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A. "On-chain" - combination with blockchain

This is the next generation of Internet technology. First, it is a revolution in production relations. There is no shortage of material in the world today. The most important issue at the moment is the distribution system. There are three big mountains that affect the distribution system. The first is finance; the second is the solid pyramid structure; and the third is trust. The emergence of blockchain technology solves these three problems. In fact, the innovation of blockchain at the technical level does not exceed 10%. Its innovation is mainly reflected in the proposal of ecological concepts. Therefore, blockchain solves deep-seated problems, industry problems, and social problems.

In the era of digital economy, the physical world will be mapped one-to-one to the Internet of Value, and digital assets will also circulate without barriers. Blockchain is indispensable for the evaluation and pricing of these assets. , which provides infrastructure for settlement and benefit distribution during the flow of digital assets.

Twenty years ago, the emergence of the Internet solved the problem of information asymmetry; 20 years later, the emergence of blockchain solved the problem of trust asymmetry. 20 years ago, the combination with the Internet was called "surfing the Internet"; from now on, the combination with the blockchain is called "on-chain".

The process of on-chain:

1. Prove on-chain, using the technical characteristics of blockchain security, trustworthiness and anti-tampering to reshape a credit system. In this In the field, we have seen many application scenarios - traceability, electronic contracts, and electronic signatures.

2. Identity on the chain. Identity on the chain will be a key step for the entire human society to enter the virtual society. The future Internet will be a real-name Internet, but this does not mean that all data will be contributed. Through the anonymous verification technology of the blockchain, we can achieve the ultimate balance of transparency and privacy.

3. Assets on the chain. Some companies have taken the lead in realizing assets on the chain. This is just the beginning. We will see more applications in the future. Office space, office hardware, and physical assets are all Can be wound.

4. Data on-chain. Data on-chain solves the most fundamental problem of big data.

5. Business on-chain.

There are three trends that will promote the development of blockchain in the future: communityization, tokenization, and application incentives. Blockchain technology promotes human society to fully enter the virtual world. This will be a complete Internet revolution and everything will change. We have to be excited that we have caught up with two Internet revolutions in our lifetime.

B. How are the blocks in the blockchain connected?

Experts said that the blockchain can be understood in layman’s terms as a distributed public ledger, which is composed of Each block is connected into a chain. In traditional accounting systems, accounting rights are in the hands of the central server.

And in the districtOn the "ledger" of the blockchain, every point in the chain can record information on it, forming a point-to-point accounting system. Therefore, blockchain technology is considered a decentralized technology.

For example, in a village of 100 people, Zhang San bought a cow from Li Si and paid him 10,000 yuan. In the past, he had to rely on the middleman Zhao Liu to transfer his 10,000 yuan to Li Si.

With the blockchain system, Zhang San can directly record his 10,000 yuan into Li Si’s account book, and at the same time, the transaction information will be transmitted to the whole village, that is, the entire blockchain system. Make the information visible to 98 other people. The system records the entire transaction process, which has the advantage of traceability and prevents problems such as the loss of Zhao Liu's account book or Li Si's refusal to acknowledge the account.

(2) Let these blockchains connect to expand reading

In 2008, Satoshi Nakamoto first proposed the concept of blockchain. In the years that followed, blockchain became a core component of the electronic currency Bitcoin: serving as the public ledger of all transactions. By leveraging peer-to-peer networks and distributed timestamp servers, blockchain databases can be managed autonomously.

The blockchain invented for Bitcoin made it the first digital currency to solve the problem of repeated consumption. Bitcoin's design has become a source of inspiration for other applications.

