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A. What is the blockchain for?
What is the blockchain for?
What is the blockchain for? There are many things in the world that touch our knowledge blind spots, and blockchain is one of them. However, blockchain is often mentioned, so we also need to understand blockchain. Next, I will take you to understand what blockchain is for.
What is blockchain for? 1Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm.
Blockchain is an important concept of Bitcoin. It is essentially a disintermediated database. As the underlying technology of Bitcoin, it is a series of related cryptographic methods. Each data block contains information about a Bitcoin network transaction, which is used to verify the validity of its information (anti-counterfeiting) and generate the next block.
Applications
1. Art industry
Ascribe allows artists to use blockchain technology to declare ownership and issue certificates. Numbered, limited-edition pieces can be used 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. Legal industry
BitProof is the most advanced of the many document timestamp applications that have emerged in recent years, and will make traditional notarization methods a thing of the past. Compared with free versions including Blocksgin and OriginStaemp, BitProof provides more services, including one for intellectual property. Interestingly, BitProof recently collaborated with a San Francisco IT school to put all their students’ academic certificates on the blockchain, completely redefining how diplomas and student certificates are processed and used.
3. Development industry
Colu is the first company to allow other companies to issue digital assets. Their ability to "tokenize" various assets has impressed many people. While the free Bitcoin wallet Counerparty also allows simple tokens to be issued and traded among other wallet holders, Colu's tokens can be configured in various states and types, be able to leave and return to the system, and When storing data on the blockchain is too large, the data can be stored on the BitTorrent network.
4. Real estate industry
They plan to modernize the entire industry chain process and solve various problems faced by everyone involved in real estate, including the naming process, land registration, Agency intermediaries, etc.
What is blockchain for 2What 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. It is an important concept of Bitcoin. It 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 the information, prevent counterfeiting and generate the next block. It is a set of data storage mathematical architecture constructed in a way that is almost impossible to forge or tamper with, and can be used to store all kinds of valuable data.
The Cyberspace Administration of China issued blockchain information service management regulations on January 10, 2019, which will take effect on February 15, 2019.
What is the blockchain for 3Before talking about the blockchain, let’s talk about the Internet. The Internet is now an indispensable part of us and is closely related to our lives. First of all, the biggest disadvantage is It can only transmit information. The key is that the information data on the Internet can be set artificially. For example, it is often said to browse Weibo and so on. Secondly, there are bugs in the Internet environment, which means that there cannot be equality in data ownership. This is to say that there are some disadvantages of the Internet.
Putting aside what blockchain is, let’s talk about the Internet and blockchain. Blockchain and the Internet are a parallel relationship, and they can also be a continuation of each other’s complement. So what is a blockchain? A blockchain is actually a series of data blocks that are associated using cryptographic methods. Simply put, there are many data blocks connected in a certain time sequence. It can also be said that a blockchain is a ledger. , but the account book is different from the ordinary computer account book. The blockchain account book is jointly kept by all computers in the world. The biggest feature is that it cannot be tampered with.
What can the blockchain do?
1. Machine trust
In professional terms, it is because of the blockchain The tamper-proof nature of technology fundamentally changes the centralized credit model. Build lowest-cost credit with code. In other words, as long as the code on the blockchain is executed, there is no need to worry about the possibility of stopping midway. Creating a new era of machine trust. Blockchain is expected to lead us from personal trust to the era of machine trust. In other words, his trust cost is close to zero.
2. Value transfer
The Internet can only transfer information but cannot realize the value of information. In other words, the transition from the information Internet to the value Internet will Some fundamental changes occur. Blockchain transfer will be more convenient, while also achieving low-cost transfer of value.
3. Smart contract
This is also one of the most obvious features of the blockchain. When a pre-programmed condition is triggered, the smart contract begins execution and cannot be interrupted, deleted, or modified by any party.Wait until the contract ends instead.
4. Token mechanism
Token mechanism is actually a form of value circulation. Through the tokenization of physical or virtual assets, it can work directly through the network. Mainly There are cost reductions, time savings and crossing borders. It can also be understood as proof of rights and interests. Xunlei and "LinkToken" all belong to the "Token" blockchain.
Blockchain characteristics
It has the characteristics of decentralization, anonymity, autonomy, openness, traceability, non-tampering, collective maintenance and no need for recognition. At present, we often talk about the following types of blockchains: public chain, private chain, alliance chain and side chain.
The application value of blockchain
1. Blockchain information security
Information security is one of the biggest features of blockchain, such as Facebook some time ago The leaks brought some negative social impacts. On May 8, Facebook established a blockchain department to study how to use blockchain technology.
2. Underlying technology
This is one of the most imaginative and core technologies of the blockchain. This is a highly professional academic. Let’s give a simple example. , the most famous project of this underlying technology is Ethereum.
3. Bass service
This is a series of services provided by using data generated by the blockchain, such as queries, etc. In terms of network and Tencent, both have launched their own Bass services. .
Where are the five blockchains mainly used?
At present, relatively mature areas include blockchain + medical care, blockchain + Internet of Things, blockchain + culture and entertainment, blockchain + public welfare, etc.
B. Blockchain and Distributed Credit
Guest: He Ping, Professor, Department of Finance, School of Economics and Management, Tsinghua University, Director, China Financial Research Center
Blockchain In view of the shortcomings of the centralized system, a decentralized or weakly centralized platform can be established based on emerging technology paradigms to promote innovations such as credit assessment, traceability, and consensus under new technology paradigms, and develop a credit management platform based on new technology paradigms. , so this is the huge value that blockchain may bring to the financial field.
The distributed credit that blockchain may bring is divided into four links, one is distributed credit generation; the other is distributed credit transmission; the third is distributed credit evaluation; the fourth is distributed credit supervision.
Distributed credit generation uses the advantages of distributed accounting methods and data standardization to reshape the credit generation and recording process from the source to achieve "unforgeable" and "untamperable". The standardization of data can ensure the uniformity and comparability of all credit records, and the participation of multiple nodes in verification can ensure the accuracy of the information in the records. DistributedStorage greatly guarantees the security of information.
Distributed credit transfer is a technical business platform through blockchain technology, allowing each credit subject to transfer its own credit. The most important thing in credit transmission is to trace the source of the credit and whether it is reliable, leaving traces throughout the process. The credit of core enterprises can be transmitted downstream or upstream through the supply chain. In the future, more important credit transmission may come from more participants, which can be investors, consumers, financial institutions, core enterprises, and blockchain The chain can ensure that credit transmission in the supply chain will not decay.
Distributed credit assessment means that we can collect various types of data through blockchain technology, such as industry and commerce, litigation, taxation, etc. The source of these data is the subject of each credit assessment, and the credit needs of the subject are assessed. Evaluation, and can use blockchain technology to perform cross-validation and zero-knowledge proof on the premise of ensuring information security and privacy, and achieve trust consensus under the premise of privacy protection.
Distributed credit supervision uses blockchain technology to supervise, punish or reward credit subjects in all aspects of social life to achieve collective maintenance of credit. At the same time, joint punishment will be carried out. In the future, the scope of punishment, supervision and collective maintenance can be further expanded through blockchain technology.
Distributed credit is completely different from the traditional centralized credit system. It can alleviate the problem of difficult and expensive financing for small and medium-sized enterprises and promote the transformation of important economies into innovative economies. It helps to price credit risk more accurately, facilitates the allocation of credit risk, reduces credit risk through credit supervision, and controls the risk of the entire financial system. In the future, the centralized model and the blockchain distributed application model will inevitably be good at each other and complement each other. Blockchain distributed credit will complement and improve the centralized system and will play an important role in improving China's financial system and even the international financial system.
C. What is blockchain and what role does blockchain play
What is blockchain? What changes will it bring to your future life?
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms.
Blockchain is an important concept of Bitcoin. It is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of related cryptographic methods. Each data block contains a batch of Bitcoin network transaction information, which is used to verify the validity of the information (anti-counterfeiting) and generate the next block.
In the original English version of the Bitcoin white paper, the word blockchain does not actually appear, but chain of blocks is used. In the earliest Chinese translation of the Bitcoin white paper, chain of blocks translated into blockchain. This is the earliest time when the Chinese word "blockchain" appeared.
The Cyberspace Administration of China issued the "Blockchain Information Service Management Regulations" on January 10, 2019, which will come into effect on February 15, 2019.
In a narrow sense, blockchain is a chain data structure that combines data blocks in a sequential manner in chronological order, and is cryptographically guaranteed to be non-tamperable and non-tamperable. Unforgeable distributed ledger.
Broadly speaking, blockchain technology uses block chain data structures to verify and store data, uses distributed node consensus algorithms to generate and update data, and uses cryptography to ensure data transmission and Access security, a new distributed infrastructure and computing method that uses smart contracts composed of automated script codes to program and operate data.
In fact, to understand it very simply and vividly, we can imagine that everything in life is realized in digital form, including food, clothing, housing, transportation, medical treatment, education, etc., based on the Internet, it can be easily done at home Get it done, no matter where you go to do business or trade, you can completely operate it with your mobile phone. With the continuous development, everything we do can be easily completed online, such as volumetric work, production, planting, etc. Of course, the rise of 5g will bring about the end No one can accurately predict what it is now, but it will definitely bring about earth-shaking changes in life and social form!
Blockchain was born from Satoshi Nakamoto’s Bitcoin. Since 2009, various Bitcoin-like digital currencies have appeared, all based on public blockchains.
The current situation of digital currencies is that a hundred flowers are blooming. Here are some common ones: bitcoin, litecoin, dogecoin, OKcoinetc. In addition to currency applications, there are also various derivative applications, such as NXT, SIA, and BitShares. , MaidSafe, Ripple, Ethereum and many more.
On January 20, 2016, the People’s Bank of China Digital Currency Seminar announced that it had achieved phased results in digital currency research. The meeting affirmed the value of digital currency in reducing the issuance of traditional currency and stated that the central bank is exploring the issuance of digital currency.
Some areas where blockchain can be used can be:
▪ Smart contracts
▪ Securities trading
▪ E-commerce
▪ Internet of Things
▪ Social Communication
▪ File storage
▪ Proof of existence
▪ Identity verification
▪ Equity crowdfunding
Blocks can be The development of the chain is analogous to the development of the Internet itself. In the future, something called finance-internet will be formed on the Internet, and this thing is based on the blockchain. Its precursor is Bitcoin, that is, traditional finance starts from private chains and industry chains ( Local area network), the bitcoin series starts from the public chain (wide area network), both express the same concept - digital assets (Digital Asset), and finally converge to an intermediate balance point.
