区块链pow和pos区别,区块链pow是什么

㈠ What will happen after Ethereum merges/turns to PoS?

What will happen after Ethereum merges/turns to PoS? Today is the day of the Ethereum merger. There are many People are very concerned about it, so many people also have questions about what will happen after the PoS after the merger of Ethereum. Let’s take a look with the editor. I hope this article can help you.
What will happen after Ethereum merges/moves to PoS
Many debates have arisen before the merger is officially announced, and they will continue to exist long after the merger.
Ethereum’s move to Proof-of-Stake (PoS) can be considered one of the most important events in the crypto industry. Speculation and misinformation are rife. Here we discuss the facts and consequences of this technological experiment.
It should be emphasized that the developers’ decision to switch from the original consensus protocol Proof of Work (PoW) to PoS has been several years in the making. BeaconChain (Beacon Chain) is the fork of the Ethereum blockchain responsible for using PoS and was initially launched on December 1, 2020 for development and testing.
There is no doubt that the shift from PoW to PoS will lead to changes in the perception of Ethereum as a network. There are many perspectives to consider: Economics, Environment, Token Economics, Competition with Other Cryptocurrencies, Legal, Centralization vs. Decentralization Ultimately, the changes that Ethereum’s switch from PoW to PoS will bring to the blockchain and to crypto as a whole A turning point for the community.
Ethereum becomes sustainable, but Bitcoin will be in a league of its own
Adopting PoS as the consensus mechanism will lead to a significant reduction in the energy required by the Ethereum blockchain.
Several studies have concluded that due to the merger, Ethereum will reduce electricity consumption by 99.95% after implementing PoS, a fact that cannot be ignored.
The first event after the implementation of PoS will be that Ethereum’s hash rate plummets to zero, representing the end of an era. Any user with ETH can become a validator. They can also earn rewards by staking ETH in the protocol.
The most immediate impact of the merger will be how the media pays more attention to Bitcoin and the environmental damage it causes. Investors who prefer PoW mechanism blockchains are hesitant to invest in Ethereum. For example, Tesla abandoned its original proposal to use Bitcoin as a means of payment due to its carbon footprint.
With PoS, Ethereum provides a clear path for any investor who must follow ESG standards (environmental, social and governance standards), inject funds into ETH, or invest in companies related to Ethereum activities Especially so.
In this way, Bitcoin remains a target for the media, while Ethereum avoids the most controversial issues surrounding cryptocurrencies in recent years.
Regulators will have fewer arguments against Ethereum
It is known that regulators have long wanted to intervene in the crypto market or establish certain ground rules. On the one hand, it seems that due to the smaller size of the crypto market, they are in no rush to get involvedpre. But on the other hand, they observed that the long-term growth of cryptocurrencies could endanger national currencies.
But due to the versatility among crypto projects, regulating cryptocurrencies is not a simple task. So regulators have to start somewhere, and sustainability issues seem to have been the overarching argument for choosing to regulate cryptocurrencies.
PoW is one of the reasons why cryptocurrencies are unsustainable, so regulators are considering banning it. Some regulators claim that mining cryptocurrencies through PoW should be banned due to its high electricity consumption.
MiCA, the encryption regulatory bill released by the EU, had already included a ban on PoW mining, although it was ultimately delayed. In the United States, the latest report from the White House pointed out that the impact of cryptocurrency and corresponding blockchain technology on greenhouse gas emissions, pollution, and noise remains high, which hinders federal agencies from achieving net-zero carbon pollution consistent with U.S. climate commitments and goals s hard work.
In the report, Ethereum is believed to be responsible for 20-39% of the electricity expenses generated by mining cryptocurrencies, while Bitcoin is estimated to be 60-77%. As Ethereum moves to PoS, regulators will not be able to use this argument to continue opposing the blockchain. This provides a layer of assurance for crypto businesses built on Ethereum.

