect board members and express their attitudes on issues related to the development direction of the platform, all of which form the basis of community autonomy. In addition to voting in elections themselves, shareholders can also vote on their behalf by authorizing their election votes to other accounts they trust.
Specifically, DPoS was invented by the Bitshares project team. Stakeholders elect their representatives to generate and verify blocks. DPoS is similar to a modern corporate board of directors system. The BitShares system calls token holders shareholders, and shareholders vote to elect 101 representatives. These representatives are then responsible for generating and verifying blocks. If a currency holder wants to be called a representative, he must first use his public key to register on the blockchain and obtain a unique 32-bit identity identifier. Shareholders can vote on this identifier in the form of transactions and get votes. The top 101 people were selected as representatives.
Representatives take turns to generate blocks, and the profits (transaction fees) are equally divided. The advantage of DPoS is that it greatly reduces the number of nodes participating in block verification and accounting, thereby shortening the time required for consensus verification and greatly improving transaction efficiency. From a certain perspective, DPoS can be understood as a polycentric system, which has the advantages of both decentralization and centralization. Advantages: It greatly reduces the number of nodes participating in verification and accounting, and can achieve second-level consensus verification. Disadvantages: Voting enthusiasm is not high, and most token holders do not participate in voting; in addition, the entire consensus mechanism still relies on tokens, and many commercial applications do not require the existence of tokens.
The DPoS mechanism requires that before generating the next block, it must be verified that the previous block has been signed by a trusted node. Compared with PoS's "National Mining", DPoS uses a system similar to the "Congress" to directly select trusted nodes, and these trusted nodes (i.e. witnesses) exercise power on behalf of other currency holders. Witnesses Nodes are required to be online for a long time, thus solving a series of problems such as delays in block production that may be caused by PoS block signers not always being online. The DPoS mechanism can usually reach a transaction speed of 10,000 transactions per second, and can reach the level of 100,000 seconds when the network delay is low, which is very suitable for enterprise-level applications. Because Gongxinbao Data Exchange has high requirements for data transaction frequency and long-term stability, DPoS is a very good choice.
2. Institutions and systems under the share authorization certification mechanism
The board of directors is the authority of the blockchain network. The candidates for the board of directors are elected by system shareholders (i.e. currency holders). Board members have the right to initiate motions and vote on motions.
One of the important responsibilities of the Board of Directors is to adjust the variable parameters of the system as needed. These parameters include:
l Fee related: rates for various transaction types.
l Authorization related: parameters related to charges and subsidies for third-party platforms that access the network.
l Block production related: block production interval, block reward.
l Identity review related: review and verify the information of abnormal institutional accounts.
l At the same time, matters related to the interests of the Board of Directors will not be set by the Board of Directors.
In the Finchain system, witnesses are responsible for collecting various transactions broadcast when the network is running and packaging them into blocks. Their work is similar to that of the Bitcoin network Miners in China are adopting PoW (Proof of Work)In the Bitcoin network, a lottery method in which the probability of winning depends on the hash power determines which miner node generates the next block. In a financial chain network that adopts the DPoS mechanism, the number of witnesses is determined by voting by the board of directors, and the candidates for the witnesses are determined by voting by currency holders. The selected active witnesses package transactions and produce blocks in order. After each round of block production, the witnesses will randomly shuffle the cards to determine the new order before entering the next round of block production.
3. Application examples of DPoS
Bitshares uses DPoS. DPoS is mainly suitable for alliance chains.
4. Simple diagram understanding mode
(4) PBFT (Practical Byzantine Fault Tolerance) Practical Byzantine Fault Tolerance Algorithm
1. Basic introduction
PBFT is an algorithm based on strict mathematical proof, which requires three stages of information interaction and local consensus to achieve the final unanimous output. The three stages are pre-prepare, prepare, and commit. The PBFT algorithm proves that as long as there are more than 2/3 normal nodes in the system, it can ensure that a consistent consensus result can be output in the end. In other words, in a system using the PBFT algorithm, it can tolerate no more than 1/3 of the total number of nodes in the system (including nodes that intentionally mislead, intentionally damage the system, time out, repeatedly send messages, forge signatures, etc., also known as " Byzantium" node).
2. Application examples of PBFT
The famous alliance chain Hyperledger Fabric v0.6 uses PBFT, and v1.0 launched an improved version of PBFT, SBFT. PBFT is mainly suitable for private chains and consortium chains.