The core advantages of the blockchain architecture include:
Any node can create a transaction, and after a period of confirmation, it can reasonably confirm whether the transaction is Effectively, blockchain can effectively prevent problems from happening on both sides. The cost of trying to rewrite or modify transaction records is very high. Blockchain implements two types of records: transactions and blocks. Transactions are the actual data stored on the blockchain, while blocks are records confirming when and in what order certain transactions became part of the blockchain database. Transactions are created by participants using the system in the normal course (in the case of cryptocurrencies, a transaction is created by Bob sending tokens to Alice), while blocks are created by what we call Units of miners are responsible for creation.
So in conclusion, this is undoubtedly a new technology that changes life. In the future, the production activities of the entire society will be carried out with blockchain as the underlying logic, and many things will be within our reach. , coupled with the integration of artificial intelligence and big data, we can easily handle things that seem to be cumbersome now, such as some securities market transactions and intelligent matching of financial management activities.
To put it simply, blockchain is a network computing center that integrates people, property, machines, and goods, and packages it into a whole; putting it on an infrastructure to run the network computing center .
Now the author’s imagination is not big enough to imagine what the future world will be like. I am looking forward to it!
I know a thing or two about this issue. Let’s get to know this mysterious thing - blockchain.
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. Blockchain is an important concept of Bitcoin. It is essentially a decentralizedThe database, as the underlying technology of Bitcoin, 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 generating the next block
The more popular it is, the more fake it is to keep the real. First of all, we must first figure out what the real blockchain technology is.
As an example, take buying fruits online.
The process of purchasing fruits online is as follows:
Using blockchain technology and decentralization, the process of purchasing fruits is as follows:
Summary:
1. We found that the original transaction process is: buyers and sellers make transactions, and all key processes are dealing with the payment platform. The advantage of this is that if there is a problem in any link, both sellers and buyers can seek help through the platform and let the platform arbitrate. However, a major bug or hacker attack occurs on the platform, resulting in the loss of all transfer records within a period of time. How to deal with the loss is a troublesome matter.
2. The transaction process using blockchain technology is: everyone’s ledger has exactly the same transaction record. Even if Alipay’s ledger server is broken, the seller’s ledger still exists, and the buyer’s ledger still exists. Still exists. Once this transaction occurs, the traces will never be erased.
This is the core of the blockchain, which is the four words "accounting + accounting".
The development and maturity of blockchain technology cannot be separated from the foundation and foreshadowing of the above new generation of Internet technology. Blockchain is not only a technology, but also provides a service model and solution. , which has played an extremely important role in promoting the further development of the Internet industry.
1. Blockchain + Finance
2. Blockchain + Supply Chain Management
3. Blockchain + Intelligent Manufacturing
4. Blockchain + Public Services
5. Blockchain + Education and Employment
6. Blockchain + Culture and Entertainment
7. Blockchain + payment
8. Blockchain + invoice {Already enabled in Shenzhen}
Traceability and non-tamperability of blockchain , perfectly combined with the inherent nature and needs of the financial industry, which makes the application of blockchain in the field of financial services the most in-depth and relatively mature field so far. Blockchain technology has broad application prospects. The future technological competition will also be a blockchain competition.
It is important to understand blockchain, which is important for seeing through variousFake blockchain scams are important.
If someone uses a bunch of professional terms to explain blockchain, it will be difficult for you to understand, and they may not really understand it themselves.
Therefore, we first establish a psychological line of defense. Anyone who sells you concepts and uses a lot of unfamiliar technical terms may be a liar. Be very careful!
To understand blockchain, you must know what the core appeal of blockchain is. What do you think you are most worried about in today's highly developed Internet world?
Privacy, yes, privacy. How to protect privacy? You may be monitored at any time, and any of your personal information may be stolen at any time. If personal privacy is not absolutely protected, the Internet will become another pyramid of power. Who is standing on top of the pyramid? He is the smartest technical master, a platform provider, and an information regulator. You and I may be the people at the bottom of this pyramid.
The people who originally invented the blockchain had serious concerns about being completely swallowed up by the Internet, and tried to create an absolutely safe encryption technology to lock up personal privacy. This technology completely subverts traditional encryption technology. In fact, rather than locking up privacy, it is better to tear it into pieces and then distribute the pieces to different people for private keeping. Unless everyone agrees to take the pieces and piece together the complete code, the truth cannot be recreated. This is the first mechanism of blockchain, which is decentralization.
But decentralization alone is not enough. It is also necessary to make those who steal password fragments have nowhere to hide, so that every action of the thief can be recorded indelibly and posted everywhere on the Internet. Diffuse and make it public. This is the second mechanism of the blockchain, the non-anonymous mechanism. Do you think, who snoops into privacy is not sneaky?
In summary, the blockchain is to hide privacy in a decentralized manner, record any actions that reproduce this privacy, and make it public. Seeing this, you may want to applaud the blockchain. Don't worry, how can there be such a good thing in the world? Is there any utopia that is absolutely safe? If blockchain can be realized in an absolute sense, will the existence of the government still be meaningful? Yes, blockchain was originally the embodiment of anarchy. Its ultimate meaning is destined to never be realized. Its survival may have to rely on power, and it is destined to become another beautifully packaged lie and a pretense to deceive others. In this sense, the government must also specify a framework for the development of the blockchain, reconstruct the value of the blockchain, and expel the anti-government and anti-national attempts contained in the blockchain. Some blockchain technologies can be used in concrete applications, but decentralization must not be promoted. In short, we must remain highly vigilant about blockchain. Beauty often hides its sting. Absolutely ideal recipes often turn out to be poison. The person who says he can absolutely protect your privacy and financial security is the real voyeur and vampire.
Perhaps the best way for us to protect privacy is not to have any privacy, to live completely openly, or to live like a sun or a god of wine.
Viewpoint: 1. The concept of blockchain originated from the technical attributes of Bitcoin (distributed data storage and accounting, decentralization, inability to tamper with transaction records, point-to-point information transmission, sharing mechanism...), but Later, some people continued to extend and expand the concept to many commercial fields to facilitate capital speculation. 2. Blockchain in reality (the current blockchain on the market is very confusing), the hype concept is mostly used to make money in the stock market, and there is still a lack of regulatory loopholes. , legal and regulatory issues, etc., and even money laundering (the actual operation of blockchain products is one thing, the capital operation behind it is another). At present, the computer systems around the world cannot meet the characteristics of blockchain attributes. Technical requirements (such as distributed data storage and accounting, decentralization...), network bandwidth, storage technology and computer computing systems cannot meet transaction operation requirements (it is easy to use computer technology to make your network clogged or unable to complete distribution) There are risks arising from practical applications such as formal data storage or transactions being interrupted or delayed at any time. In addition, as far as the current global computer system is concerned, it is easy to crack the underlying program of the blockchain (this is a fatal flaw in the current global computers, 0 and 1 binary logic In addition, if the reverse blockchain mode calculation algorithm is used, it is very easy to crack the blockchain. This reverse calculation mode can also completely tamper with all transaction records. If a true quantum computer becomes available in the future, it can directly break all blockchain computers in seconds. System, Bitcoin mining is a Ponzi scheme, 3. Most of the blockchains currently on the global market are basically capital speculation concepts to make money.
The concept of blockchain has been around for several years. , I heard a blockchain boss say at the beginning of last year that 2018 is the best year for the development of blockchain. After this year, foreign development will fall behind. What is blockchain? In terms of impact, it is like a pig. The large intestine is connected section by section. Blockchain is to connect these blocks together and fix them, using computer and Internet encryption technology to prevent secrets from being leaked to the outside. This technology cannot be explained to non-professionals through professional terms Normally people can’t understand it. I can only explain it with an analogy. Let me give you two examples:
1. Four people, A, B, C and D, play mahjong in a mahjong parlor to gamble, using chips for each game. When the partnership was dissolved, A lost 1,500 yuan, B lost 300 yuan, C won 200, and D won 1,600. As a result, A only had 1,000 yuan, and everyone else settled it, but A still owed D 400 yuan. .Only these four people know about this matter, and these four people are in the same block. There is no proof for what you say, and you won’t write an IOU for this kind of thing. What will you do if A doesn’t pay back the money in the future? Apart from A, B, C and D, there are four people in this matter No one else present knows that if A wants to default on the debt and says that he does not owe money at all, only three people, B, B, and D, know that A has defaulted on the debt. It is difficult for others to judge whether A owes money and refuses to pay it back. Therefore, the value of the blockchain needs to Expand participation, such asWhat if there were more than a dozen friends watching when these four people were playing mahjong? Isn’t the cost of defaulting on the loan high? This is real life block. What about extending to the Internet? Then there are endless possibilities and there are many scenarios.
2. If four people, A, B, C and D, do business in a business group of 500 people, this group of 500 people is a big block. Once, A asked B for 10,000 yuan of goods, but did not pay B in time. A said at that time that he would pay B within 3 days. Everyone in the group knows this. If A fails to send money to B within 3 days, then the other 498 business partners in the group will know about it. If A defaults on the debt, his reputation in this business circle will be ruined. affected. This is a block.
Later, A wanted to do business with C. C asked A for goods. A said that you should pay a deposit of 5,000 yuan and the goods will be shipped immediately. C paid 5,000 yuan to A, but A was delayed. Not shipping, everyone in the group knows this, this is another block. When the two blocks are connected, everyone doubts A's credibility. How many times have you done this? Will Mr. A continue to play in the future? This is the value of blockchain.
Blockchain may seem complicated, but it is not complicated at all; it may seem simple, but it is actually very difficult to operate. The blocks are too small and meaningless. If a block wants to grow bigger, privacy and business secrets will be involved. For example, it is inconvenient to talk about falling in love in a large group; for example, it is inconvenient to discuss it publicly in the group (block) beforehand when working together to do big business. However, there are still occasions when blockchain technology is used, such as poverty alleviation work, disaster relief fund management, etc. It is exposed to the sun and everyone knows it and supervises each other. I’ve given these two examples. Do you understand them at all?
[The most core and easy-to-understand introduction to blockchain]
1. How does blockchain create trust? We use "1", "2", and "3" to summarize the characteristics of the blockchain:
- "1" summarizes the blockchain: a trusted distributed database;
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- "2" core properties: distributed, non-tamperable;
- "3" key mechanisms: cryptography principles, data storage structure, consensus mechanism.