㈡ Comparison of two consensus mechanisms (PoW vs PoS)

The core architecture of the blockchain is the consensus mechanism, which can be said to be the driving engine of the blockchain. After so many years of development, the current mainstream mechanisms that are relatively clear and can stand the test are PoW (Proof of Work) and PoS (Proof of Stake). To give a brief overview, the characteristic of the PoW system is that it consumes a lot of computing power to calculate the solution of a specific algorithm (typically such as hashing). The first one to calculate the result has the right to generate a block and will also receive coins as a reward (this is also coin The production and distribution process, vividly called Mining), typical blockchains that use PoW include Bitcoin and Ethereum. Currently, PoW also has the longest running time and is recognized as the most reliable and secure consensus mechanism; its essence is to consume a large amount of Computing power is used to realize the inverse entropy process within the system and ensure the long-term security and stability of the system. However, PoW is widely criticized for consuming too much energy resources. In this regard, PoS is considered a greener solution. As the name suggests, PoS becomes a staker by pledging the assets in the system, namely coins. In this way, you have the right to produce blocks. The more pledged shares, the higher the probability of obtaining the right to produce blocks, which also means more rewards.

There is a CAP theorem in distributed systems, which means that there is a trilemma in a distributed system, that is, it is impossible to satisfy these three characteristics at the same time: consistency (Consistency), availability (Availability) ) and partition fault tolerance (Partition tolerance), and only two of them can be satisfied. As a distributed network, this theorem of blockchain has gradually evolved into the trilemma of blockchain, namely security, decentralization and scalability. It can satisfy two characteristics.

Overall, the PoW system pays more attention to Security and Decentralization, giving up on Scalability. This is also the reason why the throughput of the Bitcoin network is very slow. The PoS system is more concerned about scalability and decentralization, but I am more skeptical about whether PoS can really achieve decentralization. From the perspective of conservatism and the longer-term stability of the system, I personally stand firmly on the side of PoW. This may be related to my conservative personality. I am not particularly optimistic that PoS can be more stable as a base layer. Especially like this Luna incident in May, the general process of the incident is that the algorithmic stable currency UST on the Luna chain lacks value support and eventually de-anchors. The core problem is that the anchoring design of UST attempts to use a PoS equity system to support its anchor. The US dollar was fixed, and too many USTs were issued in excess. In addition, the design flaw in the exchange between UST and Luna eventually led to Luna's own death spiral. But the greater significance of this incident should be to sound an alarm. Can the PoS mechanism really maintain stability and maintain so-called decentralization in the face of short-selling capital? It is possible that the number of nodes will shrink quickly and gradually become more centralized.

All system designs need to be compromised based on their own positioning. From the perspective of value anchoring, let’s briefly analyze why PoW will be more advantageous in the long run.

The three main participants in the PoW system are developers, investors (or users) and miners. The checks and balances between these three make the system reach a stable and balanced state. In the PoS system, the important balancing force of Miner is removed, and investors and Miner become the same group of stakers. Therefore, the abuse of power by this group will become relatively unrestricted, and the chain will subsequently The direction of development may also be more unbalanced and more likely to favor the direction of the stakers group.

The PoW system well explains what is universally recognized value. In the abstract, it is the scarcity of high cost. Both high cost and scarcity are indispensable. PoS mostMore can only achieve one of the scarcity.

In order to earn coins by producing blocks on the chain, Miner not only needs to continue to pay high electricity costs, but also must continuously invest in research and development, upgrade hardware, optimize infrastructure and operational scale to maintain its competitiveness. The final result is that miners that can sustain profits in the long term will not be an unchanged group. Instead, miners that are too inefficient will always be eliminated in competition so that high-efficiency miners can survive. This is also more conducive to decentralization (Decentralization), because the ever-changing Miner group means that no one Miner can maintain the majority of the network's computing power for a long time, unless they pass the severe competition test and continuously optimize themselves. Provide more computing power.

In fact, the pledgers in the PoS system do not have much real risk investment, and there is no harsh competition mechanism for survival of the fittest. They only need to simply run a staker node to earn interest, which is essentially just By simply converting your own money in the banking system into on-chain capital, you can harvest new people who enter the system. This behavior is not too difficult. By simply earning "risk-free" interest, they are not converting capital into any form of investment that requires risk testing.