C. Give an example of what is blockchain

Question 1: What is blockchain technology? What exactly is blockchain? What is blockchain? 1. Data blockchain is an important concept in the Bitcoin financial system. It records transaction record data on the entire Bitcoin network, and these data are shared by all Bitcoin nodes. Through the data block, we can query each transaction record. A look at the history of Bitcoin transactions. 2. Example: There are three persons A, B, and C. All funds of A and B are kept by C. And every financial transaction must be recorded by C. Now assume that A and B each have 1 million in custody of C. Then: A spends 80,000 yuan to B, then C's account book record will subtract 80,000 yuan from A's name, and add 80,000 yuan to B's name. If B transfers 50,000 yuan to A, C will add 50,000 yuan to A's name and subtract 50,000 yuan to B's name in the account book. A spends 50,000 yuan to B, then C's account book record will subtract 50,000 yuan from A's name, and add 50,000 yuan to B's name. 3. The role of the data blockchain is similar to that of C’s account record book. It records the user’s ownership of Bitcoin and the records of all users’ Bitcoin transactions. It’s just that this “account record book” is recorded by the mining software of every Bitcoin miner on the network. If a Bitcoin transaction is confirmed by the data blockchain, the relevant information will be recorded in the data blockchain. Bitcoin’s “account record book” is called the data blockchain. All data blockchains on the network form Bitcoin’s distributed network database system. 4. The essence of data blockchain technology is a method of data storage, transmission and certification that is decentralized and contained in a distributed structure. Data blocks replace the purpose ofThe former Internet's reliance on central servers allowed all data changes or transaction items to be recorded on a cloud system, theoretically achieving self-certification of data during data transmission. In far-reaching terms, this goes beyond what is needed in the traditional and conventional sense. The information verification paradigm that relies on the center reduces the cost of establishing global "credit". This point-to-point verification will produce a "basic protocol" and is a new form of distributed artificial intelligence that will establish human brain intelligence and machine intelligence. ’s new interface and shared interface.

Question 2: What is the transaction process of the blockchain? Best to give an example 20 points 1. Definition
Blockchain is like an open network ledger. It originated from Bitcoin and is the underlying technology of Bitcoin. In a Bitcoin transaction, all the information recorded in the transaction is packaged into a "Block" for storage. With the expansion of information exchange, blocks are linked to each other, forming a blockchain.
2. Characteristics
Digital currency represented by Bitcoin is a peer-to-peer electronic cash system. Among them, each transaction will be broadcast to all participants in the network, and will be recorded in the ledger after multiple confirmations. This ledger is the "blockchain". Each participant will have his own ledger. In this way, when false information occurs, it can be broken through mutual verification, thereby ensuring network security.
In the blockchain, every node is equal, and there is no centralized management organization. This "decentralization" feature makes the blockchain unnecessary to rely on third parties, and its operation does not require any human effort. intervention, capable of independent self-validation. In addition, the blockchain network is open to the world, and anyone can query data through the public port, so the entire system is highly transparent.
3. Application
In short, the blockchain is a trusted database and a reliable "ledger". In the future, it will be used in cross-border payments, securities, loans, voting, etc. For example, in cross-border payments, with the security provided by blockchain, money can be sent to the world anytime and anywhere, thus eliminating many intermediate links and high handling fees.