The "distributed" and "non-tamperable" properties ensure the "honesty" and "transparency" of the blockchain, which is the basis for the blockchain to create trust.
2. In terms of industry, it is expected that the financial industry will be dominated by the financial industry in the next 3-5 years, gradually radiating to other real industries, more realistic scenarios will be accelerated, and the industry will develop from "1 to N" to Including entertainment, product traceability, credit reporting, etc.
In the future, in addition to using technologies such as side chains, lightning networks, and cross-chains, blockchain will also need to integrate with emerging information technologies such as 5G, artificial intelligence, big data, and the Internet of Things.Deep integration of information technology to improve technical performance and off-chain data quality and reduce resource waste.
3. Smart contracts may be the most revolutionary application on the blockchain. If smart contracts are widely used on the blockchain, the economic division of labor will be further refined in the Internet era. Network nodes around the world will directly connect demand and production, and broader social collaboration will be realized.
If the above vision is realized, the combination of blockchain technology and industry is expected to usher in an explosive moment "from 1 to N". Its explosion may not be linear but non-linear. Blockchain Only then can the chain be upgraded from a "trust machine" to an important "engine" leading the industry wave.
Decentralization. Prevent cheating. It used to be that one person kept accounts and could make changes. Now there are 50 people. Each person records an entry and everyone has a record in the account book. Can you make changes to all 50? All 50 ledgers are valid unless they are all changed. So it's very useful.
I saw many people answering that ordinary people cannot understand intuitively. Let me explain simply and clearly, blockchain is decentralized. When something happens, everyone writes it down and has their own password, which cannot be tampered with.
Even if a hacker wants to change it, he has to do it one by one, which will tire him out. In fact, it is impossible, at least for now.
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms.
Blockchain originated from Bitcoin and is an important concept of Bitcoin. It is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of cryptographic methods. The associated data blocks are generated. Each data block contains a batch of Bitcoin network transaction information, which is used to verify the validity of its information and generate the next block.
Blockchain has potentially huge application value in financial fields such as international exchange, letters of credit, equity registration and stock exchanges. The application of blockchain technology in the financial industry can eliminate the need for third-party intermediaries and achieve direct point-to-point connection, thereby greatly reducing costs and quickly completing transaction payments.
After reading so many expert advices, I am still confused. I only remember that someone used this so-called "blockchain" to do pyramid schemes in the past...
D. What is blockchain technology? What are the core components of blockchain technology?
What is blockchain technology? What are the core components of blockchain technology? What is blockchain technology:
Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm, etc. The so-called consensus mechanism is a mathematical algorithm that establishes trust and obtains rights and interests between different nodes in the blockchain system.
DistrictBlockchain is an important concept of Bitcoin. It is essentially a decentralized database and serves as the underlying technology of Bitcoin. The blockchain is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction and is used to verify the validity of its information (anti-counterfeiting) and generate the next block.
The core components of blockchain technology:
Blockchain mainly solves the trust and security issues of transactions, so it proposes four technological innovations to address this issue:
The first one is called distribution A type of ledger means that transaction accounting is completed by multiple nodes distributed in different places, and each node records a complete account, so they can all participate in supervising the legality of the transaction and can also jointly testify for it.
Different from traditional distributed storage, the uniqueness of blockchain distributed storage is mainly reflected in two aspects: First, each node of the blockchain stores complete data according to the block chain structure. Traditional distributed storage generally divides data into multiple parts for storage according to certain rules. Second, the storage of each node in the blockchain is independent and of equal status, relying on the consensus mechanism to ensure storage consistency, while traditional distributed storage generally synchronizes data to other backup nodes through the central node. [8]
No node can record ledger data independently, thus avoiding the possibility of a single bookkeeper being controlled or bribed to record false accounts. Also because there are enough accounting nodes, theoretically speaking, the accounts will not be lost unless all nodes are destroyed, thereby ensuring the security of the accounting data.
The second one is called asymmetric encryption and authorization technology. The transaction information stored on the blockchain is public, but the account identity information is highly encrypted and can only be accessed with the authorization of the data owner. This ensures data security and personal privacy.
The third one is called the consensus mechanism, which is how all accounting nodes reach a consensus to determine the validity of a record. This is both a means of identification and a means of preventing tampering. Blockchain proposes four different consensus mechanisms, which are suitable for different application scenarios and strike a balance between efficiency and security.
The consensus mechanism of the blockchain has the characteristics of "the minority obeys the majority" and "everyone is equal". "The minority obeys the majority" does not entirely refer to the number of nodes, but can also be computing power, the number of shares, or other factors. A characteristic quantity that a computer can compare. "Everyone is equal" means that when a node meets the conditions, all nodes have the right to give priority to the consensus result, which will be directly recognized by other nodes and may eventually become the final consensus result. [8]
Taking Bitcoin as an example, it uses proof of work. Only when more than 51% of the accounting nodes in the entire network are controlled, it is possible to forge a non-existent record. When there are enough nodes joining the blockchain, this is basically impossible, thus eliminating the possibility of fraud.
The last technical feature is called smart contracts. Smart contracts are based on these trustworthy and non-tamperable data and can automatically execute some predefined rules and terms. Take insurance as an example. If everyone's information (including medical information and risk occurrence information) is true and trustworthy, it will be easy to automate claims settlement in some standardized insurance products.
In the daily business of insurance companies, although transactions are not as frequent as those in the banking and securities industries, the reliance on trusted data continues unabated. Therefore, the author believes that using blockchain technology from the perspective of data management can effectively help insurance companies improve their risk management capabilities. Specifically speaking, it is mainly divided into risk management of policyholders and risk supervision of insurance companies.
Chongqing Jinwowo Analysis: The consensus mechanism is the core of blockchain technology. The consensus mechanism largely determines the degree of mutual trust between nodes in the entire blockchain system, and also determines other users’ views on the blockchain. The degree of trust in online data
What is the core component of blockchain technology? Analysis by Chongqing Jinwowo: Blockchain technology consists of three core technologies: consensus mechanism, common defense mechanism, and distributed storage.
The three core technologies are supported by machine trust, that is, through the support of network technology, breakthroughs in difficult problems such as point-to-point transaction, decentralization, non-tampering of recorded information, irreversible transactions, and information encryption are achieved through network technology support.
The development of blockchain technology is becoming more and more prosperous with the continuous expansion of applications. This powerful development force coming from the needs of various industries has caused rapid changes in blockchain technology, allowing various industries to achieve great results. The results are attracting more and more attention, and professional technologies and resources are constantly concentrated in this industry, thus bringing the development of blockchain technology to a new stage, and the impact of this development of blockchain technology has also much attention.
When talking about blockchain technology, Bitcoin has to be mentioned. Many people know that the electronic currency Bitcoin does not rely on the issuance of a specific monetary institution, but is generated through a large number of calculations by a specific algorithm. In fact, the core that truly supports Bitcoin is blockchain technology.
How does the invisible and intangible Bitcoin operate through blockchain technology? The interpretation circulated in the industry is that blockchain can be regarded as a technical solution for collectively maintaining reliable databases through "decentralization" and "trustlessness". In layman’s terms, this technology can be understood as a technology in which everyone participates in accounting. In the past, people used centralized servers to keep accounts, but in the blockchain technology system, everyone can participate in accounting and jointly identify Authenticity of records.
"Through this technology, even if there is no neutral third-party organization, two parties that do not trust each other can achieve cooperation. In short, the blockchain is like a 'machine that creates trust.'" Bubi Company It is the leading blockchain service provider in China. In blockchainWe have made many breakthroughs in the technology platform, which can meet scenarios with tens of millions of users and have the ability to quickly build upper-layer application services.
The blockchain technology used by all parties involved in recording and storing information adopts a decentralized distributed structure, which saves a lot of intermediary costs and can better ensure data security; at the same time, it has a time stamp that cannot be tampered with. It can effectively solve problems such as data tracking and information anti-counterfeiting.
Will it become the next trend of Internet finance?
Although blockchain emerged with Bitcoin, the derived value of this technology has transcended digital currency. Bubi Blockchain focuses on the innovation of blockchain technology and products. It already possesses a number of core technologies and has developed its own blockchain service platform. With decentralized trust as the core, we are committed to building an open value circulation network to allow digital assets to flow freely. What Bubi wants to do is to create a new technology and product - to realize real value circulation and bring the Internet to a new level. With the application of this technology, there will be no central organization when transferring assets, and direct transfer of assets between us can be achieved.
In the current international financial market, the U.S. Central Bank, Swiss Bank, and some insurance and futures companies are all competing to develop blockchain technology. Fang Liang introduced that in the Internet financial industry, blockchain technology will first affect financial infrastructure such as payment systems, securities settlement systems, and transaction databases; later, the technology will also expand to general financial services, such as credit systems and "anti-money laundering" "wait.
"The payment and clearing system in the financial field will evolve towards decentralization. The electronic ledger supported by blockchain technology is a reliable system that is error-free and cannot be tampered with. It has various functions for payment, clearing, transaction, confirmation of rights, etc. A profound impact," Li Yan said.
Therefore, industry insiders believe that blockchain technology may be the next trend in the Internet financial industry. As the interconnection of all things deepens, Yang Tao, assistant director of the Institute of Finance, Chinese Academy of Social Sciences, also said that blockchain will make it possible for all individuals to become important nodes in the allocation of financial resources, and will also promote the improvement of existing financial system rules. Build a shared and win-win financial development ecosystem.
Blockchain technology will affect many industries
"Blockchain technology has been widely used in the era of big data." Li Yan said frankly that in addition to the Internet financial field, blockchain technology has been used in many industries. It has been applied in many fields and has shown great prospects.
For example, the healthcare industry has benefited greatly from blockchain technology. In reality, patient private information leaks often occur, and centralized database or file cabinet management in medical departments is no longer the optimal choice. Medical institutions are using blockchain technology to keep patients' private information confidential.
In addition, blockchain technology also has important legal implications. In some civil fields, it is often necessary to provide evidence to determine blame, and blockchain technology can record every step and help judicial authorities identify the specific responsible person.
"Especially in the field of assets, whether it is physical assets such as real estate and cars, or intangible assets such as health and reputation, this technology can be used to complete registration, transactions, and tracking. It can be said that any field of production and life that lacks trust , blockchain technology will have its place."