And when a hard fork occurs, PoW Miners will be more cautious when choosing which chain to support, because they need to invest high electricity costs to endorse their choice, and they will lose money if they choose the wrong one. All input costs. If a hard fork occurs in the PoS system, the pledged coins will be part of the internal state of the system. After the hard fork, the pledger will have the same amount of assets on two different chains. Since there is no silent cost, the pledger will prefer both sides. Both are supported, making hard forks easier and more frequent, known as the nothing at stake problem.

PoW is truly permissionless, which means that old people already in the system cannot restrict new people from joining. As long as you have the ability to provide computing power, you can directly access the network. Produce coins. In the PoS system, if new people want to enter, they have to buy coins from the old people first.

In addition, in order to pay for various high costs (electricity, equipment, infrastructure, etc.) in PoW, Miner has to sell some coins after producing them to make up for the costs. This is also a way to distribute coins to The process of more people; especially in a bear market, Miner has to sell coins at low prices in order to maintain expenses, so that new talents have the opportunity to obtain chips at a relatively low cost. This is a healthy ecological expansion process. In PoS, since pledgers do not have any operating costs and do not need to face too much competition, pledgers do not need to rush to sell after obtaining coins from the block, which makes it easier to drive up the price. In fact,It will in disguise encourage the old people in the field to exploit new entrants and not give more opportunities to those who come after them; the whole system will tend to be more closed and gradually evolve into a limited game, which will only become more and more centralized in the long run; the more wealth in the system, As the economy becomes more and more centralized, the rich get richer and the poor get poorer, making decentralization even less possible.

Since blocks are generated in the PoW system by providing workload, over time this workload will be accumulated and the chain will continue to extend forward. This is why it is called a block. chain; these accumulated workloads also create huge obstacles for attackers. If you want to reverse the entire chain, not only does it require very high computing power, but it also takes a long time, which also provides a long enough time to deal with attacks. Time buffer.

The PoS system actually only maintains a distributed ledger and has no concept of workload accumulation. Once the attack is successful, it is quite easy to reverse the entire chain and can be completed in a few minutes.

Strictly speaking, BTC supported by PoW computing power should not be classified as high-tech, because its entire system architecture is more conservative and stable, and it provides more of a materialized value (objective costliness). It can serve as an anchor of value, so the title of digital gold is very appropriate. And like ETH (currently PoW, PoS after the 2.0 upgrade), these are closer to technological innovation platforms. PoS is essentially more like an equity system. In fact, the PoS system needs to be centralized, and tends to rely more on the vitality of the entire community. It needs to rely on the innovation and development capabilities of the core team to move forward; while PoW needs to be decentralized and is more focused on stability and providing objective costliness.

As a value distribution system, blockchain has computing power as its anchor of value. Without computing power, it will degenerate into an equity system. Where the computing power is, the funds will follow. The current development trend is also gradually moving towards multi-layer networks, similar to the multi-layer protocol stack of TCP/IP. From the perspective of being a base layer (Base Layer), what is more needed is long-term stability and value support, so the PoW system is more suitable; while PoS may be more used as Layer 2 to achieve scalability (Scalability), making up for PoW The throughput of the base layer is insufficient, and computing power security and value support are obtained by anchoring on the PoW base layer.

Finally, let me talk about the recent market conditions. The waterfall since May and June has made many people panic. The panic index has stayed in single digits for a long time. In fact, I think there is no need to be so panicked. To survive in this circle for a long time, we still have to have psychological expectations in the face of such big fluctuations. I remember that Shen Nanpeng of Sequoia Capital often used toWhen mentioning the word Grit, gravel, it is the tiny particles left after gravel has been polished thousands of times; Grit represents courage and perseverance, a feeling of being often rubbed against the ground but still moving forward courageously. This is similar to what Taleb said about antifragility. Things that carry value should have this quality. PoW systems are definitely antifragile.