Question 3: What is blockchain? What does it mean in layman’s terms? What is China’s attitude towards blockchain? What can blockchain do? Blockchain, a great technology that accompanied the birth of Bitcoin, is currently being used in the financial field to significantly reduce transaction costs and improve efficiency, which is enough to excite Wall Street. However, this is just the tip of the iceberg. Its potential applications are very broad and will subvert every aspect of our lives in the future.
Blockchain is an important concept of Bitcoin. It is essentially a decentralized database and serves as the underlying technology of Bitcoin. One of the most basic characteristics of Bitcoin is decentralization. In recent months, financial giants have gradually begun toPay attention to the technology of Bitcoin and use this technology in non-monetary fields, such as stock trading, election voting, etc. (1) Art Industry
Artists can use blockchain technology to declare ownership and issue numberable, 100% edition works in digital form for any type of artwork. It even includes a marketplace where artists can buy and sell through their website without the need for any intermediary services.
(2), Real estate industry
Use blockchain technology to solve various problems faced by everyone involved in real estate, including the naming process, land registration, agency intermediaries, etc.
(3), Insurance Industry
The financial industry has always been the most sensitive to advanced technology. Traditional banking and securities industry giants have been involved in the booming blockchain venture capital investment since 2014, with the total global investment reaching US$1 billion within two years.
(4) P2P wallet
Personal assets can be traded through this P2P wallet in the future without going through any central institution, such as Bitcoin.
Most blockchains are in their infancy, mainly overseas. There are very few good domestic blockchain projects, so it is not recommended for any non-professionals to invest in blockchain projects. If you are very interested in blockchain technology and have a technical or financial background, it is recommended that you consider starting a business in this area. In terms of the blockchain protocol system, the lowest layer is the underlying technology of the blockchain, including the technical protocols of the blockchain, as well as some platform routing and basic algorithms; in the middle layer, some application interfaces and some credentials must be solved Issuance and verification, including some industry platform services, big data analysis, etc. This is a very rough classification, and there should be more detailed classifications; the top ones are some applications of blockchain, including finance Some applications and some applications in other aspects, the Internet of Things and so on.
Introduction to Bubi Blockchain
Bubi Blockchain has been focusing on the research and development and innovation of blockchain technology and products since its establishment. It has a number of core technologies and has achieved substantial results in many aspects. Radical innovation has resulted in a number of core technological achievements, such as: mathematically provable distributed consensus technology, fast large-scale ledger access technology, multi-chain general ledger technology that supports business expansion, and interconnection technology between heterogeneous blockchains. wait. On April 25, "Gege Points" introduced the concept of blockchain into the points system, jointly opened it up with multiple parties, issued and redeemed points, and promoted the circulation of points. Each cooperative institution can jointly participate in transaction verification, ledger storage, and real-time settlement; the third-party payment platform of the enterprise points issuer makes the entry and exit of points more flexible. Bubi has developed its own basic blockchain service platform, which has been applied in equity, supply chain, points, credit and other fields. Bubi has been committed to building an open value circulation network with decentralized trust as the core, allowing digital assets to flow freely.
BlockchainA simple understanding is that it is a technology at the bottom of Bitcoin, which is a peer-to-peer electronic cash system that can realize peer-to-peer value delivery. We should distinguish between concepts such as Bitcoin, Bitcoin blockchain, blockchain and blockchain technology. In countries with relatively developed finance in the past, finance and blockchain technology have a long history, and the legislation of digital currencies and blockchain networks is also very important. With the advent of the financial era, large financial institutions are studying blockchain technology. They have their own teams and conceptual technologies. Slowly, banks in various regions are also participating in digital currency discussions. The application and support of this technology are not only that. The influence of blockchain on enterprises is also huge. For larger domestic enterprises, Bubi Blockchain is also used in various equity, supply chain, points and other fields. Major domestic financial institutions and enterprises have taken a fancy to the new industry. value, they have developed their own blockchain platforms, and blockchain has instantly become a new innovative industry in China. In terms of overseas internationalization, the United States has already obtained 15 blockchain patents at the end of last year compared to China. Blockchain financial applications are entering a new stage in an all-round way. Various applications will become more and more in-depth, and related changes will also become more and more profound. It is attracting more and more attention and will form a huge new trend... >>