The development of blockchain technology has also brought about changes in the operational concepts of various industries. New technologies and new concepts have promoted new developments in various industries. This kind of The impact of the driving force on society and the promotion of economic activities are also huge. Many new industry phenomena will occur one after another, and the public is also waiting and watching, expecting this brand-new technology to be used by various industries and better benefit all industries.
The so-called blockchain technology, also known as distributed ledger technology, is an Internet database technology that is characterized by decentralization. , open and transparent, allowing everyone to participate in database records.
Explained in layman’s terms: If the database is assumed to be a ledger, reading and writing the database can be regarded as a bookkeeping behavior. The principle of blockchain technology is to find out the fastest and best bookkeeping within a period of time. This person will keep accounts, and then send this page of information to everyone else in the entire system. This is equivalent to changing all the records in the database and sending them to every other node in the entire network, so blockchain technology is also called a distributed ledger.
What is the core technology of Jinwowo blockchain technology?
Chongqing Jinwowo analyzes the core technologies of blockchain technology as follows:
Distributed ledger technology, asymmetric encryption technology and smart contracts.
The core of the blockchain is that it stores all information in an independent personal computer network, making it a decentralized and distributed structure.
This means that the system is not owned by a controlling company or person, but that everyone can use and run the system.
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What is blockchain technology?Blockchain has been hyped up like crazy, but you know nothing about it!
Blockchain is a distributed database system participated by different nodes and an open ledger system.
It is composed of a series of data blocks or data packets generated according to cryptographic methods, that is, blocks (block), each block data information is automatically timestamped, thereby calculating a data encryption value, that is, a hash value (hash).
Blockchain technology is essentially a distributed accounting technology. It allows everyone to have an instantly synchronized ledger in their hands. Every transaction that occurs in the entire network will have thousands of backups and synchronous records. When perpetrators attempt to tamper with ledger data, they must change the ledger in the hands of the majority of people to achieve their goal.
E. What is the concept of blockchain
Concept: Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm.
The essence of the blockchain is a distributed public ledger. Anyone can verify this ledger, but no single user can control it. Participants in a blockchain system jointly maintain a ledger: it can only be modified according to strict rules and consensus.
The development of blockchain has gone through three stages:
1. Incubation period: 2009-2012, the economic form was dominated by Bitcoin and its industrial ecology.
2. Embryonic period: The period is from 2012 to 2015. Blockchain entered the public eye with Bitcoin, new wallet payment and remittance companies appeared, and the blockchain economy spread to the financial field. The underlying technology of blockchain continues to innovate. Blockchain technology is divorced from the Bitcoin system.
3. Development period: In 2016, industry applications began to be explored, and a large number of blockchain startups emerged. The popularity of ICO in 2017 brought unprecedented attention to blockchain.
(5) What is the credit era in the blockchain? Extended reading:
Three characteristics of the three blockchains:
< p>1. The core idea of blockchain is decentralization: in the blockchain system, the rights and obligations between any nodes are equal, and all nodes have the ability to vote with computing power, thus ensuring The recognized result is the result recognized by more than half of the nodes. Even if it suffers a severe hacker attack, as long as the number of nodes controlled by the hacker does not exceed half of the total number of global nodes, the system will still be able to operate normally and the data will not be tampered with.2. The biggest disruption of blockchain lies in the establishment of credit: in theory, blockchain technology can make WeChat Pay and Alipay no longer valuable. The Economist made a vivid metaphor for blockchain: simply put, it is “a machine that creates trust.” Blockchain allows people to collaborate without trusting each other and without a neutral central authority. Combating counterfeit currency and financial fraud will no longer be needed in the future.
3. The collective maintenance of blockchain can reduce costs: In a centralized network system, the maintenance and operation of the system rely on the operation, maintenance and operation of platforms such as data centers, and costs cannot be omitted. Anyone can participate in the nodes of the blockchain, and each node participates in the recording process.While recording, it also verifies the correctness of the recording results of other nodes, improving maintenance efficiency and reducing costs.
In one sentence, blockchain touches money, trust and power, which are the fundamental foundations on which human beings rely for survival.
F. 108 knowledge points for getting started with blockchain
1. What is blockchain
Put the information of multiple transactions and indicate the block The information is packaged together, and the verified package is the block.
Each block stores the hash value of the previous block, creating a relationship between blocks, that is to say, a chain. Together they are called blockchain.
2. What is Bitcoin
The concept of Bitcoin was proposed by Satoshi Nakamoto in 2009, with a total number of 21 million. The Bitcoin chain generates a block approximately every 10 minutes, and this block is mined by miners for 10 minutes. As a reward to miners, a certain number of Bitcoins will be issued to miners, but this certain number is halved every four years. Now it's 12.5. If this continues, all Bitcoins will be available in 2040.
3. What is Ethereum
The biggest difference between Ethereum and Bitcoin is the smart contract. This allows developers to develop and run various applications on it.
4. Distributed ledger
It is a database that is shared, replicated and synchronized among network members. To put it bluntly, all users on the blockchain have accounting functions and the content is consistent, which ensures that the data cannot be tampered with.
5. What is quasi-anonymity?
I believe everyone has a wallet, and the wallet address (a string of characters) used to send transactions is quasi-anonymity.
6. What is open transparency/traceability
The blockchain stores all data from history to the present, anyone can view it, and can also view any data in history.
7. What is tamper-proof
Historical data and current transaction data cannot be tampered with. The data is stored in the block on the chain and has a hash value. If the block information is modified, its hash value will also change, and the hash values of all blocks following it must also be modified to form a new chain. At the same time, the main chain is still conducting transactions to generate blocks. The modified chain must always generate blocks synchronously with the main chain to ensure that the length of the chain is the same. The cost is too high, just to modify a piece of data.
8. What is anti-DDoS attack
DDoS: Hackers control many people’s computers or mobile phones and allow them to access a website at the same time. Since the bandwidth of the server is limited, a large number of streamsThe influx of traffic may cause the website to fail to function properly, resulting in losses. However, the blockchain is distributed and there is no central server. If one node fails, other nodes will not be affected. Theoretically, if more than 51% of the nodes are attacked, problems will occur.
9. Definition of main chain
Taking Bitcoin as an example, at a certain point in time, a block is mined by two miners at the same time, and then 6 blocks are generated first. The chain of blocks is the main chain
10. Single chain/multi-chain
Single chain refers to the data structure that handles everything on one chain. The core essence of the multi-chain structure is composed of public chain + N sub-chains. There is only one, but in theory there can be countless sub-chains, and each sub-chain can run one or more DAPP systems
11. Public chain/alliance chain/private chain
Public Chain: Everyone can participate in the blockchain
Alliance chain: Only alliance members are allowed to participate in accounting and query
Private chain: Writing and viewing permissions are only controlled by one person In the hands of the organization.
12. Consensus layer, data layer, etc.
There are six overall structures of the blockchain: data layer, network layer, consensus layer, incentive layer, contract layer, and application layer. Data layer: a layer that records data, belonging to the underlying technology; network layer: a structure for building a blockchain network, which determines how users are organized. Consensus layer: Provides a set of rules to allow everyone to reach agreement on the information received and stored. Incentive layer: Design incentive policies to encourage users to participate in the blockchain ecosystem; Contract layer: Generally referred to as "smart contracts", it is a set of contract systems that can be automatically executed and written according to their own needs. Application layer: Applications on the blockchain, similar to mobile apps. Former Distributed Storage R&D Center
13. Timestamp
The timestamp refers to January 1, 1970 Day 0 hours 0 minutes 0 seconds 0... The total number of seconds from the current time to now, or the total number of nanoseconds and other very large numbers. Each block is generated with a timestamp indicating when the block was generated.
14. Block/block header/block body
Block is the basic unit of blockchain, and block header and block body are components of blockchain. The information contained in the block header includes the hash of the previous block, the hash of this block, timestamp, etc. The block body is the detailed data in the block.
15. Merkle tree
Merkle tree, also called binary tree, is a data structure for storing data. The bottom layer is the original data contained in all blocks, and the upper layer is each The hash value of a block, the pairwise combination of hashes at this level generates a new hashvalue, forming a new layer, and then going up layer by layer, until a hash value is generated. Such a structure can be used to quickly compare large amounts of data, and you can quickly find the bottom-level historical data you want without downloading all the data.
16. What is expansion?
The size of a Bitcoin block is about 1M and can save 4,000 transaction records. Expansion means making the block larger so that more data can be stored.
17. What is a chain?
Each block will save the hash of the previous block, creating a relationship between the blocks. This relationship is a chain. Data such as block transaction records and status changes are stored through this chain.
18. Block height
This is not the height mentioned in terms of distance. It refers to the total number of blocks between the block and the first block on the chain. This height indicates which block it is, and is just for identification purposes.
19. Fork
Two blocks were generated at the same time (the transaction information in the block is the same, but the hash value of the block is different), and then in Two chains are forked from these two blocks. Whoever generates 6 blocks from these two links first will be the main chain, and the other chain will be discarded.
20. Ghost Protocol
Mining pools with high computing power can easily generate blocks faster than mining machines with low computing power, resulting in most of the blocks on the blockchain being generated by these mining pools with high computing power. However, the blocks generated by mining machines with low computing power are not stored on the chain because they are slow, and these blocks will be invalid.
The ghost protocol allows blocks that should be invalidated to remain on the chain for a short time, and can also be used as part of the proof of work
. In this way, miners with small computing power will contribute more to the main chain, and large mining pools will not be able to monopolize the confirmation of new blocks.
21. Orphan block
As mentioned before, orphan blocks are blocks generated at the same time. One of them forms a chain, and the other does not form a chain. Then this block that does not form a chain is called an orphan block.
22. Uncle block
The orphan block mentioned above, through the ghost protocol, makes it part of the proof of work, then it will not be discarded and will be saved in the main chain superior. This block is the next
23 replay attack
The hacker resends the message that has been sent to the server. Sometimes this can deceive the server into responding multiple times.
24. Directed acyclic graph
Also called data set DAG (directed acyclic graph), DAG is an ideal multi-chain data structure. Most of the blockchains mentioned now are single chains, that is, one block is connected to another block, and DAG is multiple blocks connected. The advantage is that several blocks can be generated at the same time, so the network can process a large number of transactions at the same time, and the throughput will definitely increase. However, there are many shortcomings and it is currently in the research stage.