Looking back at the various incidents I have experienced since joining the circle in 2017, in fact, big fluctuations like this happen almost every year (except for 2019, which was relatively smooth); like the 94 incident in China in 2017, The big bear market in 2018, the 312 incident in 2020, the 519 incident in 2021, and then the market turns bearish in May and June of this year in 2022. After each big fluctuation, the market will eliminate those that should be eliminated and clear them out. The risks that should be cleared are also a good thing for the development of the entire industry. We should still take a longer view, at least looking at the changes in 5 to 10 years. Fluctuations and risks brought about by the development of science and technology are inevitable. There is nothing new under the sun. Every technological revolution will always be mixed with There are many objections and doubts, as well as many speculations and scams; this process always goes through various thunderstorms and regressions, revaluation after clearing bubbles, consolidating the foundation and accumulating energy to jump to a new stage of development again. The arrival of the value Internet is something that cannot be avoided. Once you understand and see this trend clearly, avoid all kinds of pitfalls and market noise, stay away from the temptation of contract leverage and various copycats, and hold on to core assets, time itself will It will pay off.

㈢ POA (Proof of Activity) blockchain consensus algorithm

POA (Proof of Activity) algorithm is a blockchain consensus algorithm. The basic principle is to combine POW (Proof of Activity) work) and POS (Proof of stake) algorithm. For the specific content of POW algorithm and POS algorithm, please refer to:

POW algorithm: https://www.jianshu.com/p/b23cbafbbad2
POS algorithm: https://blog.csdn.net/wgwgnihao/article/details/80635162

Compared with other algorithms, the POA algorithm can improve the network topology and maintain the proportion of online nodes. Fewer transaction fees while reducing energy consumption during the consensus algorithm process.
The network required by the POA algorithm also contains two types of nodes, miners and ordinary participants, among which ordinary participants may not always stay online. The POA algorithm first constructs a block header by miners, and selects N coins from the block header. The owners of these N coins participate in the subsequent verification and block generation process.
You can see it from hereThe POA algorithm is not only related to computing power, but the subsequent election of N participants is completely determined by the total number of coins owned by the participants in the network. Participants with more coins have a greater chance of being selected as N subsequent participants. The necessary condition for the subsequent participation of N participants is that these N participants must be online, which is also the origin of the POA name. The maintenance of the POA algorithm depends on the active nodes (Active) in the network.

An ideal basic process of the POA algorithm is that, similar to the POW protocol, the miner constructs a block header that meets the difficulty requirements, and calculates the number of N coins from the block header obtained by the miner. Traceability in the chain can reveal the current participants of these coins. The miner sends the block header to the N participants, among which the first N-1 participants verify and sign the block, and the last N-th participant verifies and adds the transaction to the block, and the block is Publishing it out means completing the production of a block.
An ideal process is shown in the figure below:

In actual operation, there is no guarantee that all participants on the network are online, and participants who are not online cannot perform checksum signatures. This Block headers that cannot be verified and signed will be discarded.
That is, in actual operation, a miner should construct a block header and broadcast it to each participant for signature, while continuing to reconstruct a new block header to prevent any of the N participants derived from the previous block header from being online. As a result, the block header was abandoned.
Therefore, in this case, whether a block is confirmed is not only related to the computing power of the miner but also to the online ratio on the network.
Compared with pure POW, when a block is produced in the same 10 minutes as Bitcoin (POW), POA will have losses caused by participants not being online. Therefore, the number of blocks that miners can construct within 10 minutes The number will be greater, that is, the difficulty limit of the block will be reduced, and the energy loss caused by miners during the mining process will also be reduced.
Compared with pure POS, it can be seen that the block generation process of POA does not upload the relevant information in the process of constructing the block, which can significantly reduce the redundant information generated by the maintenance protocol on the blockchain. quantity.

This section analyzes some parameter settings in the appeal protocol

After the miner constructs the block header, it verifies the block header and selects the number of N participants in the block construction. The determination is similar to the selection of the block time of each block in Bitcoin. Bitcoin has chosen 10 minutes as the expected block time for each block and adapted it by dynamically adjusting the difficulty.
The value of N here can also be selected or dynamically adjusted. Dynamic adjustment requires more complex protocol content and may lead to data expansion in the blockchain, whileComplex protocols also increase the likelihood of attacks by attackers. In addition, there is currently no way to prove what benefits dynamic adjustment can bring. Static adjustment can obtain a value of N=3 in the subsequent analysis (4 Safety Analysis), which is more appropriate.

