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『一』What is the relationship between blockchain and Bitcoin?

What is the relationship between blockchain and Bitcoin?

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The term blockchain may seem obscure to many friends outside the industry, but when it comes to Bitcoin, I believe everyone has heard of it. Bitcoin has been on Weibo’s hot searches many times before, and it is very well-known and has firmly become the “first-line star” of digital currency.

Q1:

So what is the relationship between blockchain and Bitcoin?

Before answering this question, we must first clarify what Bitcoin is.

Bitcoin is a brand new digital currency, but this so-called "currency" has a characteristic, that is, it has no issuing agency.

Q2:

So you may ask, how does Bitcoin ensure the security and stability of the entire system without the management of an issuing agency?

A special technology is needed here, and this special technology is "blockchain" technology. So we say that blockchain is the underlying technology of Bitcoin.

However, blockchain technology is not a brand-new thing. It is a technology that combines classic disciplines such as cryptography, distributed storage, consensus mechanisms, and smart contracts. As Bitcoin became known, the technology used in the Bitcoin system was vividly called "blockchain".

So we say that Bitcoin is the first application of blockchain, and Bitcoin represents the blockchain 1.0 era. The distinctive feature (or application scenario) of the blockchain 1.0 era is the digital currency represented by Bitcoin.

The birth of Bitcoin, or the emergence of blockchain technology, has a certain background.

In 2008, the world was in the midst of a severe economic crisis. The Federal Reserve's issuance of additional currency aggravated inflation and the economic crisis further spread. As a result, a person with the pseudonym "Satoshi Nakamoto" began to explore a new currency model, that is, the issuance of currency no longer relies on centralized institutions, so as to avoid the consequences of mistakes in decision-making by centralized institutions. All kinds of crises.

In 2008, Satoshi Nakamoto described the technical principles of Bitcoin in detail in a paper "Bitcoin: A Peer-to-Peer Electronic Cash System".

From this paper we can summarize that one of the biggest features of the Bitcoin system is "decentralization". In other words, the power to maintain the Bitcoin system is no longer concentrated on a central server, but relies on every node on the system. Through cryptography and other computing methods, it is ensured that Bitcoin, the "digital currency", can not be duplicated. At the same time, the circulation and transactions of Bitcoin can be well recorded.

Q3:

So, how to better record Bitcoin circulation transactions without the management of a central organization?

This involves the term "distributed storage". What does distributed storage mean? We can make an analogy and think of the Bitcoin system as a "ledger", which records Bitcoin transactions. However, this "ledger" is not concentrated in the hands of one person, but is decentralized. In other words, every node on the Bitcoin system has such an ledger, and everyone keeps accounts together. If you want to update the accounts, you need the consent of the majority of people... The "distributed storage" method of recording data used by the Bitcoin system has become one of the core technologies of the blockchain.

In addition, on the Bitcoin system, nodes must follow certain rules when recording data. This rule is called the "consensus mechanism". Bitcoin's consensus mechanism is PoW, which is proof of work. The mechanism, to put it simply, means more work, more reward. Nodes do a lot of calculations through computers, record transactions on the Bitcoin system, and maintain the Bitcoin system, so they can get more Bitcoin rewards... The "consensus mechanism" adopted by Bitcoin has also become the blockchain One of the core technologies.

Later, with the continuous enrichment of blockchain technology, consensus mechanisms also became diverse. Simply put, the consensus mechanism can be understood as the incentive mechanism of blockchain technology, because blockchain is decentralized and requires certain incentives to encourage nodes to proactively maintain the system.

From the above description, we can conclude that the Bitcoin system uses cryptography, distributed storage, consensus mechanism and other technical means to ensure that the system can be safe and stable without a central organization. run. These technologies are vividly summarized as "blockchain technology".

Therefore, we can understand the relationship between blockchain and Bitcoin like this:

Blockchain technology is the underlying technology of Bitcoin,

Bitcoin Bitcoin is the first application of blockchain;

Bitcoin represents the blockchain 1.0 era. The distinctive feature of this era is that blockchain technology is applied to the exploration of digital currency.

Whether it is Bitcoin or blockchain, if you say they are technologies, that is completely OK, because they are essentially the underlying protocol of a computer. This protocol is essentially the same as the Internet protocol we use now. It is completely different if you say it is an idea. Blockchain contains democratic ideas and incentive mechanisms. These ideas have great reference significance for our current community governance.

