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A. What consensus mechanisms are currently used in blockchain, what are their respective advantages, disadvantages and scope of application

1. What is the technology of blockchain?

If we assume that the database is a ledger, reading and writing the database can be regarded as a bookkeeping behavior. The principle of blockchain technology is to find the person with the fastest and best bookkeeping within a period of time. This person will keep the 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.

Blockchain refers to a technical solution that collectively maintains a reliable database through decentralization and trustlessness. This technical solution mainly allows any number of nodes participating in the system to associate and generate a series of data blocks (blocks) using cryptographic methods. Each data block contains all the information exchange data of the system within a certain period of time, and generates The data fingerprint is used to verify the validity of its information and chain to the next database block. Blockchain is a general term for technical solutions similar to NoSQL (non-relational database). It is not a specific technology and can be implemented through many programming languages ​​and architectures. There are also many ways to implement blockchain. Common ones currently include POW (Proof of Work), POS (Proof of Stake), DPOS (Delegate Proof of Stake), etc. The concept of blockchain was first proposed in the paper "Bitcoin: A Peer-to-Peer Electronic Cash System", written by an individual who calls himself Satoshi Nakamoto (or group). Therefore, Bitcoin can be regarded as the first application of blockchain in the field of financial payments.

2. What is the principle of blockchain?

Combined with the definition of blockchain, we need these four characteristics before we can consider it: Decentralized , Trustless, Collectively maintain, Reliable Database. And the four characteristics will lead to two other characteristics:

Open Source (Open Source) and Anonymity (Anonymity). If a system does not possess these characteristics, it will not be considered an application based on blockchain technology. Decentralized: There is no centralized hardware or management organization in the entire network. The rights and obligations between any nodes are equal, and the damage or loss of any node will not affect the operation of the entire system. Therefore, the blockchain system can also be considered to have excellent robustness. Trustless: Data exchange between each node in the entire system does not require mutual trust. The operating rules of the entire system are open and transparent, and all data content is also public, so it is within the scope of the rules specified by the system. and within the time range, nodes cannot and cannot deceive other nodes. Collectively maintain: The data blocks in the system are jointly maintained by all nodes with maintenance functions in the entire system, and anyone can participate in these nodes with maintenance functions. Reliable Database: The entire system will be divided into databases so that each participating node can obtain a copy of the complete database. Unless more than 51% of the nodes in the entire system can be controlled at the same time, modifications to the database on a single node are invalid and cannot affect the data content on other nodes. Therefore, the more nodes and stronger computing power participating in the system, the higher the data security in the system. Open Source: Since the operating rules of the entire system must be open and transparent, for the program, the entire system must be open source. Anonymity: Since nodes do not need to trust each other, there is no need to disclose their identities between nodes, and every participating node in the system is anonymous.

3. What is blockchain finance?

In 2016, innovators will be innovated. The new round of technological revolution will address the challenge of trust between strangers in the sharing economy while destroying the basis for such platforms to make money.

Traditional intermediaries

Although the sharing economy effectively challenges the status quo and has strong innovative attributes, it still adopts a very traditional business model.

The most common method of charging commissions on transactions has been used for centuries. Today, technology has made many things possible, but it still cannot completely replace intermediaries.

When P2P platforms and other online marketplaces first emerged, people were talking a lot about disintermediation, a new way of connecting people directly through the Internet, bypassing traditional intermediaries. Indeed, even though we have experienced how much more convenient new markets are and the possibilities of transacting with a variety of suppliers, we still rely heavily on intermediaries today. The fact is that today’s biggest new businesses are giant intermediaries, whose scale is beyond imagination, like Alibaba, Amazon, eBay, and Uber.

Is there a technical solution that can completely remove the intermediary between transaction parties? Is there a system where you can trade directly with anyone and be safe from being cheated, but no one owns the system so there is no commission taker.

Blockchain technology makes this possible. Blockchain is the core technology of Bitcoin. It is extremely innovative and can be used to build a completely transparent, ownerless and decentralized system. It can ensure the safety of various transaction parties without any form of intermediary. These transactions Parties include people and businesses.

Naturally, a lot of resources flow to the blockchain. The blockchain has also had a considerable impact on the financial and legal industries, and will eventually become rampant in these two industries, or provide the best Opportunity, it's all about how you look at it.

Decentralized Finance

In 2015, probably due to their high sensitivity to the growth of the alternative finance market, nine investment banks targeted blockchain technology finance. The services jointly developed the open standard. Last year saw constant activity discussing the future of blockchain technology and the launch of Slock.it, one of the first technology stacks for the decentralized sharing economy.

What does the sharing economy look like under the blockchain?

If you want to continue to earn commissions in the sharing economy, you must create a new business model.

Of course, the blockchain market will still require some investment. Developers may be happy to spend time solving code that plagues the system. However, I have yet to meet the overdue branding consultants, designers or businesspeople who have similar ideas or are willing to invest. Code alone cannot help the blockchain market enter the mainstream.

But blockchain will flourish, and by getting rid of annoying intermediaries, it can almost be predicted that it will definitely be cheaper than the existing sharing economy. By then, the giants will be forced to start response.

Will the old sharing economy repeat history, decline due to its belief that it is indestructible, and be quickly replaced by competitors that are more flexible and equipped with technology? Or will you experiment, find a profitable market in Sharing Economy 2.0, and beat the game?

What about credit?

Credit is the most frequent word in all discussions related to the sharing economy, and it is quite complicated and tricky. The current collaboration platforms have made it very clear: we can improve the level of trust in the sharing economy; we can take optimal measures to ensure that users trust our platform and transact on it, but we cannot guarantee that transactions between people are trustworthy. The blockchain solution solves the above problems.

The transaction system in the blockchain is immutable and each transaction can be tracked within the assigned ledger. Smart contracts fully set parameters and transactions for all two parties.conditions, so the blockchain no longer requires any "trusted intermediary" or guarantor of credit between strangers.

By 2017, regulators will realize that they need to completely rethink the rules and regulations in the sharing economy. At that time, each transaction party will reach hundreds of millions of independent contracts in the blockchain. One solution is to type rule code into the system.

When the sharing economy first appeared around 2008, many people cheered, believing that it would lead us into a new inclusive and sustainable economy, and that it would lead us into the post-capital paradigm in the future. a democratizing force. However, (so far) this is not the case. The same was true when the Internet first emerged. It was utopian in its initial stages, so people who hold the same transformative expectations for blockchain are likely to be disappointed. Even so, it won’t hurt in the least that blockchain will shake up the giants of the sharing economy.

4. Blockchain community

Bubi Blockchain focuses on the innovation of blockchain technology and products. It already has a number of core technologies and 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.

Features and Advantages

It has achieved a number of core technological innovations and developed its own basic blockchain service platform, which has been used in equity, supply chain, points, credit, etc. application in the field.

Fast transaction verification

By optimizing key transaction links such as signature algorithms, consensus mechanisms, and ledger storage, Bubi blockchain can achieve fast transaction verification in seconds.