As can be seen from the above description, in addition to miners, there are also N currency owners derived from the block header who construct new blocks. After constructing a new block, these participants should also receive certain incentives to keep participants online.
The non-matching ratio between miners and participants is related to the online status of the participants. The incentives given to participants are closely related to their enthusiasm to stay online. The more participants stay online, the better the stability of the network can be maintained. Therefore, when there are not enough online participants on the network, the incentive share ratio that participants receive can be increased, thereby motivating more participants to come online.
How to determine the online status of the current participant? When the last Nth participant constructs a block, the constructed but discarded block headers can be added to the block. If the number of discarded block headers is too large, it means that the number of people online is too low, and the sharing ratio should be adjusted.
At the same time, the final N-th participant’s share with other participants also needs to be considered. The N-th participant needs to add the transaction to the block, that is, the UTXO pool needs to be maintained. At the same time, the N-th participant also needs to add the transaction to the block. The discarded block header is added to the newly constructed block.
In order to encourage them to add abandoned block headers to newly constructed blocks, a small amount of incentives can be appropriately added according to the added block headers. Although adding more block headers can increase the share in the next round, it should be enough to motivate participants to add unused block headers to the block (it is impossible for participants to add more block headers in order to increase their share) , each block header means the workload of a miner).
If a participant does not maintain the UTXO pool, he cannot construct the block, but he can participate in the first N-1 signatures. Therefore, in order to motivate participants to maintain the UTXO pool, as the last participant to construct the block, he must be given More incentives, like twice as much as other participants.

From the description in 3.2, we can know that a user must be online and maintain the UTXO pool to gain as much benefit as possible. This mechanism will inevitably lead some users to entrust their accounts to a centralized organization. This institution remains online at all times and maintains their accounts for users, participating in the construction of blocks and obtaining benefits when they are selected as participants in constructing blocks. Finally, the organization divides the proceeds in some form.
As mentioned above, participants must use their own keys to sign, and after being entrusted to an organization, the organization can use this key to sign and construct blocks, and it is also possible to use this key to consume users' property. A limited-cost key can be used here. This key has two functions. One isSpend some of the property in the account, and the other is to transfer all the property to a designated account. This key can be used during escrow. After being notified that part of the property has been spent, all properties can be immediately transferred to another account of one's own to ensure the security of the property.

From the above analysis, we can see that the security of POA is related to the computing power owned by the attacker and the equity owned by the attacker. Assuming that the proportion of online equity owned by the attacker is , the attacker's computing power needs to be times that of all other computing powers to achieve a fork. Assuming that the total proportion of the attacker's equity is , and the online proportion of honest users in the network is , then the attacker's computing power needs to be times that of all other computing powers to achieve the attack.
The analysis table of the attack is as follows:

As can be seen from the above analysis, the POA algorithm can improve the network topology, maintain the proportion of online nodes, and require less transaction fees than other algorithms. At the same time, the energy loss during the consensus algorithm process is reduced. At the same time, the attack cost of the PoA protocol is higher than that of Bitcoin's pure PoW protocol.

References: Proof of Activity: Extending Bitcoin's Proof of Work via Proof of Stake

㈣ What are POW and POS, and their differences and connections

POW : The full name is Proof of Work, proof of workload.

POS: full name is Proof of Stake, proof of equity.

Both of these are the consensus mechanism of the blockchain and the accounting method of digital currency.

The difference is:

1. POW mechanism: The workload proof mechanism is the proof of workload, which is generated to be added to the blockchain. The requirements that must be met when a new transaction information (i.e. a new block) is issued. In a blockchain network built based on the proof-of-work mechanism, nodes compete for accounting rights by calculating the numerical solution of random hashing. The ability to obtain the correct numerical solution to generate blocks is a specific manifestation of the node's computing power.

2. POS mechanism: Proof of equity requires the certifier to provide ownership of a certain amount of cryptocurrency. The way the proof-of-stake mechanism works is that when a new block is created, the miner needs to create a "coin rights" transaction, which sends a number of coins to the miners themselves according to a preset ratio. The proof-of-stake mechanism reduces the mining difficulty of nodes in equal proportions based on the proportion and time of tokens owned by each node based on the algorithm, thus speeding up the search for random numbers.