3. Simple diagram understanding mode
The picture above showsA simplified PBFT protocol communication model is proposed, where C is the client, 0 – 3 represents the service node, where 0 is the master node and 3 is the fault node. The basic process of the entire protocol is as follows:
(1) The client sends a request to activate the service operation of the master node;
(2) When the master node receives the request, it starts a three-phase protocol to broadcast the request to each slave node;
(a) Sequence number allocation phase, the master node assigns a sequence number n to the request, broadcasts the sequence number allocation message and the client's request message m, and will construct a pre-prepare message to each slave node;
(b) In the interaction phase, the slave node receives the pre-prepare message and broadcasts the prepare message to other service nodes;
(c) In the sequence number confirmation phase, after each node verifies the request and sequence in the view, it broadcasts the commit message, executes the received client request and responds to the client.
(3) The client waits for responses from different nodes. If m+1 responses are the same, the response is the result of the operation;
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(5) DBFT (Delegated Byzantine Fault Tolerance) authorized Byzantine fault tolerance algorithm
1. Basic introduction
DBFT is based on PBFT. In this mechanism, there are two types of participants, one is the "super node" who specializes in accounting , one is an ordinary user in the system who does not participate in accounting. Ordinary users vote for super nodes based on the proportion of their equity holdings. When a consensus (accounting) needs to be passed, a spokesperson is randomly selected among these super nodes to formulate a plan, and then other super nodes use Byzantine fault tolerance to algorithm (see above), that is, the principle of majority submission. If more than 2/3 of the super nodes agree with the speaker plan, a consensus is reached. This proposal becomes the final published block, and the block is irreversible, and all transactions in it are 100% confirmed. If a consensus proposal has not been reached within a certain period of time, or if illegal transactions are discovered, other super nodes can reinitiate the proposal and repeat the voting process until a consensus is reached.
2. Application examples of DBFT
NEO, a domestic cryptocurrency and blockchain platform, is the developer and adopter of the DBFT algorithm.
3. Simple diagram understanding mode
Assume that there are only four super nodes in the system voted by ordinary users. When a consensus needs to be passed, the system will randomly select a spokesperson from the representatives to formulate a plan. The spokesperson will hand over the prepared plan to each representative. Each representative will first determine whether the speaker's calculation results are consistent with their own records, and then discuss with other representatives to verify whether the calculation results are correct. If 2/3 of the representatives unanimously agree that the calculation results of the speaker's plan are correct, then the plan is passed.
If less than 2/3 of the representatives reach a consensus, a new speaker will be randomly selected and the above process will be repeated. This system is designed to protect the system from leaders who are unable to function.
The above figure assumes that all nodes are honest and reach 100% consensus, and plan A (block) will be verified.
Given that the spokesperson is a randomly selected representative, he may be dishonest or malfunctioning . The above figure assumes that the spokesperson sends malicious messages to 2 of the 3 representatives (scenario B), and at the same time sends a correct message to 1 representative (scenario A).
In this case, the malicious information (Option B) cannot pass. The calculation results of the representatives in the middle and on the right were inconsistent with those sent by the spokesperson, so they could not verify the plan drawn up by the spokesperson, causing the two people to reject the plan. The representative on the left received correct information that was consistent with his own calculation results, so he was able to confirm the plan and successfully completed a verification. However, this plan still failed to pass because less than 2/3 of the representatives reached a consensus. A new spokesperson will then be randomly selected and the consensus process will begin again.
The above picture assumes that the speaker is honest, but One of the representatives experienced an anomaly; the representative on the right sent incorrect information to the other representatives (B).
In this case, the correct information (A) formulated by the speaker can still be verified, because both the honest representatives on the left and the middle can verify that the correct information (A) formulated by the spokesperson The plan drawn up by the spokesperson reached a 2/3 consensus. The representative can also determine whether the speaker is lying to the node on the right or the node on the right is being dishonest.