25. What is mining
The mining process is to perform a series of conversions, connections and hash operations on the above six fields, and continue to try them one by one. The random number you are looking for, and finally successfully find a random number that meets the conditions: the value after hashing is smaller than the hash value of the preset difficulty value, then the mining is successful, and the node can broadcast the area to neighboring nodes. block, neighboring nodes receive the block and perform the same operation on the above six fields to verify compliance, and then forward it to other nodes. Other nodes also use the same algorithm to verify. If there are 51% of nodes in the entire network If all verifications are successful, even if this block is truly "mined" successfully, each node will add this block to the end of the previous block, delete the list in the block that is the same as its own record, and resurrect again. the above process. Another thing to mention is that regardless of whether the mining is successful or not, each node will pre-record the reward of 50 Bitcoins and the handling fees of all transactions (total input-total output) in the first item of the transaction list (this is " The most fundamental purpose of "mining" is also the fundamental reason to ensure the long-term stable operation of the blockchain), the output address is the address of this node, but if the mining is unsuccessful, the transaction will be invalidated without any reward. Moreover, this transaction called "production transaction" does not participate in the "mining" calculation.
26. Mining machines/mines
Mining machines are computers with various configurations, and computing power is the biggest difference between them. A place where mining machines are concentrated in one place is a mining farm
27. Mining pool
Miners unite to form a team, and the computer group under this team is a mining pool. Mining rewards are distributed based on your own computing power contribution.
28. Mining difficulty and computing power
Mining difficulty is to ensure that the interval between generating blocks is stable within a certain short time, such as Bitcoin is issued in 10 minutes
p>Block 1. The computing power is the configuration of the mining machine.
29. Verification
When verification in the blockchain is a confirmation of the legality of the transaction, each node will verify the transaction once when the transaction message is propagated between nodes. Whether the transaction is legal. For example, verify whether the syntax of the transaction is correct, whether the transaction amount is greater than 0, whether the entered transaction amount is reasonable, etc. After passing the verification, it will be packaged and handed over to the miners for mining.
30. Transaction broadcast
This node sends information to other nodes through the network.
31. Mining fees
For the blockchain to work non-stop like a perpetual motion machine, miners need to maintain the system. Therefore, the miners must be given favorable fees to make it sustainable.
32. Transaction confirmation
When a transaction occurs, the block recording the transaction will be confirmed for the first time, and will be confirmed in every area on the chain after the block. Block is reconfirmed: When the number of confirmations reaches 6 or more, the transaction is generally considered safe and difficult to tamper with.
33. Double transaction
That is, I have 10 yuan, I use the 10 yuan to buy a pack of cigarettes, and then instantly use the 10 yuan that has not yet been paid. Bought another cup of coffee. So when verifying the transaction, you need to confirm whether the 10 yuan has been spent.
34. UTXO unspent transaction output
It is a data structure containing transaction data and execution code, which can be understood as digital currency that exists but has not yet been consumed.
35. Transactions per second TPS
That is throughput, tps refers to the number of transactions the system can process per second.
36. Wallet
Similar to Alipay, it is used to store digital currencies, and blockchain technology is more secure.
37. Cold wallet/hot wallet
A cold wallet is an offline wallet. The principle is to store it locally and use QR code communication to prevent the private key from touching the Internet. A hot wallet is an online wallet. The principle is to encrypt the private key and store it on the server. When it is needed, it is downloaded from the server and decrypted on the browser side.
38. Software Wallet/Hardware Wallet
A software wallet is a computer program. Generally speaking, a software wallet is a program that interacts with the blockchain and allows users to receive, store, and send digital currencies and can store multiple keys. Hardware wallets are smart devices that specialize in handling digital currencies.
39. Airdrop
The project sends digital currency to each user’s wallet address.
40. Mapping
Mapping is related to the issuance of blockchain currency and is a mapping between chains. For example, there are some blockchain companies that have not completed the development of the chain in the early stage. They rely on Ethereum to issue their own currency. The issuance and transactions of the early currency are all operated on Ethereum. With the development of the company, the company's own chain development has been completed. The company wants to map all the previous information on Ethereum to its own chain. This process is mapping.
41. Position
p>Refers to the ratio of investors’ actual investment and actual investment funds
42. Full position
All funds are bought in Bitcoin
43. Reduce the position
Sell some of the Bitcoins, but not all of them
44. Heavy positions
Compared with Bitcoin, Bitcoin accounts for a larger share of funds
45. Short position
Compared with Bitcoin, the share of funds is larger
46. Short position
Sell all the Bitcoins you hold and convert them all into funds.
47. Stop loss
After obtaining a certain profit, sell the Bitcoin held to keep the profit
48. Stop loss
After losses reach a certain level, sell the Bitcoins you hold to prevent further losses
49. Bull market
Prices continue to rise and the outlook is optimistic
50. Bear market
Prices continue to fall, and the outlook is bleak
51. Long (long)
The buyer believes that the currency price will rise in the future, buys the currency, and waits for the currency price After rising, sell at a high price to take profits
52. Short position (short selling)
The seller believes that the currency price will fall in the future, and sells the currency he holds (or borrows it from the trading platform) (coin) sell, wait for the price of the currency to fall, buy at a low price to take profits
53. Open a position
Buy virtual currencies such as Bitcoin
54 . Cover the position
Buy Bitcoin and other virtual currencies in batches, for example: buy 1 BTC first, and then buy 1 BTC later
55. Full position
All funds are purchased at one time to buy a certain virtual currency
56. Rebound
When the currency price falls, the price rebounds and adjusts because it falls too fast
57 .Consolidation (sideways)
The price fluctuation is small and the currency price is stable
58. Yin fall
The currency price declines slowly
59. Diving (waterfall)
The currency price fell rapidly and to a large extent
60. Cutting meat
After buying Bitcoin, the currency price fell, as Avoid expanding losses and selling Bitcoin at a loss. Or after borrowing currency to go short, the currencyThe price rises and you buy Bitcoin at a loss
61. Holding up
Expect the currency price to rise, but unexpectedly the currency price falls after buying; or expect the currency price to fall, but unexpectedly sell it, The currency price rose
62. Unwinding
After buying Bitcoin, the currency price fell, causing a temporary book loss, but then the currency price rebounded and the loss turned into profit
< p> 63. Going shortAfter selling Bitcoin because of the bearish market outlook, the price of the currency continued to rise. I was unable to buy it in time, so I failed to make a profit
64. Super Buy
The currency price continues to rise to a certain height, the buyer's power is basically exhausted, and the currency price is about to fall
65. Oversold
The currency price continues to fall to a certain level At the low point, the seller's power has basically been exhausted, and the currency price is about to rise
66. Lure bulls
The currency price has been consolidating for a long time, and it is more likely to fall. Most short sellers have sold Bitcoin , suddenly the short side pulls up the currency price, inducing many parties to think that the currency price will rise, and they buy one after another. As a result, the short side suppresses the currency price, making the long side get stuck
67. Lure shorts
< p> After the bulls bought Bitcoin, they deliberately suppressed the price of the currency, making the short sellers think that the price of the currency would fall and sell them one after another. As a result, they fell into the trap of the bulls
68. What is NFT
The full name of NFT is "Non-Fungible Tokens", which is non-fungible tokens. Simply put, it is an indivisible copyright certificate on the blockchain, mainly used for digital assets. The difference between rights confirmation and transfer and digital currency is that it is unique and indivisible. In essence, it is a unique digital asset.
69. What is the Metaverse
The Metaverse is a collection of virtual time and space, consisting of a series of augmented reality (AR), virtual reality (VR) and the Internet (Internet) Composed of digital currency, which carries the function of value transfer in this world.
70. What is DeFi
DeFi, the full name is Decentralized Finance, which is "decentralized finance" or "distributed finance". "Decentralized finance", as opposed to traditional centralized finance, refers to various financial applications established in open decentralized networks. The goal is to establish a multi-level financial system based on blockchain technology and cryptocurrency. As a basis, re-create and improve the existing financial system
71. Who is Satoshi Nakamoto?
72. Bitcoin and Q Coin are different
Bitcoin is a decentralized digital asset with no issuing entity. Q Coin is an electronic currency issued by Tencent. It is similar to electronic points, but it is not actually a currency. Q Coin requires a centralized issuing institution. Q Coin can only be recognized and used because of the credit endorsement of Tencent. The scope of use is also limited to Tencent's games and services. The value of Q coins is entirely based on people's trust in Tencent.
Bitcoin is not issued through a centralized institution, but it is widely recognized around the world because Bitcoin can self-certify its trust. The issuance and circulation of Bitcoin are jointly accounted for by miners across the entire network, and are not A central authority is also needed to ensure that no one can tamper with the ledger.
73. What is a mining machine?
Taking Bitcoin as an example, a Bitcoin mining machine is a professional equipment that competes for accounting rights by running a large amount of calculations to obtain new Bitcoin rewards. It is generally composed of a mining chip, a heat sink and a fan, and only performs A single calculation program consumes a lot of power. Mining is actually a competition between miners for computing power. Miners with more computing power have a greater probability of mining Bitcoin. As the computing power of the entire network increases, it becomes increasingly difficult to mine bits with traditional equipment (CPU, GPU), and people have developed chips specifically for mining. The chip is the core part of the mining machine. The operation of the chip will generate a large amount of heat. In order to dissipate heat, Bitcoin mining machines are generally equipped with heat sinks and fans. Users download Bitcoin mining software on their computers, use the software to assign tasks to each mining machine, and then start mining. Each currency has a different algorithm and requires different mining machines.
74. What is quantitative trading?
Quantitative trading, sometimes also called automated trading, refers to the use of advanced mathematical models to replace human subjective judgments, which greatly reduces the impact of investor sentiment fluctuations and avoids extreme fanaticism or pessimism in the market. make irrational investment decisions. There are many types of quantitative trading, including cross-platform trading, trend trading, hedging, etc. Cross-platform trading means that when the price difference between different target platforms reaches a certain amount, sell on the platform with a higher price and buy on the platform with a lower price.
75. Blockchain asset over-the-counter trading
Over-the-counter trading is also called OTC trading. Users need to find their own counterparties and do not need to match the transaction. The transaction price is determined by negotiation between the two parties. The two parties can fully communicate through face-to-face negotiation or telephone communication.
76. What is a timestamp?
The blockchain ensures that each block is connected sequentially through timestamps. Timestamps enable every piece of data on the blockchain to have a time stamp. Simply put, timestamps prove when something happened on the blockchain and cannot be tampered with by anyone.