Of course, gold is never pure. After Bitcoin, blockchain was accepted by more people. At this time, a large number of altcoins emerged. These altcoins evolved into a new financing model, resulting in air coins, MLM coins, etc.The prevalence of currency flag fraud. Regarding this point, with the current tightening of supervision and improvement of legislation, those who defraud using blockchain technology will also be severely punished.

#BTC[超话]# #欧易OKEx# #digital currency#

『二』What is the relationship between blockchain technology and Bitcoin

Blockchain technology is the underlying technology of Bitcoin. Bitcoin has been running without any centralized operation and management. Later, Bitcoin technology was abstracted and called blockchain technology, or distributed ledger. technology.

Bitcoin is the first application of blockchain and will be expanded to more and more industries in the future.

Blockchain technology is called distributed ledger technology. It is an Internet database technology that is characterized by decentralization, openness and transparency, allowing everyone to participate in database records.

While Bitcoin is not issued by a specific monetary institution, the Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviors, and uses cryptographic design to ensure A currency that provides security in all aspects of currency circulation.

(2) Extended reading of Biying Blockchain:

Bitcoin currency characteristics:

Decentralization: Bitcoin It is the first distributed virtual currency. The entire network is composed of users and there is no central bank. Decentralization is the guarantee of Bitcoin’s security and freedom.

Worldwide circulation: Bitcoin can be managed on any computer connected to the Internet. Anyone can mine, buy, sell or receive Bitcoin regardless of location.

Exclusive ownership: Manipulating Bitcoin requires a private key, which can be isolated and stored on any storage medium. No one can obtain it except the user himself.

Low transaction fees: It is free to remit Bitcoin, but there will ultimately be a transaction fee of approximately 1 bit cent per transaction to ensure faster transaction execution.

No hidden costs: As a means of payment from A to B, Bitcoin has no cumbersome limits and procedures. You can make the payment by knowing the other party's Bitcoin address.

Cross-platform mining: Users can explore the computing capabilities of different hardware on many platforms.

Reference: Network-Blockchain Network-Bitcoin

『三』 Zihang talks about currency: Newbies in the currency circle don’t even know what “blockchain” is< /p>

First of all, I believe that everyone must have heard of Bitcoin before learning about blockchain, right? Because we all know that the first people to hold Bitcoin made money!

But one point of view is wrong: What point of view? Many people believe that Bitcoin is the blockchain. In fact, Bitcoin is just a type of blockchain asset, and it is the earliest blockchain asset. The concept of blockchain comes from Bitcoin. The reason why Bitcoin can be so arrogant is that it can exist independently and does not rely on anyone.What's the organizational structure, that's because the underlying layer is supported by blockchain technology.

Just like our mobile phones can run, the bottom layer is supported by Android or ios system. So what kind of technology is blockchain? Why is it so powerful? Can make Bitcoin so valuable! The English name of blockchain is block chain, and block means block. You can imagine that if you fall or bump into something, you may have bruises, right? The blocks in the blockchain contain some The data block of transaction information, something, may have a bruise, right? The block in the blockchain contains some data blocks of transaction information, and the chain in the blockchain connects the data blocks. , this is like a big ledger. Anyone who uses this blockchain ledger can directly query any transaction information arranged in order, and it is difficult to tamper with. So how does it do it?

Let’s give a simple example based on local materials: There are now a total of 100 readers, who are linked through the Internet to form a blockchain network system. Please pay attention! We are not reading this article now, but a blockchain network system. In this system, I ask one of the people, say this person is called panda, to borrow 10 yuan, and then panda transfers the 10 yuan to me in the network system. Then my account or wallet increased by 10 yuan. As for panda, who lent money to Bibi, his account lost 10 yuan. After this transaction is completed, other people in our blockchain network system, after seeing it, will take a small notebook and record the matter. My account will increase by 10 yuan, and panda's account will decrease by 10 yuan.

That’s not right, then what are you doing when you are full and have nothing to do? Why should we record these small and medium-sized "bad things"? It’s because the network system will pay wages to those who participate in recording. As long as she records it once, the system will automatically reward tokens that are common in the network system. As long as there is money, everyone is willing to do anything. In reality, there are actually countless individuals in a blockchain system, which means that our group not only has only 13 people, but they don’t know each other yet, but they can all communicate with each other on the system chain and record them in the blockchain in order. For this transaction in the network, if one day I want to default on the debt and no longer plan to pay back 10 yuan to panda, then I must convince more than 51% of the people in the blockchain network system to delete this record or tamper.