Efficient ledger access

Bubi blockchain’s adjustments to the ledger storage structure can save 90% of storage space and reduce the long-term operation of the system, resulting in ledger access Risk of performance degradation.

Multiple asset issuance

Bubi blockchain supports the issuance and transaction of multiple assets by different users. Each asset can track and record the issuer, issuance quantity, and transaction. Circulation and other details.

Joint signature control

Allows multiple users to be set up under the same account, and sets corresponding permissions for different operations to meet the usage scenarios of multi-party signature control.

Built-in smart contract

A smart contract is a set of promises defined in digital form. The blockchain becomes a participant in the contract and is responsible for maintaining, saving and automatically executing the contract.

On-chain exchanges

Compared with traditional centralized exchanges, in a trading platform built with blockchain, all transactions are verified, completed and saved on the chain. Ensure user transaction security.

What Bubi Blockchain is going to do is a new technologyand products - realizing real value circulation, bringing 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 future, if the network itself can checkout, we can transfer directly without going through an intermediary.

B. What is blockchain and how do ordinary people make money in blockchain?

The popularity of blockchain has caught the public off guard. Nowadays, no one knows about blockchain, but many people do not have a clear understanding of the definition of blockchain.

So, what exactly is blockchain?

Regarding blockchain and Bitcoin, most people have this misunderstanding: Bitcoin is blockchain.

In fact, Bitcoin and blockchain are not the same thing. Blockchain is the underlying technology of Bitcoin, but the first usage scenario after the birth of blockchain is Bitcoin.

I will explain to you what Bitcoin is and what blockchain is. Please move your bench quickly!

What is Bitcoin?

Bitcoin is a digital currency, a peer-to-peer encrypted digital currency. It is not a tangible paper currency such as RMB or US dollars. It is generated by computers through specific mathematical calculations. Also stored in the computer.

Because Bitcoin is just a string of data in a computer, it is also called a "virtual currency" compared to paper currency. To put it simply, you can understand that Bitcoin is just a string of numbers with cash value, similar to Q coins. In other words, Bitcoin has no actual value. Its current value is supported by the faith of currency speculators. If the faith is gone, the value of Bitcoin will collapse.

Bitcoin is magical, what is its magic?

If you want to get Bitcoin, in addition to buying it, you can also mine it. The original Bitcoin is mined!

1) Mining

The first thing that comes to mind for many people is the image of a coal mine:

Mine, absenteeism, dust , black coal, large trucks.

Bitcoin mines are not like this. They only need electricity, network cables, and computers. However, mining this mine is a technical job, and it tests the performance of the computer's CPU and GPU.

2) Transaction

How does a Bitcoin transaction proceed?

Each user has a unique address, which is the Bitcoin "wallet". For every transaction, for example: A pays B a Bitcoin, a Weibo post will be posted publicly in the system saying: "I gave B a Bitcoin @B". ThisThese records will be kept in the evidence chain of each terminal of the system.

If A wants to go back on his word and tamper with Bitcoin’s transaction history, then every terminal record on the network must be modified. However, this is not easy, because only A whose computing power exceeds the sum of the computing power of all nodes in the system can tamper with transaction records. Obviously, this is unrealistic.

In the transaction process, Bitcoin uses a decentralized accounting method, which is also blockchain technology. Simply put, blockchain is a decentralized distributed ledger database.

What is blockchain?

The blockchain was created along with Bitcoin. During the formation of Bitcoin, blocks were storage units one by one, recording the communication information of each block node. Blocks are very similar to For database records, every time data is written, a block is created. With the expansion of information exchange, one block continues with another, and the result is called a blockchain.

Blockchain is a distributed ledger technology. Everyone participates in accounting, and everyone has a copy of the ledger information. This account book is not easy to forge and is traceable.

For example:

On a certain day of a certain year, Lao Wang lent Xiao Wang 10,000 yuan. Lao Wang told everyone around him the news , the transfer records were posted on WeChat Moments, and everyone helped them testify to the existence of this transaction.

Lao Wang and Xiao Wang are two nodes. These two nodes generate transaction time, location, person and other information, and they are packaged to form a "block". Lao Wang’s friends are also nodes. These nodes jointly record the transaction status and details (blocks) of the two nodes Lao Wang and Xiao Wang. These blocks are connected to form a chain, forming a decentralized database.

In the past, only both parties knew when Lao Wang and Xiao Wang borrowed money. This was the centralized accounting model. But now everyone knows it and records it in their own ledgers. This is the decentralized accounting model. model.

When one day, Xiao Wang regrets that he did not borrow the money, everyone around him will know their transaction information, so Xiao Wang will not be able to deny it. This is the blockchain Information sharing cannot be tampered with.

How do ordinary people make money by participating in the blockchain?

I have summarized several methods suitable for ordinary people to make money during the blockchain bonus period.

1. Direct investment in blockchain: buy coins or buy some blockchain stocks, but the currency circle is risky, so you must be cautious when buying, and there are many blockchain stocks now. However, there are risks in the stock market, so investment needs to be cautious.

2. Do blockchain self-media: run a WeChat public account or todayIf you write a daily headline about blockchain and publish it on it, you can also make some good profits.

3. Participate in technology development: In fact, it is very simple, it is to participate in the process of blockchain development. However, this method requires high technical threshold.

4. Blockchain training: Companies that can provide blockchain technology training or knowledge training.

That’s all the relevant knowledge about what blockchain is, I hope it can bring you some help.

C. Is it okay to invest in blockchain now? What are the precautions?

You can participate with a small amount of money. BiJing is the next generation Internet outlet. The following is my investment experience and hope over the past year. It will help you.

While I was relaxing physically and mentally during the holidays, I took stock of the pitfalls I had gone through, sorted out the gains and losses, and came to the following insights.

1. In the early days, I believed too much in the words of Big V, the big guy in the currency circle, and bought some coins from their platform. Now it is close to zero. I feel that I am so naive that I believe their lies. It is difficult for people to withstand the temptation of huge wealth, and of course they cannot escape. But saying one thing and doing another, and not admitting it in the end, has lost their moral bottom line. They have made a lot of money, leaving me waiting for Leek to stand on the top of the mountain and tremble.

2. The judgment of various public accounts and various media in the currency circle on market trends is similar to the effect of betting on dice. Of course, this does not mean that the media are completely irresponsible or incompetent. In fact, some media still cherish their feathers and do their best to analyze projects and judge trends for fans. But don’t forget that, by nature, the market is unpredictable, otherwise it wouldn’t be called a market. Bankers and leeks are always playing a cat-and-mouse game. The media’s predictions often provide savvy bankers with guidance on reverse actions. When most media are optimistic about the market, it is also when the bankers raise their sickles; when the media generally believes that When the market is still going deep, the market makers may be building positions secretly. This is not difficult to understand, because the media acts as the opinion leader of the leeks.