77. What is a blockchain fork?
Upgrading in a centralized systemUpgrading the software is very simple, just click "Upgrade" in the app store. However, in decentralized systems such as blockchain, "upgrading" is not that simple, and a disagreement may even cause a blockchain fork. Simply put, a fork refers to a disagreement when the blockchain is "upgraded", resulting in a fork in the blockchain. Because there is no centralized organization, every code upgrade of digital assets such as Bitcoin needs to be unanimously recognized by the Bitcoin community. If the Bitcoin community cannot reach an agreement, the blockchain is likely to form a fork.
78. Soft fork and hard fork
Hard fork means that when the Bitcoin code changes, the old nodes refuse to accept the blocks created by the new nodes. Blocks that do not comply with the original rules will be ignored, and miners will follow the original rules and create new blocks after the last block they verified. A soft fork means that old nodes are not aware of the changes to the Bitcoin code and continue to accept blocks created by new nodes. Miners may work on blocks they have no understanding of, or validation of. Both soft forks and hard forks are "backwards compatible" to ensure that new nodes can verify the blockchain from scratch. Backward compatibility means that new software accepts data or code generated by old software. For example, Windows 10 can run Windows XP applications. Soft forks can also be "forward compatible".
79. Classification and application of blockchain projects
Judging from the current mainstream blockchain projects, blockchain projects mainly fall into four categories: Category 1: Currency; The second category: platform category; the third category: application category; the fourth category: asset tokenization.
80. USDT against the US dollar
USDT is Tether USD, a token launched by Tether that is against the US dollar (USD). 1USDT=1 US dollar, users can use USDT and USD for 1:1 exchange at any time. Tether implements a 1:1 reserve guarantee system, that is, each USDT token will have a reserve guarantee of 1 US dollar, which supports the stability of the USDT price. The unit price of a certain digital asset is USDT, which is equivalent to its unit price in US dollars (USD).
81. Altcoins and alternative coins
Altcoins refer to blockchain assets that use the Bitcoin code as a template and make some modifications to its underlying technology blockchain, among which Those with technological innovations or improvements are also called alternative coins. Because the Bitcoin code is open source, the cost of plagiarism in Bitcoin is very low. You can even generate a brand new blockchain by simply copying the Bitcoin code and modifying some parameters.
82. Three major exchanges
Binance: https://accounts.binancezh.ac/zh-CN
Okex: https://www.ouyi.top/
Huobi: https://www.huobi.af/zh-cn
83. Market software
Mytoken: http://www.mytoken.com/
Non-small account: https://www.feixiaohao.co/
84. Information website
< p> Babbitt: https://www.8btc.cnGolden Finance: http://www.jinse.com/
Coin World News: http://www .bishijie.com
85. Blockchain Explorer
BTC: https://btc.com/
ETH: https://etherscan. io/
BCH: https://blockchair.com/bitcoin-cash/blocks
LTC: http://www.qukuai.com/search/ltc
ETC: https://gastracker.io/
86. Wallet
Imtoken: https://imatoken.net/
Bitpie: https://bitpie.com/
87. Decentralized exchange
uniswap: https://uniswap.org
< /p>
88. NFT Exchange
Opensea: https://opensea.io
Super Rare: https://superrare.com/
< p> 89. LadderBring your own, buy a reliable ladder
90. Platform currency
The digital currency issued by the platform is used to deduct handling fees. Trading, etc.
91. Bull market, bear market
Bull market: rising market
Bear market: falling market
92. BlockChain 1.0
A currency trading system based on distributed ledgers, represented by Bitcoin
93. Blockchain 2.0
Represented by Ethereum (smart contract) The contract blockchain technology is 2.0
94. Blockchain 3.0
In the era of intelligent Internet of Things, it goes beyond the financial field to provide decentralized solutions for various industries
95. Smart Contract
Smart Contract is a computer protocol designed to disseminate, verify or execute contracts in an information-based manner. Simply put, an electronic contract is set in advance. Once both parties Confirm and the contract is automatically executed.
96. What is a token?
The token economy is an economic system with Token as the only reference standard, which is equivalent to a pass. If you own Token, you have rights and interests, and you have the right to speak.
Big data is the means of production, AI is the new productivity, and blockchain is the new production relationship. Big data refers to a collection of data that cannot be captured, managed and processed within a certain time range using conventional software tools. It is a massive, high-growth and high-volume data set that requires new processing models to have stronger decision-making power, insight discovery and process optimization capabilities. Diverse information assets. Simply understood, big data is massive data accumulated over a long period of time and cannot be obtained in the short term. Blockchain can be used as a way to obtain big data, but it cannot replace big data. Big data is only used as a medium running in the blockchain and has no absolute technical performance, so the two cannot be confused. (A simple understanding of production relations is labor exchange and consumption relations. The core lies in productivity, and the core of productivity lies in production tools)
ICO, Initial Coin Offering, initial public token issuance, is the first step in the blockchain digital currency industry. Crowdfunding. It is the most popular topic and investment trend in 2017, and the country launched a regulatory plan on September 4. Speaking of ICO, people will think of IPO, and the two are fundamentally different.
99. Five characteristics of digital currency
The first characteristic: decentralization
The second characteristic: having open source code
The third feature: independent electronic wallet
The fourth feature: constant issuance
The fifth feature: global circulation
100. What is decentralization?
It has no issuer, does not belong to any institution or country, and is a publicly issued currency designed, developed and stored on the Internet by Internet network experts.
100. What is measurement (scarcity)?
Once the total amount of issuance is set, it is permanently fixed, cannot be changed, cannot be over-issued at will, and is subject to global Internet supervision. Because the difficulty of mining and mining changes over time, the longer the time, the greater the difficulty of mining, and the fewer coins are mined, so it is scarce.
101. What is open source code?
The alphanumeric code is stored on the Internet. Anyone can find out the source code of its design, everyone can participate, can mine it, and it is open to the world.
102. What is anonymous transaction? Private wallet private?
Everyone can register and download the wallet online without real-name authentication. It is completely composed of encrypted digital codes. It can be sent and traded globally in real-time point-to-point without resorting to banks or any institutions. It cannot be traced by anyone without my authorization. ,Inquire.
A contract transaction refers to an agreement between a buyer and seller to receive a certain amount of an asset at a specified price at a certain time in the future. The objects of contract trading are standardized contracts formulated by the exchange. The exchange stipulates standardized information such as commodity type, transaction time, quantity, etc. A contract represents the rights and obligations of the buyer and seller.
105. Digital Currency Industry Chain
Chip manufacturers, mining machine manufacturers, and mining machine agents mine and export to exchanges for retail investors to speculate in coins< /p>
106. Who is Erben?
Erben: Digital Currency Value Investor
Investment style: Steady
Building a community: Erben’s Miscellaneous Talks (High Quality Price Investment Community)
p>
107. Two investment strategies
Combining long and short term, focusing on price investment, no contracts, no short-term play
Reasonable layout, scientific operation, prudent and conservative, making periodic money
108. Two books?
Welcome currency friends and seek common development
G. 108 essential knowledge points for getting started with blockchain
Author: Kong Lin
61. Hold-up
Expect the currency price to rise, but unexpectedly the currency price falls after buying; or expect the currency price to fall, but unexpectedly the currency price rises after selling
62. Unwinding
After buying Bitcoin, the price of the currency fell, causing a temporaryThere was a loss on paper, but the currency price rebounded later and the loss turned into profit
63. Going short
After selling Bitcoin because of the bearish market outlook, the price of the currency continued to rise and I was unable to buy it in time. , so no profit was made
64. Overbought
The currency price continues to rise to a certain height, the buyer's power is basically exhausted, and the currency price is about to fall
65. Oversold
The currency price continues to fall to a certain low, the seller's power is basically exhausted, and the currency price is about to rise
66. Lure bulls
The currency price The market has been consolidating for a long time and is more likely to fall. Most of the short sellers have sold Bitcoin. Suddenly, the short sellers pulled up the price of the currency, inducing many parties to think that the currency price will rise and buy one after another. As a result, the short sellers suppressed the currency price, causing the bulls to buy. Trapped
67. Short-selling
After buying Bitcoin, bulls deliberately suppress the price of the currency, making short sellers think that the price of the currency will fall, and sell them one after another. As a result, they fall into the trap of bulls.
68. What is NFT
The full name of NFT is "Non-Fungible Tokens", which is non-fungible tokens. Simply put, It is an indivisible copyright certificate on the blockchain. It is mainly used to confirm and transfer the rights of digital assets. The difference from digital currency is that it is unique and indivisible. In essence, it is a unique digital asset.
69. What is the Metaverse
The Metaverse is a collection of virtual time and space, consisting of a series of augmented reality (AR), virtual reality (VR) and the Internet (Internet) Composed of digital currency, which carries the function of value transfer in this world.
70. What is DeFi
DeFi, the full name is Decentralized Finance, which is "decentralized finance" or "distributed finance". "Decentralized finance", as opposed to traditional centralized finance, refers to various financial applications established in open decentralized networks. The goal is to establish a multi-level financial system based on blockchain technology and cryptocurrency. As a basis, re-create and improve the existing financial system
71. Who is Satoshi Nakamoto?
72. Bitcoin is different from Q Coin
Bitcoin is a decentralized digital asset with no issuing entity. Q Coin is an electronic currency issued by Tencent. It is similar to electronic points, but it is not actually a currency. Q Coin requires a centralized issuing institution. Q Coin can only be recognized and used because of the credit endorsement of Tencent. The scope of use is also limited to Tencent's games and services. The value of Q coins is entirely based on people's trust in Tencent.
Bitcoin is not issued through a centralized institution, but it is widely recognized around the world because Bitcoin can self-certify its trust. The issuance and circulation of Bitcoin are jointly accounted for by miners across the entire network, and no central organization is needed to ensure that no one can tamper with the ledger.
73. What is a mining machine?
Taking Bitcoin as an example, a Bitcoin mining machine is a professional equipment that competes for accounting rights by running a large amount of calculations to obtain new Bitcoin rewards. It is generally composed of a mining chip, a heat sink and a fan, and only performs A single calculation program consumes a lot of power. Mining is actually a competition between miners for computing power. Miners with more computing power have a greater probability of mining Bitcoin. As the computing power of the entire network increases, it becomes increasingly difficult to mine bits with traditional equipment (CPU, GPU), and people have developed chips specifically for mining. The chip is the core part of the mining machine. The operation of the chip will generate a large amount of heat. In order to dissipate heat, Bitcoin mining machines are generally equipped with heat sinks and fans. Users download Bitcoin mining software on their computers, use the software to assign tasks to each mining machine, and then start mining. Each currency has a different algorithm and requires different mining machines.