(6) SCP (Stellar Consensus Protocol) Stellar Consensus Protocol
1. Basic introduction
SCP is a consensus algorithm developed and used by Stellar (a decentralized global payment protocol based on the Internet), which is based on the Federated Byzantine Agreement. Although traditional non-federated Byzantine protocols (such as PBFT and DBFT above) ensure that consensus can be reached through distributed methods and achieve Byzantine fault tolerance (can tolerate at most failed nodes that do not exceed 1/3 of the total number of nodes in the system), it is a Centralized system - The number and identity of nodes in the network must be known and verified in advance. The difference of the Federated Byzantine Agreement is that it can be decentralized and Byzantine fault-tolerant at the same time.
[…]
(7) RPCA (Ripple Protocol Consensus Algorithm) Ripple Consensus algorithm
1. Basic introduction
RPCA is Ripple (an Internet-based Open source payment protocol, which can realize decentralized currency exchange, payment and settlement functions) consensus algorithm developed and used. In Ripple's network, transactions are initiated by the client (application) and broadcast to the entire network through the tracking node or validating node. The main function of the tracking node is to distribute transaction information and respond to client ledger requests. In addition to all the functions of the tracking node, the verification node can also add new ledger instance data to the ledger through the consensus protocol.
Ripple's consensus occurs between verification nodes. Each verification node is pre-configured with a list of trusted nodes, called UNL (Unique Node). List). Nodes on the list can vote on the transaction. The consensus process is as follows:
(1) Each verification node will continuously receive transactions sent from the network. After verification with the local ledger data, they are illegal. The transactions will be discarded directly, and the legal transactions will be summarized into a transaction candidate set (candidate set). The transaction candidate set also includes legacy items that could not be confirmed during the previous consensus process.Down transaction.
(2) Each verification node sends its own transaction candidate set as a proposal to other verification nodes.
(3) After the verification node receives a proposal from other nodes, if it is not from a node on UNL, it will ignore the proposal; if it is from a node on UNL, it will compare it with the proposal. Transaction and local transaction candidate set, if there is the same transaction, the transaction gets one vote. Within a certain period of time, when a transaction receives more than 50% of the votes, the transaction enters the next round. Transactions that do not exceed 50% will be left for the next consensus process to be confirmed.
(4) The verification node sends transactions with more than 50% of the votes as proposals to other nodes, and at the same time increases the threshold of the required votes to 60%, repeating steps (3) and (4) until the threshold Reach 80%.
(5) The verification node formally writes the transactions confirmed by 80% UNL nodes into the local ledger data, which is called the last closed ledger, which is the last (latest) status of the ledger.
In Ripple's consensus algorithm, the identities of participating voting nodes are known in advance. Therefore, the algorithm is more efficient than anonymous consensus algorithms such as PoW. Transactions The confirmation time only takes a few seconds. This also determines that the consensus algorithm is only suitable for alliance chains or private chains. The Byzantine Fault Tolerance (BFT) capability of the Ripple consensus algorithm is (n-1)/5, which means it can tolerate Byzantine errors in 20% of the nodes in the entire network without affecting the correct consensus.
2. Simple diagram understanding mode
Schematic diagram of node interaction in the consensus process:
Consensus algorithm process:
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(8) POOL verification pool consensus mechanism
Pool verification pool The consensus mechanism is a mechanism developed based on traditional distributed consensus algorithms (Paxos and Raft). The Paxos algorithm is a consensus algorithm based on message passing and highly fault-tolerant proposed in 1990. In the past, Paxos has been the standard for distributed protocols, but Paxos is difficult to understand and even more difficult to implement. Raft is a consensus algorithm released in 2013 that is simpler than Paxos and can realize the problems solved by Paxos. The process of reaching consensus in both Paxos and Raft is like an electionIn this way, the candidate needs to convince the majority of voters (servers) to vote for him and follow his actions once selected. The difference between Paxos and Raft lies in the specific process of election. The Pool verification pool consensus mechanism is based on these two mature distributed consensus algorithms, supplemented by a data verification mechanism.
『四』 What are the companies that are relatively mature in developing blockchain technology?
Shandong Bianke Information Technology Co., Ltd. is a software development company with excellent technology.
[Blockchain Exchange]
Blockchain technology application research and development, exchange wallet system app development Blockchain technology is actually a new type of Internet. Why is it said to be a subversion of the Internet? Because the Internet solves the problem of information transmission, and the blockchain solves the problem of value transmission. Yuanzhongrui Blockchain System Development Blockchain has many value transfers, such as distributed ledgers, decentralized trust, smart contracts, etc. So what kind of society will it build in the future?