3. The current market still shows the characteristics of capital market, which is dominated by speculation, and the real value investment of blockchain has not yet been reflected. The performance is that almost all altcoins are linked to the rise and fall of Bitcoin. Why is it related to Bitcoin? Because there are no other standards to rely on? If there is no killer application, this linkage effect will be difficult to break, and there will be no real bull market in the currency market. The killer application mentioned here is not like Ethereum, issuing coins, building an underlying public chain, etc., but having real application scenarios that can link virtual digital assets on the chain to reality. In the supply and demand of the scene, DAPP must have a good user experience and be accepted by the public outside the currency circle. In this case, digital currency will have real support, and the development of blockchain will usher in spring, otherwise it will be just speculation.

4. Often start from historical phenomena to formexpectations for the future. In 2017, some altcoins had a market price of a hundred times or even higher. Therefore, I always feel that the altcoin in my hand has increased three to five times after I bought it, which is not satisfactory and not in place. As a result, I did not sell it in time and ended up rotting in my hands. Let's analyze it. This time is not that time. At that time, there were fewer projects and more funds. At this time, there are more projects and less funds. The situation is exactly the opposite. Ignorance and greed are very dangerous. Since 2018, as the big Vs have made profits and left the market, the funds on the market have shrunk significantly. Even if the market rises, the original market funds are playing the game. The money-making effect is getting smaller and smaller. OTC funds are waiting and watching. Only Only when the wealth-creating effect appears will OTC funds have the urge to come in.

5. New ways of playing are constantly emerging. As the money-making effect becomes smaller and smaller, new leeks become old leeks, and it is difficult to harvest them with traditional harvesting methods. Only by making some innovations can the leeks flock to it and obey. Fcoin trading and mining, Huoniu video, etc. have made a small group of people rich, and at the same time made a large group of people miserable. These projects are essentially a drum-passing fund-raising game, changing the soup without changing the medicine. The earlier you participate, the better the results will be. By the time I wait for Leek to participate, it will basically be in the mid-to-late stage. If I invest money in it, it will definitely be harvested. Since I participated in Fcoin early, I made a small profit, but I participated in Huoniu late, and was cut as soon as I entered. Fortunately, I only invested a little tentatively.

6. Will the market rise again? The answer is yes. From two aspects. On the one hand, there is a consensus that blockchain is the future trend. It is said that there is a rule that can prove whether a technology can become a trend in the future. It depends on whether the number of articles published about this technology can increase exponentially every year. Blockchain completely complies with this rule. On the other hand, as mentioned earlier, the current market is mainly capital. So even if blockchain is not a future trend, it will still have a good market. Because the characteristic of the capital market is that when funds enter the market, the market will rise, and when funds withdraw from the market, the market will fall, and there is no need for a reason for funds to enter and exit the market. Currently, the funds on the market include not only retail investors, but also large investors and institutions. It is not only leeks that are trapped, but also bankers who have cut the vegetables but failed to harvest. No matter who you are, there is only one purpose for entering the currency circle, and that is to make money. If the market does not rise, there will be no big money-making effect. If it falls for a long time, it will rise. This is an unbreakable rule. Of course, whether retail investors can make money depends on themselves. of good fortune.

Future plans:

1. Best policy. Strictly control positions, adjust layout, and stay away from air coins. Position control is always the first priority and is the lifeline of investors. Only after losing money did I realize the importance of position control. I really regret it now. If I had entered the dissatisfied position, I wouldn't have been so deeply trapped. Now that the matter has come to this, if we decisively liquidate all air-related projects, we can free up some funds. Then, select a few high-quality projects for fixed investment. If you don't have enough funds, you can spend a small part of it from your daily income. To do this step well, you need to add an important link, which is learning. The reason why I couldn't tell whether a project was good or bad before was that I didn't study enough.The power is shallow. Instead of focusing your time and energy on watching the market, checking public accounts, and asking for news, it is better to focus on studying. Accumulated knowledge and skills are also a kind of wealth, and no one can take them away. It is necessary to learn basic knowledge about economics, finance and investment, but also to learn about blockchain. I have read some books (General Economics, Economics in One Lesson, Xiang Shuai’s Peking University Finance Course (subscription required, electronic version not available), Buffett’s Law, Buffett Teaches You to Read Financial Reports, Blockchain Technology Guide, Decoding Zone Blockchain complete set), the link address is given (link:

Extraction code: sbmv) If you need it, you can download it with confidence.

2. The middle strategy. Do an oversold rebound. The small money-making effect does not mean that there is no money-making effect. You must enter the market with a small amount of money, you must focus on one or two projects, and you must move in and out quickly when there is a sharp decline that makes most people panic. You must not be reluctant to fight. (You can pay attention to one or two large public accounts to judge the panic in the market.)

3. Make the final decision. Be a wool party. On the premise of not expending energy, it is not a bad idea to receive candies and get some benefits. Under the current market situation, grasshoppers are also meat. The traditional way of receiving candy is too troublesome, and the gain is not worth the loss. Found two candy delivery platform projects, one is Fulcrum:

The other is Ant Mine Chicken:

The former airdrops various candies from time to time, and also has community social attributes, forming a system The latter is a new candy game platform under Candy World, which accumulates candies through the game of raising chickens and laying eggs. It is reported that it has just received strategic investment from GBls (Global Sleepless Blockchain Leaders Summit).

In addition, some Dapps that are in the testing stage are also worth a try. Anyway, it doesn’t involve any energy, just think of it as a way to relax after stressful work. Fighting video (ios version: https://fir.im/51ds Android version: http://a.app.qq.com/o/simple.jsppkgname=com.xysk.mvpart.douxi, invitation code: WN4VIZ) , focusing on creating a vertical segmentation field for professional artists. Fans and users can accumulate star power and sign in every day to obtain stars. Stars can be exchanged for prizes or sold privately. It will be launched in October.

D. Is China’s blockchain tradable?

Digital currency exists legally in the country, but it is illegal to use virtual currency to engage in illegal activities.

Yaxia Holdings obtained better financial liquidity through the issuance of bonds, and then promptly extended a helping hand to a large number of small and medium-sized building materials suppliers and construction units upstream and downstream. The specific method is to use the receivable chain platform provided by Zheshang Bank to pay for goods by issuing blockchain receivables online when suppliers of Yaxia Holdings purchase goods.

When suppliers receive blockchain receivables, they can transfer them to Zheshang Bank online in real time to obtain working capital. ——Zheshang Bank packages such blockchain-based receivables into financial products and sells them to financial customers.

For example:

As an investor, Interlink Pulse learned about relevant products from China Zheshang Bank. It was revealed that they are different from most bank financial products. , the blockchain receivables product achieves penetration into the underlying assets through blockchain technology, that is, financial management customers can see which two companies’ receivables the money purchased, so as to better understand the product. risk.

According to public information, in August 2017, Qulian Technology cooperated with China Zheshang Bank to launch the industry’s first enterprise “receivables chain platform” based on blockchain technology. In August 2018, the official website of the Interbank Market Clearing House (Shanghai Clearing House) showed that "Zheshang Lianrong's 2018 First Phase Enterprise Accounts Receivable Asset-Backed Notes" was issued with an issuance amount of 457 million yuan and a debt credit rating of AAA.

