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A. Economic Functional Defects of Blockchain Digital Currency

Issuing digital currency based on blockchain is also called decentralized currency issuance. The chain circle generally recognizes that this can counteract Inflation caused by centralized money issuance. Including Satoshi Nakamoto also expressed his distrust of centralized money printing in the Bitcoin genesis block.

During the global financial crisis in 2008, Satoshi Nakamoto announced Bitcoin to the world. When introducing his innovation, he said: "The most fundamental problem with traditional currency is trust. The central bank must make people trust it. It will not devalue the currency, but this kind of credibility has never existed in history. Banks must be trusted to manage money and circulate this wealth in the form of electronic currency, but banks use currency to create credit bubbles, making Private wealth has shrunk."

On January 3, 2009, Satoshi Nakamoto released the first version of the open source Bitcoin client, announcing the birth of Bitcoin. Satoshi Nakamoto wrote in the genesis block: "On January 3, 2009, the Chancellor was on the verge of implementing a second round of bank bailouts."

Judging from the operating practices of Bitcoin and Ethereum, digital currencies based on blockchain technology can indeed resist inflation, because each incremental coin of the digital currency is generated through mining (PoW, The emergence of proof of work corresponds to undifferentiated human (machine) labor, and there is no centralized organization that can bypass mining labor and issue currencies on a large scale.

However, this decentralized currency issuance mechanism has a natural economic flaw: it cannot dynamically adjust the amount of currency issuance according to the growth of wealth on the blockchain. When wealth grows faster than Currency issuance will create a deflationary situation, that is, there will not be enough new digital currencies to match the growth of wealth on the blockchain.

We illustrate the shortcomings of the decentralized blockchain currency issuance mechanism by comparing it with the traditional centralized currency issuance mechanism.

In RMB, under the centralized currency issuance mechanism, there are three main ways to add new currency issuance:

1. Earning foreign exchange through exports leads to the investment of foreign exchange reserves. Buy domestically produced goods abroad to obtain U.S. dollars, and then settle the U.S. dollars to obtain RMB for circulation into the market. The country uses U.S. dollars to purchase bulk commodities overseas. In this process, the newly added wealth is commodities, and the corresponding RMB is invested in the foreign exchange account.

2. Bank loan. The developer built the house, the individual bought the house with a mortgage loan from the bank, and worked hard to repay the loan. In this process, the newly added wealth is a house, and the corresponding RMB investment is a loan. In the end, individuals realize wealth by returning the loan through labor.

3. Bank interest. Depositing money in the bank will earn interest, and the interest rate corresponds to the economic growth rate. In this process, economic growth means wealth growth, and the corresponding RMB investmentIt's the interest on deposits.

In the above three methods, the newly increased wealth is matched by the new currency, so there is a sufficient amount of currency in the market chasing a sufficient amount of wealth, and the currency value is stable.

Let’s look at the currency issuance of blockchain.

Obtain incremental digital currency through the labor of mining and accounting. In this process, wealth growth is due to the mining of blocks and decentralized ledger maintenance, corresponding to the issuance of new digital currencies. However, the generation of wealth on the blockchain is not limited to mining, but also business cooperation through smart contracts, as well as the creation of native digital artworks NFT, etc. These newly generated wealth do not have corresponding digital currency issuance.

We use NFT to illustrate. An artist creates an art work in the metaverse where the blockchain is located. If this work is auctioned off-chain, it can reach 1 million US dollars. After this work is put on the blockchain, the wealth on the entire blockchain increases. 1 million US dollars, but no corresponding digital currency was generated. If this occurs under a centralized currency issuance mechanism, the corresponding currency delivery can be obtained through the above methods 1 and 2. Assume that 100 NFT works are produced within a year, and these works are valued at 100 million US dollars off the chain, but there is no digital currency corresponding to this 100 million US dollars of wealth on the chain.

Since NFT can only be traded through digital currency on the chain, the price of digital currency has increased. When there is more and more NFT wealth on the blockchain, and the growth rate exceeds the currency release speed of mining, then the price of the digital currency corresponding to NFT will become lower and lower, and at the same time, the off-chain dollar price corresponding to the digital currency will decrease. Higher and higher. In this way, deflation occurs on the blockchain. If it continues to develop, the digital currency generated by mining may eventually be able to buy an NFT with an off-chain valuation of US$1 million.

So, is mining valuable or digital art creation valuable? Bitcoin has already seen this strange phenomenon. One Bitcoin obtained from a high-carbon, uncreative mining job can be equivalent to a year's salary income of an ordinary white-collar worker in China.

The economic ecology of the Metaverse is based on blockchain technology, so what kind of economic crisis will this flaw bring to the Metaverse?