If it were replaced by real-world computing power, it would be almost impossible and would require huge costs. This is the characteristic of blockchain technology - decentralized collaboration, transaction data is difficult to tamper with, and transaction information is transparent and queryable. Its main function is to solve two problems that are difficult to solve on the Internet - one is trust and the other is value transmission.Deliver.

The so-called trust, according to the above scenario, is that I may default on the loan and take the money and run away; the value transfer is: my borrowing account should increase by 10 yuan, while the panda account becomes -10 Yuan money exchange. Then we may have questions again, isn't Alipay and WeChat payment solved now? Wouldn’t it be enough to just confirm the account and transfer the money directly and send a red envelope? Yes, Alibaba and Tencent exist based on solving these two problems. but! Thinking about it from another perspective, if a mere blockchain technology can solve these two problems now, can huge and complex institutions like Alibaba and Tencent be abandoned?

Rebuilding a new network system to apply it to more fields is on the way.

Because, the final conclusion is: this technology builds the value of Bitcoin, then this technical logic can also be used in many other fields. Maybe one day you will be happy to discover - Huh? I am now using a product from a certain blockchain technology company! ? Just like many years ago, one day you unknowingly used QQ and started to learn to watch videos and play games online. Having said that, what does it mean that Bitcoin is an early asset of the blockchain? Why does it add value? According to the scenario mentioned above, the so-called tokens are the tokens issued by the system to everyone in the group by participating in accounting. These tokens are blockchain assets. (The behavior of everyone participating in bookkeeping is commonly known as mining.) Bitcoin itself is the value token of the Bitcoin blockchain network system

Then why is it Will it add value? Because its quantity is limited, the number of issuances is determined at one time from the beginning of the establishment of the network system and will never be issued additionally.

So, in the future, the more people participate in accounting in a certain blockchain network, the number of people who get it will gradually decrease, and value-added will become inevitable. This is like Alibaba's early stocks. After the Alipay application is launched, the more people participate in using it, the more it is needed, and Alibaba's stocks will inevitably increase in value.

Of course, there are currently many projects applying blockchain technology, but most of them have not found a landing scenario. However, the more people believe that a project created using blockchain technology will be used in the future. If necessary, the price of the tokens of this project will be pushed up. Therefore, there are far more investment opportunities in blockchain assets than in the ordinary stock market. If you invest in a value project, then it may skyrocket to over 130,000 per Bitcoin a few years ago, to a little over 40,000 now. In other words, you don’t need to consider any investment opportunities in other varieties. A few years ago, if you bought Bitcoin with your eyes closed and then ignored it and just went about your own business, the return on this investment would be 100 times in one year.

Profit! How much is that right? The opportunities in this industry are far more than these. Almost all currencies will have explosions.Opportunities for prices to rise or fall sharply, but this range of rise and fall is not like the 10% daily limit in stocks. Blockchain assets disappear for trading around the world 24 hours a day, and T+0 is implemented, and there is no limit on the rise or fall. The prices of varieties are completely affected by the limit of rise and fall and the pursuit of funds. Most varieties have experienced annual increases of more than 100%, or even several times higher. This kind of investment opportunity is also difficult to find in other markets. of.

The currency circle is like Tai Chi. Only when a person is in a state of tranquility can he feel the opponent's strength and intention in the push hand for the first time. What I felt at the time was that only by clearing myself could I receive information to the greatest extent and fastest, and make correct judgments and responses. The same is true in the currency circle.

This material is for learning reference only and does not constitute buying or selling advice. Buy and sell based on it at your own risk!