(4) Blockchain powpos extended reading:

The concept of Bitcoin (BitCoin) was originally proposed by Satoshi Nakamoto in 2009 and was designed and released based on Satoshi Nakamoto’s ideas. Open source software and the P2P network built on it. Bitcoin is a P2P-form digital currency. Peer-to-peer transmission means a decentralized payment system.

Unlike most currencies, Bitcoin does not rely on the issuance of a specific monetary institution. It is generated through a large number of calculations based on a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm All transactions are recorded, and cryptographic design is used to ensure the security of all aspects of currency circulation. The decentralized nature of P2P and the algorithm itself ensure that currency value cannot be artificially manipulated by mass production of Bitcoins.

㈤ Thoughts on POW, POS, and how to avoid forks

POW is the proof-of-work consensus mechanism, that is, the entire absentee node calculates mathematical problems, and is the first to use the proof-of-work consensus mechanism His project is Bitcoin. Bitcoin is currently the most successful blockchain project in the world. From its birth in 2008 to now, the system has basically not encountered major incidents, which shows that its system still has unique advantages. Otherwise, how would it be able to survive in the world? A system can continue to operate for such a long time without a centralized company or individual. Let’s take a look at what advantages it has:

In the Bitcoin network system, the entire system All transaction records are written into the chain by miners through hash collision. The hash collision process is the process of the entire network competing for accounting rights. Whoever has a smart mind will crack this in the system first. difficult problem, thereby obtaining the accounting rights, and then announcing it to the entire network. After being confirmed by 6 nodes, the block is written into the system's big budget. If someone wants to tamper with his own data, he has to do it as quickly as possible. Time modifies all block data formed before, because the hash of each block is calculated from the previous hash, so if you want to tamper with the data, it not only requires powerful computing power and a short time to complete, but if the time If it is too slow, if it takes more than 10 minutes, the next block will be formed, and it will be more difficult to tamper with. Therefore, it is very difficult for hackers to attack the entire network, so this is why the Bitcoin system asks this question.

Because the system needs to spend a lot of computing power to calculate the hash function in order to maintain this public ledger, only a small number of nodes can obtain the accounting rights at a certain time. For the absentee who has not obtained the right to bookkeeping, the electricity he has spent before is basically in vain. Therefore, the biggest problem of workload proof is that it will waste a lot of computing power. The support behind the computing power is our electric energy.

In our Coin Elite Business School group, if we issue a Token called Elite Coin for trading and circulation within the group, our internal transactions will form a ledger, and everyone will have to spend a lot of money to maintain this ledger. time to maintain. For example, if Taotao and I have a transaction, if there are 15 absentees in our group to compete for the accounting rights, and As a result, Alei wins the accounting rights. After Alei records it, it will be broadcast to the entire network. , saying that I had recorded the accounts, and then 6 of the 14 absentees went to confirm Ali’s accounts.Whether the records are true or not, only after verification is passed can the bills recorded by Alei be incorporated into the big ledger of our Coin Elite Business School. In fact, looking back at this process, not only did everyone waste a lot of time, but the entire package needed to be confirmed. It takes a long time. If our Coin Elite has more and more students in the future, including hundreds of thousands, then there will be tens of thousands of transactions taking place every day. How much manpower and time will it take.

That is, the more coins you own, the greater the probability of having accounting rights. The more you have here, the more there are two dimensions. One is the time period of holding the coins, and the second is holding the tokens. The quantity, so the currency here refers to the age of the currency, that is, the number of coins held and the number of days it has been held. For example
Uncle Yuan from the Coin Elite Business School holds 1,000 Elite Coins for a holding period of 30 days, then his coin age is 1,000 30 = 30,000, that is, each coin generates one coin age every day, and every The block currency age will be cleared to 0. If every 365 currency ages are cleared, the interest of 0.05 elite coins will be obtained from the block. Then Uncle Yuan opens a block, and the interest he will receive is [" 1000*30》X5%】/365=4.1 elite coins. From the above, we can know that its advantage is that it eliminates the waste of resources caused by competitive accounting and shortens the time to reach consensus to a certain extent. Its shortcoming is that it is easy to form a polarization between the rich and the poor. People who have money are getting more and more money. Another problem is that there is no professionalization. People with rights and interests may not want to participate in bookkeeping.