Question 4: What is blockchain technology? What is blockchain? How to explain the concept of blockchain? People in each industry have different understandings, and relevant explanations are gradually emerging due to more and more real-life applications. With the popularization of this blockchain technology, the related results are getting bigger and bigger. If we want to understand this technology, we must have an in-depth understanding of reality.
In the past six months, the concept of blockchain has gradually become popular in China, and a blockchain whirlwind has taken off in the financial circle. Blockchain has attracted the attention and favor of more and more people in the industry due to its unique technical advantages. Blockchain technology, which is decentralized (or multi-centered), highly transparent, cannot be tampered with, and has no single point of failure, is entering the field of vision of financial institutions and enterprises. It has at least been used in digital currency, payment exchange, registration and settlement, Digital assets, traceability and anti-counterfeiting, supply chain, Internet of Things and many other fields have moved from theoretical discussions to practical applications.
"Blockchain" was first introduced with "Bitcoin" released in early 2009. Blockchain has become the basic protocol and technical application for the launch, recording, and circulation of Bitcoin. Although Bitcoin has been controversial since its inception and cannot even be regarded as a "currency" by governments and monetary authorities, the blockchain technology used in Bitcoin has been recognized by governments, including governments and monetary authorities. extensive attention.
Why has blockchain become a rapidly heating up hot technology and topic?
The most important of these may be that the launch of Bitcoin based on blockchain technology has opened up a new relationship with traditional society ( Exploration and experimentation of new technologies and rule systems that have little connection with offline) and are completely applied to the online world (online) such as Internet user identity verification, wealth confirmation, transaction records, notarization and verification, etc.Experiment, and this provides people with optional paths and unlimited imagination to adapt to the development of the Internet society.
Judging from its application in Bitcoin, blockchain is a set of new network blocks (BLOCK, also called communities) formed by combining encryption technology with the Internet. Bitcoin configuration, netizen identity verification, and Bitcoin (value) confirmation formed by mining, Bitcoin transaction records, and extended encryption of Bitcoin cross-block flow (value transfer) (added block and transaction time identification, etc. Internet protocol rules and accounting (Ledger) system including block chain, full encryption, mutual authentication, etc., including factor) registration and verification. Precisely because Bitcoin is not a substitute for offline legal currency, but is issued and managed by non-legal currency authorities, mainly imitating the model of gold, and is completely new and decentralized protected and supported by basic Internet protocols and strict encryption technology. Internet currency (virtual currency) has thus formed a new set of currency rules and systems that are different from and not subject to real social laws, and can be bought, sold or exchanged with legal currency. It has been more than 8 years since Bitcoin was launched. There has been no record of funds or user information being stolen. Its security has been verified, and its efficiency and cost of fund settlement also have obvious advantages. This has made people's confidence in the blockchain technology used in Bitcoin continue to increase, and people have become more and more aware that although blockchain is a technology and protocol pioneered and applied by Bitcoin, the blockchain Chain is not the same as Bitcoin, and its application is by no means limited to Bitcoin. The application of blockchain can be decentralized or centralized; it can be a public chain model or a private chain model. Therefore, after Bitcoin, blockchain technology is also constantly developing and innovating, and constantly exploring new application fields, especially in the financial field.
The reason why blockchain is valued highly by more and more people is because the development and widespread application of the Internet have caused more and more economic exchanges and transaction activities to be conducted online, and the online world (or online world) society) is rapidly expanding, enriching and active, and online transactions must solve the efficiency and security protection issues of the parties' identity verification, value verification, transaction records, inspection and verification, etc., and require strict intermediaries and agreements (rules or constitutions). In this regard, traditional thinking and customary practices are to follow the development trajectory of the transfer of offline transactions to online and push the common rules and practices of the real (offline) society to the online (network) society. However, in practice, it is increasingly It is difficult to adapt to the needs of online transactions.
For example, for the identity verification of the parties, the natural choice is to use the information on the identity documents protected by the laws of various countries as the basis, and then add account or transaction passwords, as well as facial recognition, iris, fingerprints and other biometrics to conduct online transactions. Verification, but this method first makes the citizen identity information in the cross-border interconnected online world subject to the administrative control of real society.Restrictions on jurisdiction...>>

Question 5: What is the so-called "blockchain"? Blockchain itself is a tool called decentralization and trustlessness. For example, when you graduate from university, the current practice is to have a certificate recognized and issued by an authoritative agency as your certificate. This setting is more troublesome, because this is a piece of paper, and paper can be forged, so there will be various gaps. The issuing authority is also a person, and there will be various gaps in the middle. As long as it is related to people, whoever There are various possibilities related to media. The blockchain provides a great opportunity. As soon as you graduate, you will have a record on the blockchain. No one can change this record. This thing exists objectively. You, as a physical existence , and then as a data existence, the blockchain was born. In this case, anyone who wants to check where you graduated can easily solve the problem. This is similar to the big data often involved in social networking (WeChat) and payment platforms (Alipay, Yibao).