Since 2019, listed companies have successively disclosed the use of idle funds to purchase blockchain receivables. According to Interlink Pulse statistics, companies including ProPharmaceuticals, Haimo Technology, Huayuan Holdings, Redick and other companies used a total of 545 million yuan to purchase 17 Zheshang Bank blockchain receivables products.

E. What should you pay attention to when investing in blockchain

1. Most people don’t know what blockchain is

Compared with traditional stocks, real estate, bonds, gold, etc., blockchain assets are a very abstract and virtual asset form. Blockchain assets represented by Bitcoin are very professional. Computer language and program operation methods are not endorsed by the credit of any country, nor are they given securitization benefits by any company. They completely rely on the mutual consensus and trust between strangers. In this case, although decentralization is completed operating logic, but its experiments are still in its infancy and development stage. Participating in related investments is actually a brave risk-taking behavior.

2. Blockchain asset prices fluctuate violently

Since there is not much support from the physical application level, many blockchain projects completely rely on community operations and market speculation, and investors are very worried. It is difficult to hold blockchain assets from the perspective of value investment, which leads to very frequent flows of funds, and price fluctuations have become a norm. A blockchain-related token can skyrocket by 500% in a day, or fall by 90% in a few hours. Such violent price fluctuations are not something ordinary investors can bear.

3. There is too much uncertainty in the policies of various countries

As an underlying technology, the world has basically accepted the value of blockchain, but as a "blockchain" "Companion product" digital currency is still very controversial in various countries' policies, and as the volume of digital currency transactions continues to increase, its impact on the global financial market is also increasing day by day. At present, the daily transaction volume of the entire digital currency field exceeds 60 billion US dollars, which is comparable to the trading volume of China's Shanghai and Shenzhen stock markets.Under this situation, it can also be comparable to the average daily trading volume of the New York Stock Exchange. It is impossible to continue to operate outside supervision. This will lead to a very large regulatory game cycle. Policies in this area may be introduced one after another by various countries, which will have an impact on the market. The impact cannot be ignored.

4. Various blockchain projects are mixed in quality

Blockchain technology is originally a very basic architecture technology. Currently, due to its popularity at the financial level around the world, many of its own Project parties that have nothing to do with blockchain began to use blockchain concepts to design products, and were able to complete the writing of blockchain white papers in a very short period of time, and then raised market funds. In this case, the overall technical threshold of the blockchain has been lowered. Many companies that have no strength and willingness to develop blockchain have developed the concept of blockchain purely to obtain financial support, resulting in the proliferation of projects, projects and The gap between projects is getting wider and wider, but it is difficult for ordinary investors to distinguish and it is easy to fall into the trap.

5. Coin speculation does not equal blockchain investment

Currently there are many opinions that blockchain and digital currency are an integral whole, and you cannot develop blockchain at the same time. Technology, on the other hand, suppresses digital currency. I agree with this logic, but currency speculation is indeed not the same as blockchain investment in the true sense. Things with real investment value must be things with scarce supply. If you can just issue a digital currency, it can represent the application value of the blockchain and bring certain innovations to society. Then you can just find a company that can issue digital currency. The blockchain technology team can issue dozens of digital currencies in a very short period of time, just by changing their names. Therefore, digital currency itself does not have much logical relationship with blockchain assets. Blockchain projects must be a market with very obvious scarcity, but digital currencies do not have great scarcity. This is like saying that any Internet company can develop a chat software similar to WeChat, but the chat software itself does not have much value. The real value lies in how much public participation the chat software attracts. Digital currency is just a chat software. The current situation is that everyone is speculating on this software, but few people care about what is on the software, and the bubble is obvious.

6. Short-term overheating, easy to be exploited by criminals

The particularity of the blockchain industry is that many of its ecologies have become very financial. , funds will be very concentrated, and most links are related to funds. From raising funds through ICO, to sending tokens to investors, to online trading on exchanges, and users buying and selling tokens on exchanges, the entire process is almost entirely a financial link. If practitioners are not professional enough and have no self-discipline, , lack of supervision, then every link may be used by criminals to manipulate the market and obtain various illegal gains.

7. Governments of various countries have their own agendas in responding to the development of blockchain

In order to catch up with the next round of financial technology and digital revolution, Japan has comparedBitcoin and other transactions have a very open attitude. Digital currency transactions denominated in Japanese yen account for half of the world's entire fiat currency trading area. Japan hopes to use digital currencies to revive Japan's financial competitiveness. The United States hopes to use mainstream financial markets, such as the futures and options derivatives market, to tame Bitcoin and make it another powerful tool for US dollar hegemony. China is also working hard to promote a sovereign encrypted digital currency, and one of its important purposes is to promote the internationalization of the renminbi. The field of digital currency and blockchain assets may become the next point of competition and competition among great powers, which will invisibly increase systemic risks for investors. It is difficult for you to know that behind this kind of great power rivalry, another one suddenly appears. What unexpected policies will have an impact on the entire market?

8. The threat of quantum computers

Blockchain generates a self-motivating system to ensure that it can operate on its own under decentralized conditions. Most applications It is asymmetric encryption that uses the corresponding public key to verify transactions signed by the private key to ensure that blockchain assets such as Bitcoin can only be used by the legitimate owner. But quantum computers can solve the problem of asymmetric encryption. Quantum computers can calculate the private keys from the public keys in a few minutes. After knowing all the private keys, people with quantum computers can spend digital currencies such as Bitcoin at will. . Of course, when quantum computers will come out is also a question in itself. Digital currency protocols are constantly adding new encryption standards. However, the potential threats posed by quantum computers have to attract the attention of investors.

9. There is the possibility of a major reversal at the supply and demand level

The market capitalization of the blockchain token market has hovered near one trillion U.S. dollars, although OTC funds are still flowing in continuously. Influx, but the stability and growth rate of its capital inflows are questionable. The supply of encrypted digital currencies is a very embarrassing matter. From a single digital currency level, the total amount is strictly limited. For example, there are only 21 million Bitcoins, but the threshold for issuing encrypted digital currencies is getting lower and lower. Anyone and any organization can issue cryptocurrencies anytime, anywhere, and there is almost no limit to the supply. On the other hand, transaction costs continue to increase and are suppressing the demand side. Currently, investors in transactions need to pay handling fees on exchanges and miners when transferring money. If countries start to tax digital currency transactions in the future, , which means that this market has to bear more operating costs without generating its own profitability. If coupled with the continuous increase in supply level, the overall market supply and demand expectations may undergo reversal changes at a certain moment.

10. Blockchain assets lack legal protection

It is not uncommon for global digital currency exchanges to be "hacked", and during various over-the-counter and on-site transactions, , fraud and other incidents also occur from time to time, and the legal protection for investors is very limited. Especially for domestic investors, once they are stolen or defrauded due to trading digital currencies, it can almost be said that it is difficult to effectively recover them.. Due to the lack of intermediary guarantees such as banks, the security of digital currency is entirely your own responsibility. Although this is in line with the logic of self-keeping of private property, it also brings greater uncertainty to the storage and trading of digital currency assets. Before there is a complete legal system to protect the rights and interests of personal digital currency assets, the legal safety of investing in blockchain-related assets is a very serious issue.