The answer is: a distributed business and self-disciplined society. The first characteristic of blockchain is decentralization; no third-party intervention is required to realize person-to-person, point-to-point transactions and interactions.
Second, the information cannot be tampered with; once the data information is written into the block, it cannot be changed or revoked.
Third, openness and transparency; within a very short period of time, the block information will be copied to all blocks in the network to achieve data synchronization across the entire network, and each node can trace back all past transactions of both parties. information.
Fourth, collective maintenance; in the entire blockchain network, all roles jointly maintain the reliability and security of the entire blockchain information.
Fifth, reliable database; only by mastering 51% of the nodes in the entire system can the blockchain information be tampered with. This is obviously impossible because there are many participants in the entire system and so many nodes are mastered. The cost is extremely high and it is impossible to achieve.
The characteristics of blockchain bring great opportunities to the financial industry. Using it to transform internal application scenarios in the industry can bring three main benefits:
< P>1) Reduce costs: Communication costs: Centralized trading markets generally require the participation and coordination of multiple parties such as central settlement systems, securities companies, exchanges, and banks. The coordination costs are very high. Through the signature encryption next to the blockchain source, etc. Technology allows information to be shared and reduces coordination costs; operating costs: reducing labor and paper vouchers, improving automation through smart contracts, and centralized coordination also bring very high operating costs.2) Improve efficiency: The settlement cycle is very fast. When financial transactions realized through blockchain technology are confirmed, they actually combine clearing, settlement and auditing for settlement.the process of. The openness, transparency and non-tamperability of the blockchain can save traces of operations, allow supervision records and audit traces to be retained, and facilitate supervision and auditing.
3) Reduce risk: The transaction confirmation on the chain completes the clearing and calculation, greatly reducing the transaction risk. Blockchain technology application research and development, exchange wallet system app development
『五』 Can velo coins be invested?
Yes, this is just a suggestion. Whether you can invest or not depends on your own subjective judgment. Velo was founded in 2018 by a joint venture between the Chinese multinational giant and Thailand's largest business group, Charoen Pokphand Group. At the beginning of its establishment, Zhengda Group directly invested US$20 million in Velo. We are gradually using Velo for fund management, trade financing and settlement, and are providing implementation support for Velo through Zhengda Group in business lines such as finance, retail, supply chain, telecommunications, real estate, media, pharmaceuticals, agriculture, animal husbandry and food. Including 12,000 7-11 convenience stores, multiple banks, Zhengda Plaza, Zhengda Youxian, Zhengda e-commerce and other heavy payment scenarios.
Extended information
1. The vision of Velo Lab is to establish a joint credit trading network authorized by the Velo protocol. As a financial protocol, the Velo protocol can issue digital credits anchored in any legal currency and guarantee that these digital credits are always guaranteed by an appropriate number of VELO certificates, thus ensuring that the ratio of digital credit to legal currency value is 1:1. With the support of Stellar Network and CP Group, Velo Labs currently provides services to ecological partners in Southeast Asia. By connecting the traditional finance, centralized finance (CeFi) and decentralized finance (DeFi) industries, Velo Labs’ federated credit trading network has positioned Velo Labs as one of the few blockchain projects with a clear mass adoption scenario.
2. In terms of technology, the joint credit trading network developed by Velo Lab is a distributed network with an access mechanism. Inside the network, there is no central node and all data is sent from one user to another via the shortest available path. A trusted partner issues digital credit pegged to any stable currency for day-to-day operations. The settlement of these digital credits is guaranteed by Velo tokens. The Velo token thus bridges the value of different asset types and enables liquidity in and out of the Velo credit exchange network.
3. Up to now, O Lab has cooperated with CP Group, Lightnet, Visa, UOB Veloture, Seven Bank, Uni-Presiedent, HashKey Capital, hope shine-tures, Capital, Du Capital, Hanwha Investment, Kyber Network, Terra Network, Matrixport, Asia Digital Bank and other well-known companies have established partnersrelationship to jointly empower Velo Labs’ cross-border payment ecosystem. Currently, Velo Lab has completed the establishment of the joint credit trading network and the first online transaction between partners. In 2021, Velo Lab will further promote the implementation of cross-border payment scenarios of the United Credit Transaction Network by deepening cooperation with partners, and will also provide richer ecological support for its network such as wallets, mobile portals, digital lending solutions, etc. .