『四』What is blockchain and what is digital currency

Blockchain is an important concept of Bitcoin and is essentially a decentralized database.
At the same time, as the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each data block contains a batch of Bitcoin network transaction information, which is used to verify the validity of its information. (anti-counterfeiting) and generate the next block. Digital currency is an unregulated, digital currency that is usually issued and managed by developers and accepted and used by members of a specific virtual community. The European Banking Authority defines virtual currency as: a digital representation of value that is not issued by a central bank or authority and is not linked to a legal currency, but which, because it is accepted by the public, can be used as a means of payment or can be transferred, stored or traded electronically. .
The content of this article comes from: China Law Publishing House's "Complete Knowledge of Legal Life Common Sense Series"

『五』What is digital currency blockchain

1. Block A chain is a ledger that records digital currency transactions
Take Bitcoin as an example. It does not have a physical form, but exists in a dedicated ledger. All Bitcoin transactions are recorded in the ledger. Through the transaction records, we can calculate the number of Bitcoins owned by each user. If a person owns Bitcoin, it means that transaction records related to him can be found in the ledger.
The ledger mentioned here is a piece of software, which we can download from the official Bitcoin website, and the underlying technology used in this software is the blockchain. To facilitate understanding, we usually say that the blockchain is the ledger.
The reason why blockchain is used as the underlying technology of the ledger is to achieve the decentralization of digital currency. It can be said that the starting point for a series of problems encountered by digital currencies and the solutions provided comes from decentralization.
2. Blockchain is a technology that ensures the safe use of digital currencies. Everyone knows that blockchain technology has two major characteristics: encryption and non-tamperability, which can reduce the probability of errors during the use of digital currencies. reduced to 0. Depend onSince digital currency has higher encryption requirements, it must be supported by blockchain technology. Currently, not only many industries in our country are using blockchain technology, but many foreign countries are also actively using blockchain technology. Blockchain technology.
[Extended information]
Blockchain is the underlying technology of digital currency, and Bitcoin is the first successful application of blockchain.. To understand this problem, we must first recognize the facts: not all blockchains require Issuing digital currency, currently our country strongly supports "coinless blockchain". Generally speaking, public blockchain, that is, public chain, needs to issue tokens as "rewards" to motivate users and maintain system operation, while ordinary blockchain , often called a consortium chain, can or cannot be issued. Private blockchains are mostly used for company internal audits and generally do not need to issue coins. The following is a detailed explanation of the differences between the three blockchains:
1. Public block Chain: A blockchain in which anyone in the world can read and send transactions for validity confirmation, and anyone can participate in its consensus process. Bitcoin and Ethereum are typical applications of public blockchains. Public blockchains are a global Distributed blockchain, blockchain data is open, user participation is high, and it is easy to produce network effects, easy to apply and promote. Therefore, this kind of blockchain operation relies heavily on the incentive mechanism, Bitcoin Tokens such as Ethereum and Ethereum are used as "rewards" for incentives, so public chains need to issue tokens to maintain their own development and ecology.
2. Community Blockchain (Alliance Chain): It means that the participation of nodes in the blockchain is selected in advance. There are usually good network connections and other cooperative relationships between nodes. The data on the blockchain can be open It can also be internal. For partial distribution, we can regard it as "partial decentralization". Each alliance in the chain has its own centralized management. For example, R3CEV of more than 40 banks is a typical alliance chain. Chains usually do not require a lot of money, but there are also individual alliance chains that choose to send money to motivate members within the alliance to contribute, so there are no restrictions on the chain.
3. Private blockchain: refers to a node with a limited scope of participation, such as a specific organization’s own users, strict permission management for data access and use.. Write permissions in a completely private blockchain It is only in the hands of the participants, and the read permission can be opened to the outside world or restricted to any extent. It is currently mainly used for internal audit work of the company. Therefore, the private chain does not need to issue currency, and it does not have the characteristics of decentralization. It is a kind of centralization management mechanism.

『Lu』 What is the relationship between blockchain and Bitcoin

Blockchain technology is the basic technology of Bitcoin and is also the core and infrastructure of Bitcoin. Bitcoin has always been operated and managed without any centralized organization. Later, Bitcoin technology was abstracted and called blockchain technology, or distributed ledger technology.

(1). Blockchain is the core and infrastructure of Bitcoin:

1. In the Bitcoin systemIn a system, "currency" is simply the unit of account used in that ledger. The most important thing is not the concept of "currency", but the concept of "ledger" without a central storage organization. For example: I lend 50 yuan to someone else. At this time, I asked the financial staff to help me keep accounts.

2. Blockchain technology is the basic technology of Bitcoin and the core and infrastructure of Bitcoin. Bitcoin has always been operated and managed without any centralized organization. Later, Bitcoin technology was abstracted and called blockchain technology, or distributed ledger technology.