Question 6: What is blockchain? Can you explain the principle of 10-point blockchain in plain language: decentralized distributed accounting system
Blockchain The core of the technology is that all currently participating nodes jointly maintain transactions and databases. It makes transactions based on cryptographic principles rather than trust, so that any two parties who reach an agreement can directly conduct payment transactions without the participation of a third party.
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Technically speaking, a block is a data structure that records transactions, reflecting the flow of funds for a transaction. The blocks of transactions that have been reached in the system are connected together to form a main chain, and all nodes participating in the calculation record the main chain or part of the main chain. A block contains the following three parts: transaction information, hash hash formed by the previous block, and random number. Transaction information is the task data carried by the block, specifically including the private keys of both parties to the transaction, the number of transactions, the digital signature of electronic currency, etc.; the hash formed by the previous block is used to connect the blocks to realize the past The order of transactions; random numbers are the core of transaction completion. All miner nodes compete to calculate the answer to the random number. The node that gets the answer the fastest generates a new block and broadcasts it to all nodes for update, thus completing a transaction.
1.1 What is Blockchain
Blockchain (BlockChain) refers to a technical solution that collectively maintains a reliable database through decentralization and trustlessness. This technical solution mainly allows any number of nodes participating in the system to associate and generate a series of data blocks (blocks) using cryptographic methods. Each data block contains all the information exchange data of the system within a certain period of time, and generates The data fingerprint is used to verify the validity of its information and chain to the next database block.
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In layman’s terms, blockchain technology refers to a way for all people to participate in accounting. Behind all systems there is a database, which is a big ledger. Then who will keep this ledger becomes very important. At present, it is whoever owns the system who keeps the accounts. Each bank’s account books are kept by each bank, and Alipay’s account books are kept by Alibaba. But now in the blockchain system, everyone in the system has the opportunity to participate in accounting. If there are new transaction data changes within a certain period of time, everyone in the system can do accounting. The system will judge the person who has the fastest and best accounting during this period, write the recorded content to the ledger, and Send the contents of the ledger during this period to all other people in the system for backup. In this way, everyone in the system has a complete ledger. Therefore, this data becomes very safe. A tamperer needs to modify more than half of the system node data at the same time to truly tamper with the data. Such tampering would be extremely costly, making it nearly impossible. For example, Bitcoin has been running for more than 7 years. Countless hackers around the world have tried to attack Bitcoin, but so far there have been no transaction errors. It can be considered that the Bitcoin blockchain has been proven to be a safe and reliable system.
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1.2 Why is there blockchain innovation?
Human beings need to communicate during their activities, and communication is based on information. In the past, information circulation was not convenient enough to satisfy market participants. There is a demand for information, so intermediaries and centers are born. This centralized system has problems such as high cost, low efficiency, value dispersion, "information islands" and insecure data storage. However, due to technical and environmental factors, this system continued to operate for many years until the emergence of the Internet. The starting point of the first generation of the Internet is the TCP/IP protocol, which is an open code that implements a unified format for peer-to-peer transmission of information by all nodes on the network, and brings the basic values ​​of freedom and equality required by a global unified market into programmed, protocol-based, and reliably Execution. The Internet eliminates low-value, high-cost intermediate chains and achieves low-cost and high-efficiency global information transmission in a decentralized manner.
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However, the first generation of the Internet did not solve the problem of information credibility. Activities that can be decentralized on the Internet must be activities that do not require credit endorsement, and activities that require credit guarantee must be activities involving centralized third-party intermediaries. Therefore, Internet technology that cannot establish global credit has encountered great obstacles in its progress - people cannot participate in any value exchange activities on the Internet in a decentralized manner. To realize value exchange, people still need third-party intermediaries based on credit (such as banks, clearing agencies, exchanges). The global centralized credit system still has problems such as high operating costs, low efficiency, and vulnerability to attacks and damage. For example, each country's legal currency has different credit values ​​and incompatible clearing systems, which adds a lot of cost to global trade.
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Therefore, the second generation of the Internet mustWhat breaks is: How to build global credit in a decentralized manner? Let...>>

Question 7: Explain clearly what is blockchain in an easy-to-understand manner. The English name for blockchain is Blockchain. Block literally means block, block, and chain means chain, chain. Therefore, together they are translated into blockchain.
1. Use cryptography technology to encrypt and decrypt so that records cannot be tampered with. Common blockchain encryption methods include hash algorithm, RSA algorithm, elliptic curve algorithm, etc.;
2. The huge amount of calculation needs to be supported by a reasonable reward mechanism. Because every transaction must be recorded, Bitcoin’s blockchain has more than 60 gigabytes so far. Every new transaction requires confirmation of the information related to the trading account to ensure that the transaction is valid. The huge amount of calculation requires a computer with powerful computing power to complete.
In order to encourage the participation of powerful computing power, Bitcoin provides two rewards: one is to issue a certain number of Bitcoins to these computers every day; instead, all transfer fees are awarded to these computers. (The technical term for these computers is "mining machines", and the people who hold the mining machines are called "miners".)
Biying China is working hard on the digitization of assets and has launched the digital currency crowdfunding platform Biying China.