F. What exactly is the blockchain?

What exactly is the blockchain? In essence, blockchain is a distributed, decentralized network database system that will make the storage, update, maintenance, and operation of data different. Blockchain has four indispensable core technologies, namely: distributed storage, consensus mechanism, cryptography principles, and smart contracts.

Then let’s talk about how blockchain is different from traditional data processing to help everyone understand what blockchain is and give everyone a general understanding of blockchain. Cognition.

1. Data storage in blockchain: block chain data structure

In terms of data storage, blockchain technology utilizes "block chain data structure" To verify and store data.

What does the blockchain structure mean? Everyone has seen an iron chain, with one link within another. In fact, each link can be regarded as a block, and many links are linked together to form a blockchain.

How does this so-called "iron chain" store data? To put it simply, the difference between blockchain and ordinary stored data is that on blockchain, the data in the next block includes the data in the previous block.

Take reading as an example: when we read a book, we finish page 1, then page 2, page 3...
What about in the blockchain? If each block is marked with a page number, then the content on page 2 contains the content on page 1, the content on page 3 contains the content on page 1 and page 2...Page 10 contains The content of the first 9 pages is such a chain nested layer by layer. In this way, the most original data can be traced back. This is the traceability of the blockchain.

The "blockchain data structure" of blockchain makes it traceable, which is naturally suitable for many fields, such as: food traceability, drug traceability, etc. In this way, the probability of tainted milk powder, fake vaccines, and fake and substandard food incidents will be greatly reduced, because once a problem occurs, through traceability, we can clearly know which link caused the problem, and accountability and recovery will be clearer.

2. Data update in the blockchain: distributed node consensus algorithm

In terms of data update, blockchain technology uses the "distributed node consensus algorithm" to Generate and update data.

Every time a new block is generated (that is, when data is updated), an algorithm needs to be used to obtain the approval of more than 51% of the nodes in the entire network to form a new block. To put it bluntly, it is a vote, and it can be generated if more than half of the people agree, which makes the data on the blockchain non-tamperable.

Why do you say that? Let’s make an analogy: we compare the blockchain to a ledger, because it records data. In the traditional world, the bookkeeping power lies with the bookkeeper, and the ledger belongs to the bookkeeper alone. So in the blockchain, everyone owns this account book. If you want to update the account, you must vote. Only if more than half of the people agree can you update the account data.

In this process, we will involve several terms: distributed, node, consensus algorithm. These terms are actually very easy to understand:

Everyone Accounting (that is, everyone has a ledger, and the ledger is scattered in everyone's hands) is the so-called "distributed";

The accounting method that everyone discusses, votes for, and unanimously agrees on is The so-called "consensus algorithm";

Every person participating in accounting is a so-called "node".

3. Data maintenance in blockchain: cryptography

In the data maintenance stage, the difference of blockchain is that it uses cryptography to Ensure the security of data transmission and access.

The cryptographic principles applied in the blockchain mainly include: hash algorithm, Merkle hash tree, elliptic curve algorithm, and Base58. These principles actually ensure data security on the blockchain through a series of complex operations and conversions.

4. Data operations in the blockchain: smart contracts

A smart contract is a commitment agreement defined and automatically executed by a computer program. To put it bluntly, it is executed with code A set of transaction rules, similar to the current automatic repayment function of credit cards. If you turn this function on, you don't have to worry about anything. The bank will automatically deduct the money you owe when it expires.

The outstanding advantage of smart contracts is that they largely avoid a series of problems caused by trust.
Many of us have encountered the situation of being borrowed money: a friend who is short of money borrows 2,000 yuan from you and promises to pay back the money after the salary is paid next month, but next month he finds other excuses. Also, dragging this matter around would be pointless. We didn't have much money, but we were still friends. Even though you were depressed, let it go.

Then, with the smart contract, he can no longer default on his debt, because in the smart contract, once the terms in the contract are triggered, the code will automatically execute, whether he wants it or not, as long as he sends With his salary and money in his account, heI have to pay you back.

To summarize the contents of this section, there are four indispensable core technologies in the blockchain, namely: distributed storage, consensus mechanism, cryptography principles, and smart contracts.

We can understand it this way: distributed storage corresponds to the data storage stage, the consensus mechanism corresponds to the data processing and update stage, cryptography corresponds to data security, and smart contracts correspond to data operational issues.

G. Introduction to stocks: What is the concept of blockchain

1. What is blockchain?
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. The so-called consensus mechanism is a mathematical algorithm that establishes trust and obtains rights and interests between different nodes in the blockchain system [1].
2. What is a concept?
Concepts have two basic characteristics, namely the connotation and denotation of the concept. The connotation of a concept refers to the meaning of the concept, that is, the unique attributes of the object reflected by the concept. For example: "Commodity is the product of labor used for exchange." Among them, "labor products used for exchange" is the connotation of the concept "commodity". The extension of a concept refers to the scope of objects reflected by the concept. That is, things or objects that have the attributes reflected by the concept. For example: "Forests include protective forests, timber forests, economic forests, firewood forests, and special-purpose forests." This is an extension of the concept of "forest". There is an inverse relationship between the connotation and denotation of a concept, that is, the more connotation a concept has, the smaller its denotation; and vice versa. A relatively easy-to-understand explanation: the connotation of a concept refers to the meaning of the concept. It has necessary conditions, that is, objective things (objective objects). Among them, there is only one necessary condition and N sufficient conditions. The more conditions there are, the smaller the concept extension. Conditions are functional in nature. For example: a cup must have space to hold it. And it is used to hold liquids such as water and wine. Moreover, it is a vessel type (the defined item cannot be directly or indirectly included in the definition), so the meaning of the concept of cup is: a vessel used to hold liquids such as water, wine, etc. And if you know the sufficient conditions, you can roughly deduce the thing or object it belongs to. Because it must be related to objectively existing things. The functions of concepts also include: judgment, description, attributes, categories, definitions (concept clarity) and other distinctions.

The description of a concept in China is: a concept is avant-garde, novel, trendy, has future trends, has a background and a picture. Concepts have strictly fixed content, but also have a certain degree of ambiguity. Concepts are not real, but imaginary. Use concepts to think and use concepts to show their authenticity. The patterns of consciousness are endless. If the images of distinction are more thorough, it will be more conducive for us to enter a refined and infinite field. Otherwise, one thing will always be reduced to another thing.
From a formal perspective: ideas are a higher-level approach, concepts appear in the form of words, and ideas usually appear in the form of a complete sentence. butThe form is the same; both use language and symbols as carriers. Therefore, it can be understood that concepts are condensed information and incisive ideas, so concepts are figurative and pictorial, while scientific concepts are systematic. The concept must also be understandable by people interactively, so it is universal and objective.

H. What is "blockchain"

Blockchain is a public ledger. There is no centralized hardware or management organization. Everyone can It can automatically verify the authenticity of the ledger and easily detect whether the ledger has been tampered with by others.

In a word, the blockchain is a public ledger that can be verified by everyone.

The concept of being verifiable by everyone is crucial to blockchain.