(2) Blockchain is the core and infrastructure of Bitcoin:

1. In the Bitcoin system, “currency” is just the accounting used in the ledger. unit. The most important thing is not the concept of "currency", but the concept of "ledger" without a central storage organization. For example: I lend 50 yuan to someone else. At this time, I asked the financial staff to help me keep accounts. Bookkeeping must be paid, so I need to pay the financial staff.

Because an incentive mechanism has also been invented in the Bitcoin system technology, which is equivalent to what I just said, you can help me keep accounts and I will pay you, but not everyone can keep accounts. rewards. Therefore, the blockchain has designed a corresponding mechanism competition mechanism.

2. The competition mechanism uses a hash algorithm to determine the ownership of rewards. Generally speaking, everyone is given a math problem. The reward is for whoever calculates the result first. The calculation process of the hash algorithm is a process in which a professional computer (we call it a miner) uses the hash algorithm to calculate the results, which is called mining.

For the fastest and best bookkeepers, the system writes the recorded contents into the account books and sends the account book contents to everyone in the system for backup. This way, everyone in the system has a complete ledger called blockchain technology.

(3) The origin of blockchain:

1. The origin of the word "blockchain" is from the original English version of the Bitcoin white paper "Blockchain". When translating this sentence, the Chinese market directly used the word "blockchain" and then directly wrote it as "blockchain", which became a proper noun at the global blockchain technology level.

So, no matter who explains the blockchain, Bitcoin cannot be bypassed. If you want to introduce the history of cars, just like you can't avoid Carl Benz; if you want to introduce the history of airplanes, just like the Wright brothers.

2. Bitcoin "invented" and proved the feasibility of blockchain technology. Bitcoin is not the entire blockchain technology, just one of its applications. But without Bitcoin, or if Bitcoin's applications were not successful, blockchain might not have emerged, or at least not for many years. Therefore, it is difficult for the blockchain to be "isolated" from Bitcoin for a long time.

(6) Extended reading on Biying Blockchain:

Disadvantages of blockchain technology applied to digital currencies :

First, there is no circulation management agency in the "decentralization" process. In essence, blockchain technology is a distributed database system thatThe logical structure is a one-way linked list, and its design model is based on P2P network, which determines that there is currently no unified virtual currency central control system based on blockchain technology.

Second, quantity supply is difficult to effectively control. Based on blockchain technology, the issuance amount of virtual currency is fixed. According to the Fisher equation, at a certain price level, the total transaction volume of the whole society in a certain period has a certain ratio to the required nominal amount of money, and a fixed amount of money obviously cannot meet the requirements of the ever-increasing total price of social commodities.

Third, it is difficult for the “mining mechanism” to create recognized value. Bitcoin itself has no value and is not backed by national credit. Some people think that "value is injected into virtual currency by continuously consuming computing power and energy", but in order to find a hash value that meets the requirements, spending millions of calculations is obviously not the most efficient option.

Fourth, producers and early holders can easily obtain high seigniorage taxes. Any virtual currency based on blockchain technology will be held by a small number of people in the early stages of development. Take Bitcoin for example. At first, Bitcoin was just a product of a few people's game. In May 2010, the first transaction to buy Bitcoin was a $25 pizza purchased for 10,000 Bitcoins, and the first transaction completed in July of the same year was $0.04/Bitcoin.

『撒』 Is digital currency based on blockchain technology?

Currently, the most successful application based on blockchain technology is the digital currency represented by Bitcoin. Blockchain The chain has also benefited from the deeper expansion of digital currency.

Industry insiders said that if A wants to send 1 Bitcoin to B, he first needs to send a transaction request to the blockchain network, providing the addresses of A and B and the Bitcoins sent. At the same time, the private key is used to digitally sign the sent information to prove the identity to B. After the information is sent, after the miner receives the information sent by A, it needs to determine the uniqueness of the transaction, the legality of the addresses involved in the transaction, the authenticity of the digital signature, and the correctness of the number of Bitcoins.

After successful verification, the transaction will be added to the block, and each block contains all transactions in the past ten minutes. Generally speaking, each transaction must be confirmed 6 times before it can finally be recognized as a legal transaction on the blockchain. Finally, the block is chained, the transaction is completed, and B receives 1 Bitcoin.

Article source: Bit110.com