Question 8: What is blockchain? Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. The so-called consensus mechanism is a mathematical algorithm that establishes trust and obtains rights and interests between different nodes in the blockchain system.
In May 2016, the Currency Blockchain Research Center published the first book in China that introduces blockchain in simple terms, "Blockchain: Defining a New Pattern of Future Finance and Economics." It introduces the impact of blockchain technology on future finance and economy

Question 9: What is blockchain? For the time being, this is a relatively high-end technology. It connects all nodes (which can be understood as servers) through p2p network technology. Complete data (blocks) are stored on each node. The addition and withdrawal of any node will not affect the normal operation of the chain. Data is embodied in the form of data blocks. Blocks are connected to each other and can be understood as a one-way linked list. The hash value of the nth block is generated based on the hash of the n-1th block, the transaction recorded in the current block, and the random number as parameters. In this way, if you want to modify the data of the historical block, you have to modify all the blocks from the modified block to the final block. The difficulty can be imagined.
The blockchain also introduces a consensus mechanism and an incentive mechanism. There is no way to describe it too comprehensively here. I hope everyone can discuss and learn together

Question 10: What is blockchain: How to explain itExplaining blockchain is more understandable. Blockchain refers to a technical solution that collectively maintains a reliable database through decentralization and trustlessness.
In layman’s terms, blockchain technology refers to a way for all people to participate in accounting. There is a database behind all systems. You can think of the database as a big ledger. Then who will keep this ledger becomes very important. Currently, whoever owns the system keeps the accounts. Tencent keeps the accounts of WeChat, and Alibaba keeps the accounts of Taobao. But now in the blockchain system, everyone in the system has the opportunity to participate in accounting. If there are any data changes within a certain period of time, everyone in the system can do accounting. The system will judge the person who has the fastest and best accounting during this period, write his recorded content into the ledger, and record this Within a period of time, the contents of the ledger are sent to all other people in the system for backup. In this way, everyone in the system has a complete ledger. In this way, we call it blockchain technology.
Blockchain technology has become the darling of the financial community in China and has become a hot topic. Domestic Puyin Group has launched Puyin, a tea-based digital currency.

D. Blockchain Technology

Background: After the birth of Bitcoin, it was discovered that the technology was very advanced, and blockchain technology was discovered. Bitcoin and blockchain technology were discovered at the same time.

1.1 The purpose of the birth of Bitcoin:

①Currency transactions have records, that is, ledgers;

②The disadvantages of centralized institution accounting - it can be tampered with; Yi Chaofa

Bitcoin solves the first problem: anti-tampering - hash function

1.2 hash function (encryption method)

① Function: convert any A string of length, converted to a fixed-length (sha256) output. The output is also called a hash value.

② Features: It is difficult to find two different x and y such that h(x)=h(y).

③Application: md5 file encryption

1.3 Blockchain

①Definition

Block: Split the general ledger into zones Block storage

Blockchain: On each block, add a block header. It records the hash value of the parent block. By storing the hash value of the parent block in each block, all blocks are connected in order to form a blockchain.

②How does the blockchain prevent transaction records from being tampered with?

After the blockchain is formed, tampering with any transaction will cause the hash value of the transaction block to be different from that of its sub-blocks. , tampering was discovered.

Even if you continue to tamper with the hash value in the sub-block header, it will result in the sub-block hash value andSun block is different, tampering found.

1.4 The essence of blockchain

①The essence of Bitcoin and blockchain: a big ledger visible to everyone, only recording transactions .

②Core technology: Through cryptographic hash function + data structure, it ensures that the ledger records cannot be tampered with.