Regarding the treatment of points There is currently no correct answer as to which consensus mechanism is effective. First, let’s analyze the reason why Bitcoin forked because its capacity is small. Each block is only 2M, which is equivalent to our urban roads having only two lanes. , with the rapid development of society, there are more and more cars, and two lanes can no longer meet our requirements, so four lanes or special lanes have appeared, namely bicycle lanes, car lanes, and bus lanes. This is what we call the side chain mechanism. However, this technology has not yet achieved obvious success and progress. Another solution is lightning network technology. Lightning network technology is a block system where small transactions are processed in a unified manner at the end. , just like playing mahjong on the mahjong table of our classmates from the Coin Elite Business School, it is troublesome to settle every time, so A Lei came up with a way. In the first game, A Lei lost 200 elite coins to Wen Tao, and in the second game, A Lei lost 200 elite coins to Wen Tao. In the second game, Wen Tao lost 200 elite coins to Wei Gang. In the third game, Wei Gang lost 200 elite coins to Dongcheng. After three games, Alei said, "I want to go home and do my homework, so I won't play any more." To start settling the accounts, A Lei directly gave Dongcheng 200 Elite Coins. It was OK. Isn’t it quick? This is just an ideal example I gave. Transactions in the blockchain are not that simple, so the Lightning Network is still in the exploratory period so far. Not yet the best solution.

Why is it still forked? There are many reasons for this. I think 90% of them are human reasons.It has nothing to do with solving the problem of Bitcoin transaction speed. Many people fork just to make some money. After the fork, many illegitimate children have no parents to care for them, so I don’t like forked coins.

㈥ What technology does the blockchain apply to achieve this function?

The blockchain applies the following technologies to achieve it< br>The first is the consensus mechanism. Commonly used consensus mechanisms mainly include PoW, PoS, DPoS, PBFT, PAXOS, etc. Since there is no center in the blockchain system, there needs to be a preset rule to guide the nodes of all parties to reach an agreement on data processing. All data interactions must be carried out in accordance with strict rules and consensus;
The second It is cryptography technology. Cryptography technology is one of the core technologies of blockchain. Many classic algorithms of modern cryptography are used in current blockchain applications, mainly including: hash algorithm, symmetric encryption, asymmetric encryption, digital Signature etc.
The third type is distributed storage. Blockchain is a distributed ledger on a peer-to-peer network. Each participating node will independently and completely store and write block data information. The advantages of distributed storage compared with traditional centralized storage are mainly reflected in two aspects: data information is backed up on each node to avoid data loss due to single point failure; data on each node is stored independently, effectively avoiding Malicious tampering with historical data.
Smart contracts: Smart contracts allow trusted transactions without a third party. As long as one party reaches the pre-set goals of the agreement, the contract will automatically execute the transaction. These transactions are trackable and irreversible. It has the advantages of transparency, credibility, automatic execution, and mandatory performance. Blockchain technology has many unique features that make it a unique invention and give it unlimited horizons to explore.

㈦ What does blockchain POW mean?

Blockchain PoW is a consensus mechanism on the blockchain. Currently, there are many types of consensus mechanisms on the blockchain. Yes, PoW is just one of them. It means workload proof mechanism. Other consensus mechanisms include POS (proof of equity mechanism), DPOS (share authorization proof mechanism), DAG (directed acyclic graph), PBFT ( Practical Byzantine Fault Tolerance) and many others.
The full name of POW is ProofofWork, which translates as "proof of work" or "proof of work."
Bitcoin, Dogecoin and Litecoin are all digital currencies based on the POW model. That is to say, how much monetary reward you get from mining depends on the effective work of the mining machine. That is to say, the better the performance of the mining machine and the longer the mining time, the more monetary rewards you will get. .
The important significance of proof of work is that it forces the creation of currency to require a certain amount of work and cost, which gives currency certain commodity attributes, allowing the invisible hand of the free market to pass the "price mechanism" Spontaneously adjusting the money supply ensures that the currency has a stable value, thus making the currencyAble to gain people's trust.