Bitcoin uses the blockchain to record all transactions, so anyone knows the number of Bitcoins on each account.

So, as a publicly verifiable ledger, what are some use cases for blockchain?

In fact, there are many use cases that can be thought of. Blockchain is suitable for any data that can be recorded on a public ledger. Here are 4 examples:

1. Decentralized domain name server, namely domain currency. The domain name server is actually a ledger that records domain names.

2. Trustless public key encryption, such as https that discards unreliable certification authorities.

3. Ownership records, truthfully record the items and their corresponding owners.

4. Contracts and performance guarantees, the account book truthfully records the parties to the contract and saves the contract text.

But don’t forget that blockchain also has a very important component.

The ledger recorded using blockchain technology will always be updated. New data such as transactions, domain name inputs, records and contracts will be converted into hash values ​​of the same length by the hash algorithm and saved. However, hashing algorithms are not only not free but also very expensive.

Therefore, the ledger itself needs to have a recognition system to recognize the person who enters the block hash value.

In Bitcoin, this system is called mining and is rooted in the Bitcoin protocol. Bitcoin miners use a hash algorithm to convert transactions waiting for verification into hash values, and charge a certain amount of Bitcoin as a service fee.

Therefore, for non-monetary use cases, blockchain needs to find a way to bear the high cost of hashing algorithms.

I would like to remind everyone that my answer mainly focuses on the possible use cases of blockchain technology, and does not cover all aspects of blockchain, such as why hashing algorithms are so expensive. I'm sure you can find a lot of detailed information about Bitcoin and other blockchain applications online.

Supplement

Although blockchain technology has manyadvantages, but there are still some less than desirable use cases. For example, there is no way to convert Bitcoin into any national currency; a ledger with billions of data entries would take up space and be impractical.

Bitcoin has shown the world that blockchain technology is feasible in principle, and people are also trying to solve these increasingly prominent problems, such as technological transformation of Bitcoin or the introduction of a completely Different blockchain technologies. I think the following two methods are worth trying: one is to split the ledger according to certain standards such as the payer address, and the other is to introduce a main blockchain to verify the sub-blockchain. Blockchain technology is ever-changing and dazzling, and it’s unknown whether someone is already making such an attempt. But Bitcoin is still the world's first currency blockchain, what others call a cryptocurrency.

Whether in the technology circle or the financial circle, blockchain has become the hottest word, no one. Blockchain has core advantages such as decentralization and trustlessness, and can perfectly solve problems such as information asymmetry, high transaction costs, and trust of strangers in the development of the sharing economy, making "individual economy" possible. Based on this, blockchain technology is considered to be the core technology that has the greatest potential to trigger the fifth wave of disruptive revolution after steam engines, electricity, information and Internet technology.

In this context, a blockchain craze was born in society, and everyone praised it overwhelmingly. Dialectics tells us that everything has flaws, and only by seeing the pros and cons of things can we make rational decisions. Therefore, in this article, Xue Hongyan (Hong Yanweiyu), a senior researcher at Suning Financial Research Institute, focuses on pouring some cold water on the blockchain.

| What is Blockchain

Blockchain, English Blockchain, has a rather mysterious technological flavor in its name, and can be simply broken down into "data blocks" and "links". Each data block contains all the information exchange data of the system within a certain period of time, and is encrypted using cryptographic methods; the link means that each block has a link relationship with the next block, thus forming a blockchain.

It is generally believed that blockchain has two major characteristics: decentralization and trustlessness. A brief introduction is as follows:

Since each block contains all the information exchange data of the system within a specific period of time, Therefore, each block is equal, and the damage of a single block does not affect the security of the entire system, so the blockchain has decentralized characteristics.

Similarly, since each block contains all the information of the system, the authenticity of the information can be cross-verified. Only by breaking through more than 51% of the nodes can the information be tampered with. In a large enough blockchain system , the cost is extremely high, it can be considered that the information in the blockchain is true, so the blockchain has the characteristics of trustlessness.

Most people’s understanding of blockchain has always beenAs for Bitcoin, the relationship between the two is that blockchain is the underlying technology and concept, and Bitcoin is only the most popular application of blockchain at present.

Maybe the above is not popular enough. Finally, let me summarize, what do you think the blockchain is? Is it a disruptive new technology? NO! According to Xue Hongyan (Hong Yanweiyu), a senior researcher at Suning Financial Research Institute, blockchain is not so much a new technology as it is a new ideological concept. The information encryption and other technologies included in the blockchain have been around for a long time, and it is more of a conceptual innovation. This is also the reason why the blockchain has a huge impact. New technologies will be surpassed sooner or later, ranging from one or two years to four to five years; only innovative ideas have enough energy to affect all aspects of the economy and society.

| Blockchain is expected to change the underlying rules of the financial system

In applications in the financial field, blockchain will change the transaction process and record keeping methods, thus significantly reducing transaction costs. It has significantly improved efficiency and is considered to have a broad market environment in digital currency, cross-border payment and clearing, bill trading, securities issuance and trading, property rights transactions, customer credit reporting, anti-fraud, and anti-money laundering.

Such a good technology is naturally sought after by everyone. Like many traditional financial people, Hong Yanweiyu resisted it at first, thinking that this thing was not that great, and did not do any research specifically. Later, as the research on financial technology gradually deepened, it was discovered that blockchain was an obstacle that could not be bypassed, because whether it was robo-advisory, big data risk control or online lending, they were only technological innovations at the financial business level and risk control level. It has not penetrated the bottom layer of the financial system. What is the underlying layer of the financial system? Naturally, it is payment and settlement, transaction rules and system interaction. What the blockchain changes is precisely the underlying rules.

Therefore, throughout the world, financial institutions are the most active in researching blockchain. If nothing else, they are really afraid. After the decentralization and trustless features of the blockchain are fully utilized, what else will the intermediaries of financial institutions do? It is estimated that this is also the first feeling of many people who have a preliminary understanding of blockchain.

In this article, Hong Yanweiyu focuses on pouring cold water on this view.

| Subverting the financial system, blockchain still faces two mountains

Marxist dialectics tells us that everything has two sides. The more prominent the advantages, the more obvious the flaws. It’s just the perspective. Just different. The two major problems with blockchain subverting the financial system lie precisely in the two major advantages of decentralization and trustlessness.

First, let’s talk about decentralization. First, we need to clarify a truth. Does centralization necessarily mean low efficiency? Of course not. Within a specific scope, the concentration of resources brought about by centralization can greatly improve efficiency. This is also the reason why human beings evolve from individuals to villages to tribes and then to countries in the process of evolution. Take UnionPay as an example. UnionPay is the clearing and settlement center for the domestic banking industry. After UnionPay was established, every bankYou only need to connect with UnionPay to realize transactions with all banks. What about decentralization? Without UnionPay, each bank needs to connect with all counterparties. Which one is more efficient? Therefore, there is no need to beat centralization to death with a stick. The decentralization feature of blockchain is destined to only play a role in specific fields (that is, fields that are not suitable for centralization). How can it subvert everything?