74. What is quantitative trading?
Quantitative trading, sometimes also called automated trading, refers to the use of advanced mathematical models to replace human subjective judgments, which greatly reduces the impact of investor sentiment fluctuations and avoids extreme fanaticism or pessimism in the market. make irrational investment decisions. There are many types of quantitative trading, including cross-platform trading, trend trading, hedging, etc. Cross-platform trading means that when the price difference between different target platforms reaches a certain amount, sell on the platform with a higher price and buy on the platform with a lower price.
75. Blockchain asset over-the-counter trading
Over-the-counter trading is also called OTC trading. Users need to find their own counterparties and do not need to match the transaction. The transaction price is determined by negotiation between the two parties. The two parties can fully communicate through face-to-face negotiation or telephone communication.
76. What is a timestamp?
The blockchain ensures that each block is connected sequentially through timestamps. Timestamps enable every piece of data on the blockchain to have a time stamp. Simply put, timestamps prove when something happened on the blockchain and cannot be tampered with by anyone.
77. What is a blockchain fork?
Upgrading software in a centralized system is very simple, just click "Upgrade" in the app store. However, in decentralized systems such as blockchain, "upgrading" is not that simple, and a disagreement may even cause a blockchain fork. Simply put, a fork refers to a disagreement when the blockchain is "upgraded", resulting in a fork in the blockchain. Because there is no centralized organization, every code upgrade of digital assets such as Bitcoin needs to be unanimously recognized by the Bitcoin community. If the Bitcoin community cannot reach an agreement, the blockchain is likely to form a fork.
78. Soft fork and hard forkFork
A hard fork means that when the Bitcoin code changes, the old nodes refuse to accept the blocks created by the new nodes. Blocks that do not comply with the original rules will be ignored, and miners will follow the original rules and create new blocks after the last block they verified. A soft fork means that old nodes are not aware of the changes to the Bitcoin code and continue to accept blocks created by new nodes. Miners may work on blocks they have no understanding of, or validation of. Both soft forks and hard forks are "backwards compatible" to ensure that new nodes can verify the blockchain from scratch. Backward compatibility means that new software accepts data or code generated by old software. For example, Windows 10 can run Windows XP applications. Soft forks can also be "forward compatible".
79. Classification and application of blockchain projects
Judging from the current mainstream blockchain projects, blockchain projects mainly fall into four categories: Category 1: Currency; The second category: platform category; the third category: application category; the fourth category: asset tokenization.
80. USDT against the US dollar
USDT is Tether USD, a token launched by Tether that is against the US dollar (USD). 1USDT=1 US dollar, users can use USDT and USD for 1:1 exchange at any time. Tether implements a 1:1 reserve guarantee system, that is, each USDT token will have a reserve guarantee of 1 US dollar, which supports the stability of the USDT price. The unit price of a certain digital asset is USDT, which is equivalent to its unit price in US dollars (USD).
81. Altcoins and alternative coins
Altcoins refer to blockchain assets that use the Bitcoin code as a template and make some modifications to its underlying technology blockchain, among which Those with technological innovations or improvements are also called alternative coins. Because the Bitcoin code is open source, the cost of plagiarism in Bitcoin is very low. You can even generate a brand new blockchain by simply copying the Bitcoin code and modifying some parameters.
82. Three major exchanges
Binance
Okex
Huobi
83. Market software
Mytoken
Non-small account
CMC
84. Information website
Babbitt
Golden Finance
Coin World News
85. Blockchain Browser
BTC
ETH
< p> BCHLTC
ETC
86. Wallet
Imtoken
Bitpie
87. Decentralized Exchange
uniswap
Opensea
Super Rare
89. Ladder
Bring your own, buy a reliable ladder
90. Platform currency
Digital currency issued by the platform, used to deduct handling fees, transactions, etc.
91. Bull market, bear market
Bull market: Rising market
Bear market: Falling market
92. Blockchain 1.0
A currency trading system based on distributed ledgers, represented by Bitcoin
93. Blockchain 2.0
The contract blockchain technology represented by Ethereum (smart contract) is 2.0
94. Blockchain 3.0
In the era of intelligent Internet of Things, it goes beyond the financial field to provide decentralized solutions for various industries
95. Smart Contract
Smart Contract is a A computer protocol designed to disseminate, verify or execute contracts in an information-based manner. Simply put, an electronic contract is set in advance and once confirmed by both parties, the contract is automatically executed.
96. What is a token?
The token economy is an economic system with Token as the only reference standard, which is equivalent to a pass. If you own Token, you have rights and interests, and you have the right to speak.
Big data is the means of production, AI is the new productivity, and blockchain is the new production relationship. Big data refers to a collection of data that cannot be captured, managed and processed within a certain time range using conventional software tools. It is a massive, high-growth and high-volume data set that requires new processing models to have stronger decision-making power, insight discovery and process optimization capabilities. Diverse information assets. Simply understood, big data is massive data accumulated over a long period of time and cannot be obtained in the short term. Blockchain can be used as a way to obtain big data, but it cannot replace big data. Big data is only used as a medium running in the blockchain and has no absolute technical performance, so the two cannot be confused. (The simple understanding of production relations is the labor exchange and consumption relations, the core lies in productivity, and the core of productivity lies in production tools)
ICO, Initial Coin Offering, initial public token issuance, is the first step in the blockchain digital currency industry. Crowdfunding. It is the most popular topic and investment in 2017Trend, the country introduced a regulatory plan on 9.4. Speaking of ICO, people will think of IPO, and the two are fundamentally different.
99. Five characteristics of digital currency
The first characteristic: decentralization
The second characteristic: having open source code
The third feature: independent electronic wallet
The fourth feature: constant issuance
The fifth feature: global circulation
100. What is decentralization?
It has no issuer, does not belong to any institution or country, and is a publicly issued currency designed, developed and stored on the Internet by Internet network experts.
100. What is measurement (scarcity)?
Once the total amount of issuance is set, it is permanently fixed, cannot be changed, cannot be over-issued at will, and is subject to global Internet supervision. Because the difficulty of mining and mining changes over time, the longer the time, the greater the difficulty of mining, and the fewer coins are mined, so it is scarce.
101. What is open source code?
The alphanumeric code is stored on the Internet. Anyone can find out the source code of its design, everyone can participate, can mine it, and it is open to the world.
102. What is anonymous transaction? Private wallet private?
Everyone can register and download the wallet online without real-name authentication. It is completely composed of encrypted digital codes. It can be sent and traded globally in real-time point-to-point without resorting to banks or any institutions. It cannot be traced by anyone without my authorization. ,Inquire.
A contract transaction refers to an agreement between a buyer and seller to receive a certain amount of an asset at a specified price at a certain time in the future. The objects of contract trading are standardized contracts formulated by the exchange. The exchange stipulates standardized information such as commodity type, transaction time, quantity, etc. A contract represents the rights and obligations of the buyer and seller.
105. Digital Currency Industry Chain
Chip manufacturers, mining machine manufacturers, and mining machine agents mine and export to exchanges for retail investors to speculate in coins< /p>
106. Who is Kong Lin?
Kong Lin: Digital Currency Value Investor
Investment style: Steady
p>
107. Konglin Investment Strategy
Combining long-term and short-term, focusing on price investment, no contracts, no short-term play
Reasonable layout, scientific operation, steady and conservative, earning Cycle money
108. Empty forest?
Welcome currency friends and seek common development
H. Is blockchain technology expected to lead mankind into an era of machine trust?
Recently, the concept of blockchain has made a comeback. Since February, the U.S. House of Representatives has held two blockchain hearings in succession, elevating blockchain to a “revolutionary technology” and exploring its future applications and impact on finance, business and government. At the same time, Russian President Vladimir Putin also stated that Russia will focus on developing blockchain technology to strengthen Russia’s voice in international competition in the field of cutting-edge technology. In China, more and more industries are beginning to pay attention to the field of blockchain technology, and this concept has also become one of the hot topics discussed by representatives during this year's "Two Sessions".
In today's turbulent era of technological advancement, there are still many places for us to explore in depth as a new technology called blockchain. Especially in high-tech fields where others have formulated the "rules", we should take a long-term view, continue to innovate, digest and absorb the essence of blockchain technology, and strive to form core competitiveness with independent intellectual property rights. At the same time, in the face of various temptations, we need to be cautious at all times, see risks, avoid losses, and never let the light of economic interests obscure our understanding of the essence and deep value of blockchain.
I. Blockchain Encyclopedia: The Past and Present of Blockchain - 3.0 Era
The representative of the blockchain 1.0 era is Bitcoin, and the representative of the 2.0 era is Ethereum. And the troubled times of various copycats and air coins. Blockchain 3.0 is the era of consumer-level blockchain that has truly entered commercial and physical applications after the troubled times. The typical symbol is the emergence of tokens. The pass has brought about changes in traditional business models and production relations. The pass has moved from the digital world to the real economy and has begun to seek practical applications in various industries.
The pass has three elements, one of which is indispensable.
Pass: The pass can be circulated on a large scale in a network and can be verified anytime and anywhere; Certificate: As a proof of digital rights and interests, the pass must be a certificate of rights and interests that exists in digital form, and it must represent It is a right, an inherent and intrinsic value; value: the token must have economic value.
In this way, the meaning of "token economy" is not difficult to understand. The token economy is a large-scale group collaboration based on tokens. It maximizes the role of tokens, allows every role that creates value to share value fairly, fully mobilizes participation motivation, and forms a self-organizing form.
Major changes in the blockchain 3.0 era
The token economy has laid the theoretical basis and technical support for the large-scale application of blockchain, and the future world will also be transformed by it. Large-scale changes, including:
1. FragmentationInvestment, fragmented income, subvert the traditional way of doing business on the Internet. In the traditional Internet era, it was impossible for ordinary people to participate in the investment of a company, but the emergence of blockchain allows ordinary people to make fragmented investments in a large asset. Assuming that Alibaba originally adopted blockchain for fragmented investment, then all fragmented shareholders who invested in Alibaba would be able to reap a return on investment that has increased thousands of times today!
2. Break the money-burning model of the Internet and make everyone a winner. The free model of the traditional Internet is essentially to obtain a large number of users through free products to form monopolies and barriers, and then make profits through advertising and value-added services on this basis. In the blockchain 3.0 era, project income is redistributed by issuing tokens to attract more early investors and community users. As the number of users holding tokens increases, the value of the tokens will become higher and higher, and community users, investors, and projects can all benefit from it. In this way, the money-burning model of providing free services in the early days of the traditional Internet can also be improved, and everyone will become a winner.