③Core function: Create trust. Fiat currency relies on government credibility, and Bitcoin relies on technology.

1.5 How to trade

① To conduct transactions, you need an account number and password, corresponding to the public key and private key

Private key: a string of 256-bit binary numbers , no application is required to obtain it, and you don’t even need a computer. You can generate the private key by tossing a coin 256 times.

The address is converted from the private key. The address cannot reverse the private key.

The address is the identity, which represents the ID in the Bitcoin world.

After an address is generated, it can only be known by everyone if it enters the blockchain ledger.

②Digital signature technology

Signature function sign (Zhang San’s private key, transfer information: Zhang San transfers 10 yuan to Li Si) = signature of this transfer

< p> Verify Korean verify (Zhang San’s address, transfer information: Zhang San transfers 10 yuan to Li Si, signature of this transfer) = True

Zhang San uses his own signature function sign() The private key signs this transaction.

Anyone can verify whether the signature was issued by Zhang San himself who holds Zhang San's private key by verifying the Korean vertify(). It returns true, otherwise it returns false.

sign() and verify() are cryptographically guaranteed not to be cracked. ·

③Complete the transaction

Zhang San will provide the transfer information and signature to the entire network. Under the premise that the account has a balance, after verifying that the signature is true, it will be recorded in the blockchain ledger. Once recorded, Zhang San's account will be reduced by 10 yuan, and Li Si's account will be increased by 10 yuan.

Supports one-to-one, one-to-many, many-to-one, and many-to-many transactions.

In the Bitcoin world, private keys are everything! ! !

1.6 Centralized Accounting

① Advantages of Centralized Accounting:

a. No matter which center keeps accounts, don’t worry too much

< p> b. Centralized accounting, high efficiency

②Disadvantages of centralized accounting:

a RejectionService attack

b Stop service after getting tired

c Central organization is vulnerable to attack. For example, destroying servers and networks, committing self-intrusion, legal termination, government intervention, etc.

All attempts at confidential currencies with centralized institutions in history have failed.

Bitcoin solves the second problem: how to decentralize

1.7 Decentralized accounting

①Decentralization: Everyone can keep accounts. Everyone can keep a complete ledger.

Anyone can download open source programs, participate in the P2P network, monitor transactions sent around the world, become an accounting node, and participate in accounting.

② Decentralized accounting process

After someone initiates a transaction, it is broadcast to the entire network.

Each accounting node continues to monitor and continue transactions across the entire network. When a new transaction is received and the accuracy is verified, it is put into the transaction pool and continues to be propagated to other nodes.

Due to network propagation, the transactions of different accounting nodes at the same time are not necessarily the same.

Every 10 minutes, one person is selected from all accounting nodes in a certain way, and his transaction pool is used as the next block and broadcast to the entire network.

Other nodes delete the transactions that have been recorded in their own transaction pool based on the transactions in the latest block, continue accounting, and wait for the next selection.

③ Features of decentralized accounting

A block is generated every 10 minutes, but not all transactions within these 10 minutes can be recorded.

The accounting node that obtains the accounting rights will be rewarded with 50 Bitcoins. After every 210,000 blocks (approximately 4 years), the reward is halved. The total amount is about 21 million, and it is expected to be mined in 2040.

Recording the reward of a block is also the only way to issue Bitcoin.

④ How to allocate accounting rights: POW (proof of work) method

Compete for accounting rights by calculating mathematical problems on several accounting points.

Find a random number that makes the following inequality true:

There is no other solution except traversing the random numbers starting from 0 and trying your luck. The process of solving the problem is also called mining.

Whoever solves the problem correctly first will get the accounting rights.

If a certain accounting node finds the solution first, it will announce it to the entire network. After other nodes verify that it is correct, a new round of calculation will start again after the new block. This method is called POW.

⑤Difficulty adjustment

The generation time of each block is not exactly 10 minutes.

As Bitcoin develops, the computing power of the entire network does not increase.

In order to cope with changes in computing power, the difficulty will be increased or decreased every 2016 blocks (about 2 weeks), so that the average time for each block to be generated is 10 minutes.

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