Furthermore, it is a matter of trust. There is nothing wrong with detrusting itself, but the technical logic behind it is deeply flawed. Blockchain relies on universal accounting to achieve trustlessness, that is, all transaction information is retained in each block for system cross-verification to identify authenticity. Here comes the problem. Each block retains all transaction information. There is no problem on a small blockchain. However, as more and more information is added, it will inevitably lead to an explosive growth of transaction information and will also bring information. Dramatic increase in storage costs. At the same time, the greater the amount of information, the longer cross-validation takes and the lower the efficiency. Therefore, the blockchain solves the trust problem, but it brings about rising costs and declining efficiency.

Nothing in the world is perfect, and the same is true for blockchain.

As a conclusion, Hongyanweiyu wants to clarify that blockchain, as a conceptual innovation, does have great value and can also have a disruptive impact in specific fields. However, the current one-sided thinking about blockchain is problematic. Eastern wisdom tells us that "the most brilliant and the golden mean", in the face of anything, it is wisest to maintain the golden mean.

(Text/Xue Hongyan, senior researcher at Suning Financial Research Institute; WeChat public account: Hongyan Weiyu)

As early as a few years ago, the word "mining" came with Bitcoin is well known for its popularity. Many people know about Bitcoin first and then the blockchain, and they even don’t know about the blockchain yet. By definition, blockchain is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction, which is used to verify the validity (anti-counterfeiting) and generation of its information. Next block.

I am not a computer technology expert. The following introduction to blockchain comes from reading and comments from expert friends and is for reference only.

If you want to use one word to explain blockchain, it is: distributed accounting.

To understand what this word means, you need to first understand that traditional accounting has a center. For example, in a bank, when you withdraw money from a bank deposit or lend money to others through the bank, the bank is the center, and all these transactions are based on the bank's credit. What if the bank cheats? Or is it more serious, is the country cheating? The Kuomintang's indiscriminate issuance of gold yuan coupons at the end of its rule in mainland China, as well as the hyperinflation in Weimar Germany and Zimbabwe, which made the currency less valuable than toilet paper, are very famous examples.

Golden Yuan Coupon

Blockchain is aimed at this problem. They believe that decentralized accounting is non-modifiable and non-repudiable. How to achieve decentralized accounting? The basic idea is that all users store all transaction records, making it very difficult to illegally modify the ledger through mathematical methods. In this way, the reliability of the ledger is guaranteed.

Specifically, all users exhaustively enumerate random number variables, and the first user to obtain a specific required hash function value (Hash) will have the right to record this round of transactions and obtain the corresponding Bitcoins award. It is transmitted in the form of data blocks, and the data blocks are connected into a chain by appending at the end, so it is called a block chain.

After listening to the introduction, you may feel that this idea is interesting, but it is not as exciting or revolutionary as advertised. Your feeling is right. In fact, the basic logic of blockchain has some unavoidable problems.

For example, the current size of the complete Bitcoin public ledger has exceeded 150 G, and is rapidly increasing at a rate of tens of G per year - just to support 5 million users and 30 million transactions per year. If its processing volume is one day comparable to that of Alipay, the size of the Bitcoin ledger will increase by more than 500 terabytes per year. This is equivalent to backing up the Alipay server's storage data on all users' personal computers. Do you think this is a good idea?

For another example, in the traditional banking system, if you lose your password, it is no big deal. Just report it to the system in time, and your wealth will not disappear. But in the blockchain system, if you lose your password, it will be a huge trouble, and your currency will not be recovered. Not happy? Is it surprising?

Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. The so-called consensus mechanism is a mathematical algorithm that establishes trust and obtains rights and interests between different nodes in the blockchain system

In layman’s terms, it is playing mahjong. Four people can take turns to be the banker, and each other can shoot four people. They all have their own ledger records, but if you want to modify the ledger, you must have more than 50% of the modification rights, so the cost of cheating on the ledger is very high.

In the future, blockchain will be used more in finance to combat money laundering and fraud, because all information can be traced, and in culture it can be used for copyright protection, etc.

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I have seen a lot of people’s explanations of blockchain in official terms, and some may not even be clear to the person explaining it. I will explain blockchain in vernacular below to ensure that everyone can read it. Gotta understand.

What is blockchain? Let me give an analogy. In 50 years, you can buy an electric fan from the supermarket. This electric fan will automatically mine coins for you while using the electric fan.Automatically mine coins on one side. When your electric fan breaks down, you can use the mined coins to repair the electric fan. Of course, you can also use the mined coins to buy a new electric fan. Many people think wrongly! Wouldn’t the profits of merchants be less? Let me tell you about a certain brand. When the products of this brand are sold to you, the products themselves may even be sold to you at a loss. However, once the number of users becomes large and the users become more sticky, they can be paid through membership fees or service fees. Such small fees or other ways to make profits. Just like this, the mined coins can be purchased and repaired. Although the merchant's profit may be reduced, the merchant has gained more users and greater user stickiness. By this time, it only takes a minute for the merchant to make money.

And the electric fan you bought is equivalent to winding it up for you. What is winding up? If you put your electric fan on the street now, and 10 people come to snatch it, you have no way to prove that the ownership of this electric fan is yours. Once you put it on the chain, it is equivalent to being tied to you. Once it’s settled, you can prove it.

Therefore, the essence of blockchain is to help make people’s lives more convenient. It is equivalent to upgrading on the basis of the Internet, making it safer and more convenient. This is blockchain! It's that simple.

The security of the blockchain is reflected in its irreversibility and the data cannot be tampered with. We all know that in today's society, any data can be modified and conquered by hackers, but the data in the blockchain is impossible to change. Once generated, it cannot be modified unless all users in the blockchain work together. Agree to modify the data, but this is unlikely to happen.

At present, the blockchain is still very immature, just like the Internet bubble burst in 2000. When the bubble bursts, a truly valuable blockchain Internet will be hatched. company.

The wheel of history will not go backwards. Many people are unwilling to accept blockchain. Just like telling you that you can shop online 20 years ago, this is the same ridiculous thing. Time will eventually prove it. .

1. The main function of blockchain is to store information. Any information that needs to be saved can be written to the blockchain and read from it, so it is a database.

2. Anyone can set up a server, join the blockchain network and become a node. In the world of blockchain, there is no central node. Every node is equal and stores the entire database. You can write/read data to any node, because all nodes will eventually be synchronized to ensure that the blockchain is consistent.

3. Everyone works on the same blockchain, everyone openly shares the current state of the blockchain, and everyone agrees on the rules for new data submissions.Then the behavior of tampering with the blockchain is difficult to operate in terms of computing power.

If we assume that the database is a ledger, reading and writing the database is an accounting behavior:

Anyone can verify this public ledger, but there is no single The user can control it. Participants in the blockchain system will jointly maintain the update of the ledger: it can only be modified according to strict rules and consensus, and there is a very exquisite design behind this.