3. Breaking down the traditional corporate organizational hierarchy, self-organization may become a future trend. In the blockchain 3.0 era, through the establishment of distribution and collaboration mechanisms through smart contracts, it can be more efficient and accurate than enterprises. All token owners will naturally form a community. Everyone has the same goal - "to promote the development of the project and make it a success". They are all members of the community, contribute to the community, promote the value-added of the token, and thus gain benefits together. profit. From a philosophical perspective, this new self-organizing community of freedom, independence, and equality must be the future trend. Gojoy blockchain e-commerce is a blockchain self-organized community. Every consumer is a token owner and a fragmented investor, so he is very happy to co-create and build Gojoy value.
Therefore, we can look forward to the era of great development of the blockchain 3.0 token economy, and the existing ones may be subverted. What we need to be prepared for is to work hard to embrace the blockchain. If you want to seize the trend of blockchain and understand how to transform into blockchain, please leave a message to communicate and we will take you to learn the blockchain professional certification course.
J. You have to know the operating principles and development of blockchain!
1. Why is there innovation in blockchain?
The starting point of the first generation of the Internet is the TCP/IP protocol, which implements a unified format for peer-to-peer transmission of information by all nodes on the network. Open code. However, the impact of such an uncomplicated innovation on mankind is epoch-making. It has programmed, agreed, and enforced the basic values required by a unified global market: "freedom, equality, and fraternity." Then the STMP email protocol, HTTP domain name protocol, etc. were derived, achieving low-cost and high-efficiency global information transmission in a decentralized manner. As Gao Hongbing, vice president of Alibaba, said:
“The Internet is to eliminate (information) that has very low value and high cost.Supply chain - it is open, interconnected, peer-to-peer, global and decentralized. "
We know: The essence of the market is also decentralized. It automatically executes the decentralized agreement of "equivalent exchange", just as Nobel Prize winner Ronald Coase summed up: "The establishment of a market economy Based on two deep cognitive foundations: admitting ignorance and embracing uncertainty. "Adam Smith also described the market as: "the invisible hand"! Therefore, the market must require decentralized and low-cost flow of information. The Internet was born in response to the climate of the formation of a unified global market.
However, the first-generation Internet solved the problem of low-cost and high-efficiency transmission of information in a decentralized manner, but it did not solve the problem of credit of information. Therefore, what the second-generation Internet must break through is: how to establish global credit in a decentralized manner? Let value transfer be carried out at low cost and with high efficiency.
So what are the problems with the original centralized credit system? As we all know: centralized credit, such as legal currencies in various countries, has different credit values and incompatible clearing systems, which brings great challenges to global trade. This has greatly increased costs. The current global credit system centered on the US dollar has a "Triffin Paradox" in its mechanism (the essence is that a country's legal currency cannot simultaneously resolve the conflict between its own economic interests and global economic needs). Therefore, in 2009 In 2008, Zhou Xiaochuan, governor of the People's Bank of China, called for the creation of a super-sovereign storage currency. In the same year, Satoshi Nakamoto disclosed the first-generation blockchain source code - "Bitcoin" - online.
2. Blockchain system How does it work?
First of all, Satoshi Nakamoto knew very well that establishing a credit payment system must solve the problem of preventing "double payments", that is, not counterfeiting money. The centralized credit system relies on state machinery to prevent counterfeiting. " What to do with "Bitcoin"? Satoshi Nakamoto's great innovation is to "timestamp" every transaction. A block (block: equivalent to a network account book) every ten minutes, the entire network in these ten minutes The transactions are all correctly stamped with timestamps. The question is who will stamp it? Satoshi Nakamoto did not assume that everyone on the Internet is Lei Feng. He agreed with Adam Smith: people in the market are greedy. He made the so-called self-proclaimed " Miners compete for the accounting rights of each block in ten minutes. The rules of the competition are to correctly record the accounting and solve the SHA256 problem at the same time. Who can prove that their computer has the fastest computing power (the so-called PROOF OF WORK mechanism). He can compete for the legal accounting rights of these ten-minute blocks and get a reward of twenty-five bitcoins. This is the so-called "mining" process, which actually establishes a network-wide general ledger - the blockchain. The decentralized credit process, so the more essential function of miners is "bookkeepers"!
In his Bitcoin white paper, Satoshi Nakamoto described the process of establishing this credit system in more detail:
First Step: In order for the entire network to recognize that each transaction is valid, it must be broadcast to each node (node: that is, the miner);
Step 2: Each miner node must correctly and accurately report each transaction in these ten minutes. Transactions are timestamped and creditedThat block (block);
The third step: Each miner node must solve the SHA256 puzzle to compete for the legal accounting rights of this ten-minute block, and strive to get a reward of twenty-five bitcoins (the first four The year is fifty bitcoins every ten minutes, and it decreases by half every four years);
Step 4: If a miner node solves the SHA256 problem of these ten minutes, it will announce its ten-minute block to the entire network All timestamp transactions recorded in the block are verified by other miner nodes in the entire network;
Step 5: Other miner nodes in the entire network verify the correctness of the block accounting (because they are also timestamping the accounting at the same time) , but they did not compete for the legal block accounting rights, so there is no reward). After there is no error, they will compete for the next block after the legal block, thus forming a legal accounting block single chain, that is The ledger of the Bitcoin payment system - the blockchain.
Generally speaking, each transaction must undergo six block confirmations, that is, six ten-minute accounting, before it can finally be recognized as a legal transaction on the blockchain. The following is the accounting format of Bitcoin:
So the so-called "Bitcoin" is such a billing system: it includes the owner electronically signing with the private key and paying to the next owner, and then the entire network's "miners" "Time stamp the account and form a blockchain.
3. What are the innovations in Bitcoin’s blockchain finance?
Similar to gold, trying to establish decentralized credit on the global Internet may allow value to flow across the entire network at high speed and at low rates (currently each transfer The transfer rate is one ten thousandth);
The total amount of currency is agreed upon by the cryptographic protocol;
Compared to gold, digital currency is infinitely divisible;
The value of currency can be based on a large number of P2P transactions ;
Full transparency in financial management (every transaction can be traced on the blockchain).
Bitcoin’s blockchain-wide accounting system has established a market value of US$10 billion, the highest on the global Internet. Therefore, Wu Xiaoling, dean of Tsinghua PBC School of Finance, pointed out: The blockchain experiment established distributed credit, which is an upgraded version of Internet TCP/IP, upgrading from information transmission to value transmission;
4. Bitcoin’s blocks What are the inherent flaws of the chain system?
Bitcoin’s blockchain system has had successes since it was open sourced on the Internet in 2009, but it also shows some inherent flaws that are difficult to overcome:
The total amount cannot be adjusted at any time As the market situation changes, it will inevitably rise and fall sharply;
Mining is high-carbon. Only less than 1% of miners can compete for the accounting rights of blocks of less than ten minutes, and more than 99% of other miners participating in the competition have the computing power. Waste;
The annual inflation of about 10% has greatly increased the cost of the Bitcoin financial ecology, and even threatened her survival;
As a decentralized self-organizing DAC system, the operating costs of the accounting and issuance functions are too high high.
As a global payment system, its efficiency is far from meeting the actual requirements of global trade. The Bitcoin network currently confirms up to 7 transactions per second. In contrast, Visa’s network system can handle 10,000 transactions per second at the fastest, and Alipay’s record is 80,000 transactions per second on Singles’ Day in 2014!
5. The development of blockchain technology 2.0:
As a 2.0 upgrade of blockchain Development first focuses on solving the high-carbon mining issue of Bitcoin accounting:
When we discuss how to overcome the high-carbon nature of Bitcoin mining and accounting, Professor Liu Taoxiong from the Tsinghua Institute of Economics pointed out that mining relies on calculations In the end, only one company competed for the legal accounting rights, and the other 99% of the miner nodes were mined for nothing, which was a waste of resources. It is obviously unreasonable. If the entire network transparently knows the legal accounting rights of the next block, it will be randomly The generation of the entire network eliminates the high carbon cost of competitive accounting! After hearing this, we all praised Professor Liu for his brilliant idea, because the more successful second-generation currency NXT has this mechanism, and their white paper is called "Transparent Forging" , but the probability of who gets the accounting rights is directly proportional to the NXT token holdings in each miner node wallet. This is called the Proof of Stake mechanism (PROOF OF STOCK). Of course, this also triggered a debate about the unfairness of NXT’s distribution of tokens to early investment developers!
RIPPLE is a semi-decentralized blockchain solution that uses “trusted gateways” to conduct block operations. The credibility of chain accounting is based on the consensus ledger protocol that these gateways will not do evil at the same time.
The most ambitious attempt is Ethereum, which combines blockchain technology with Turing completeness, hoping to develop a basic platform that can support the construction of various blockchain systems in the future. The development of various credit currencies, digital assets, smart protocols and even financial derivatives. The system design is to unify blockchain accounting on the ETHERUM platform and be used by all developers. Maybe their official version will be released in the near future.
6. Possible applications of blockchain innovation in other fields:
Now, blockchain’s attempts to establish decentralized credit are no longer limited to the financial world, but have attracted attention from all fields of society, especially in At present, some of China's central credit institutions, such as the "Red Cross", are in a "collapse" situation. Blockchain can provide a new way of thinking and technical options for social management. The following are some new developments and related discussions we have learned about:
The combination of blockchain and the Internet of Things unifies digital assets and atomic assets, smooths the difference between consumer assets and cash assets, expands public credit, and accelerates value circulation; (IBM-Samsung)
Built on the blockchain Intellectual property protection system, accounting for the use of intellectual property across the entire network, and establishing a global advertising market;
Whether blockchain can provide technical support for the issuance of protocol-based cryptographic currencies by emerging economies along the Belt and Road;
Block Chain + cloud computing can develop into a decentralized self-media and community system;
Blockchain can build a decentralized equity crowdfunding system, allowing innovative projects to enter the circulation field in advance;
BlockchainA fully transparent financial management system can be developed;
Blockchain supports the establishment of a global decentralized corporate organization.
In short, in this era when credit has become a scarce resource, the technological innovation of blockchain, as a distributed credit model, provides new opportunities for finance, social management, talent evaluation and decentralized organization construction in the global market. All provide a broad development prospect.
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