(1) Accounting, the system will find the person with the fastest and best accounting within a period of time, let this person do the accounting, and then broadcast the information on this page of the account book to everyone else on the entire network. node, which is equivalent to changing the database record; (consensus mechanism, cryptography)

(2) Verification, other valid nodes in the entire network check the correctness of the block accounting, and stamp the time Stamp to confirm that the block is legal; (timestamp, mathematics)

(3) Form a single chain, that is, compete for the next block after the previous legal block; (smart contract, encryption technology)

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(4) Storage, the account book is stored in blocks. As transactions increase, new data blocks will be appended to the existing chain to form a chain structure; (distributed structure, information technology) < /p>

(5) Backup, every participating trader is a node of the block network, and each node has a complete backup of the public account book, which is a distributed ledger.

Features

1. The blockchain has no administrator and is completely centerless. It is precisely because it cannot be managed that the blockchain cannot be controlled. Without an administrator, everyone can write data into it. In order to ensure the trustworthiness of the data: the technology of blockchain makes it impossible to tamper with the data once it is written.

2. Close to zero trust cost.

The cycle time required for Internet companies to build their credit is extremely long. For example, Taobao often takes several years to build its credit. In the blockchain, everyone trusts the code, algorithm and rules, so the cost of trust is extremely low.

3. The marginal cost of constructing and trading assets approaches zero.

If traditional assets are to be used for trading, they need to rely heavily on third parties, such as investment banks, banks, securities firms, etc., for packaging and endorsement, and the fees and thresholds are extremely high. With blockchain, these will not be a problem, and the cost is extremely low.

The value transfer attribute of the blockchain also naturally solves the payment problem, and has the genes to support global payments.

According to my current understanding

1. Blockchain is an outlet.

Everyone is talking about blockchain. Whether they have read it or not, whether they understand it or not, many people are forwarding blockchain articles in their circle of friends. The only new WeChat group is Blockchain related groups.

Investors are saying, start a businessThe reporter said that almost any relevant knowledge of large Internet companies is saying that government departments are taking a stance, and tens of thousands of vertical media focusing on blockchain will soon be born.

If you don’t join any currency circle or chain circle, you will be completely out. Even the well-known investment tycoon Zhu Xiaohu was unilaterally declared to belong to the old world by the rising star Chen Weixing.

2. Blockchain represents the story of sudden wealth.

Although ICO has been stopped by the national level, the most popular word-of-mouth about blockchain is still the increase in wealth by hundreds or thousands of times. Coins that were bought for a few cents or a few dollars are now worth dozens or hundreds of dollars. Everyone is talking about value-added stories.

There are Bitcoin and Ethereum. If you download a digital currency trading platform APP, the various currency codes composed of densely packed letters will feel like a stock exchange.

3. Blockchain is not only a technology, but also a belief at the conceptual level.

The basic layer, application layer, and a lot of blockchain knowledge seem to have a lot to do with the hot artificial intelligence.

Many people say that blockchain technology is mature, but applications have barely found an entrance. We can all shout loudly: Artificial Intelligence +, but if you shout "Blockchain +" now, it's not enough and you will be laughed at. The application scenarios are still being explored.

As for the previous Internet, it was an Internet of confidence. With the addition of blockchain, it became an Internet of value.

Such similar concepts are people’s good expectations for blockchain technology to solve the trust problem. If it is so easy to implement, blockchain can subvert finance, e-commerce, and many intermediaries. But why has the Internet not been subverted for so many years and real estate still relies on intermediaries?

4. Blockchain already has a history, so don’t think it is too new.

Just as many people claim that artificial intelligence is so new that it is a joke, its history can be traced back to the 1950s.

The blockchain is marked by the birth of Bitcoin, which was 10 years ago. There is also a still mysterious founder, Satoshi Nakamoto, who seems to have a Japanese name, and some say he is from the United States. From the Security Bureau, I think it can also be interpreted as "Chinese people are inherently smart", of course the latter is just a joke.

The reason why it has become so popular is because of the skyrocketing price of various digital currencies in 2017, which skyrocketed thousands of times in a few months and days. How could there be such an amazing speed in the past?

5. Blockchain is a knowledge system.

For me, whether it is a trend, whether it is a wealth game, or whether it is technology, we cannot ignore it or ignore it.

I started to make two columns to understand the blockchain from the perspective of characters, stories and characters. One is "Blockchain 100 People (Industry People)" and the other is "Blockchain 100 investors (views)” while learning and spreading.

As for the relevant books, of course I accept them all as ordered, and I can only be a follower of various trends and follow suit.

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The biggest mistake is not how we criticize the blockchain, but when we see it has a huge bubble and the crowd is enthusiastic about it, we ignore it and stay away thinking we are noble. It.

The only way we have left is to be students, learn, and learn again.

Literal meaning: block, chain, using a chain to connect each block Get up.

Blockchain = distributed data storage + point-to-point transmission + consensus mechanism + encryption algorithm

What is data storage? For example, a supermarket carries in and out various goods, All kinds of transactions must be recorded in a ledger, which is storage.

What is distributed storage? It is the ledger of this supermarket. Every employee has a copy, and every time there is something that needs to be recorded , everyone’s ledger records will be given in time. Distributing each ledger (storage) to countless people (places) is distributed storage. (The supermarket employees here can be understood as blocks, and the ledger is the chain)

What is point-to-point transmission? In the same supermarket, there is no yogurt at the front desk. The shopping guide reports to the superior and then reports to the higher level.... Finally, it reports to the warehouse and records the accounting records of the ledger, and then transfers the goods to the front desk. And Point-to-point transmission. There is no yogurt at the front desk. The shopping guide directly tells the warehouse that the quantity sent by the warehouse to the shopping guide is recorded in the ledger. Everyone knows how many goods the warehouse sent to the front desk. This is point-to-point transmission. There is no intermediate link, but the accounts can be made public. Everyone who holds the ledger can see it.

What is a consensus mechanism? The consensus mechanism mainly includes two points. To summarize briefly, the minority obeys the majority and everyone is equal. Similarly, there may be high or low positions in this supermarket , but the account books that everyone takes are indeed the same and equal. If someone makes a false account, then this person's account must be different from other people's accounts. At this time, it depends on who has more people who can remember the accounts. In theory, , as long as the blockchain is large enough, the number of fake accounts can be reduced without limit! Because of the "minority obeys the majority" mechanism, if you want to make fake accounts, then the number of fake accounts you need to make must be at least greater than the total 50%! On the network, if you need to change a piece of data, then you must at least control more than 50% of the total number of computers to succeed.

The encryption algorithm is easy to understand, that is, you go to the warehouse to transfer goods , the system will protect your privacy very well. It will only record the time, place, and person with a certain number who made the yogurt, but not the time, place, and person who made the yogurt. Based on the above, it is the difference The core component of the blockchain.

Personally, I think its main function is decentralization and protection of data that is difficult to tamper with! Decentralization and protectionThe data is actually connected. A supermarket only has one ledger, and any scheduling needs to go through the person who manages the ledger. If you need to make false accounts, you only need to control the person who manages the ledger. And if that supermarket uses blockchain technology, then he will make false accounts. If this is the case, you need to control more than 50% of the people who hold the total number of accounts of that supermarket. Obviously, controlling so many people will be almost impossible as the number of holders increases.