To be continued...

B. 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 and serves asThe 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 (anti-counterfeiting) and generation of its information. 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 was 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 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

▪ Authentication

▪ Equity crowdfunding

The development of blockchain can be compared to the development of the Internet itself. In the future, something called finance-internet will be formed on the Internet, and this Things are based on blockchain, and its precursor is bitcoin. That is, traditional finance starts from private chains and industry chains (local area network), and the bitcoin series starts from public chains (wide area network). They all express the same concept - digital assets (Digital Asset). , and finally converges to an intermediate equilibrium 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 may seem 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 I don’t have enough imaginationBig, I can’t imagine what the future world will be like, I’m 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 decentralized database. As the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each The data block contains information about a batch of Bitcoin network transactions, which is used to verify the validity of the information (anti-counterfeiting) and generate 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}

The traceability and non-tamperability of blockchain are perfectly combined with the inherent nature and needs of the financial industry, which makes blockchain play an important role in the field of financial services. The application is by far the most in-depth and relatively mature field. 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 to see through various pseudo-blockchain scams.

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 people. In this sense, the government must alsoIt is necessary to specify a framework for the development of the blockchain, reconstruct the value of the blockchain, and drive out 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 a completely open life, either to live like a sun or to live like 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 is dissolved, the accounts are settled in one go. A loses 1,500 yuan, B loses 300 yuan, C wins 200 yuan, and D wins 1,600 yuan. ResultAs a result, A only has 1,000 yuan, and everyone else has sorted it out, but A still owes D 400 yuan. Only these four people know about this matter, and these four people are one block. There is no proof for what he says, and he doesn’t know how to write an IOU for this kind of thing. What will happen if A doesn’t pay back the money in the future? Except for the four people A, B, C and D who were present, no one else knew about this matter. If A wanted to default on the debt and said that he did not owe money at all, only three people, B, B, D and D, knew that A was defaulting on the debt. It would be difficult for others to judge whether A owed money and refused to pay it back. Therefore, the value of blockchain needs to expand participation. What if these four people were playing mahjong and a dozen friends were watching? 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, you 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 openly 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;

- "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 are the capabilities of the blockchain.enough to create a foundation of 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 be deeply integrated with emerging information technologies such as 5G, artificial intelligence, big data, and the Internet of Things to enhance the 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...

C. Improving the ability to use and manage blockchain technology is what blockchain technology can play a greater role in.

Improving the ability to use and manage blockchain technology is what blockchain technology can play a greater role in. play a greater role in economic and social development.

Blockchain is a chain composed of blocks one after another. A certain amount of information is stored in each block, and they are connected into a chain according to the time sequence of their respective generation. This chain is saved in all servers. As long as one server in the entire system can work, the entire blockchain is safe.

Generalized 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 paradigm that utilizes smart contracts composed of automated scripts to program and manipulate data.

D. The social or economic significance of blockchain

First, blockchain will play the role of “reducing costs for the real economy”. At present, the real economy has high costs and thin profits, resulting in insufficient capital support for the real economy. Among operating costs, management costs and financial costs account for a large proportion. Blockchain technology can effectively help enterprises reduce the costs of these two parts.
Second, blockchain will play a role in “improving the collaborative efficiency of the industrial chain.” Improving industrial synergy is an important way to promote China's manufacturing to the mid-to-high end. However, in many industries, the efficiency of industrial chain synergy is still not high, and this problem is particularly prominent in the field of international trade.
Third, blockchain will play a role in “building an honest industrial environment.” At present, the construction of my country's social credit system is accelerating, but in some cases, the process of establishing trust among partners is still slow, it is difficult to obtain various types of credit information, and it is difficult for small, medium and micro enterprises to obtain credit loans from financial institutions. Through "transaction on-chain", all parties can more conveniently query the accurate historical credit status of counterparties, and can establish cooperation mechanisms more quickly; banks can also more safely grant credit to enterprises based on transaction records, and promote the solution of the problem of honest management. Small, medium and micro enterprises face problems such as “difficulty in financing, expensive financing, and slow financing”.
In addition, blockchain can use smart contracts to avoid breach of contract and fraud to a large extent, and can also be combined with blockchain asset wallets for efficient and convenient payment scenario applications. As early as in the blockchain circle, there have been many innovation forums and industry summits aiming at the direction of blockchain empowering the real economy and optimizing the implementation in conjunction with local economic industries. For example, the World Blockchain Conference-Macau Station plans to cooperate with the local The economic industry will achieve a deep integration and use the payment method of Magic Chain Wallet to apply and popularize blockchain assets.

E. In which fields is blockchain suitable for application?

The first one is the information security industry.
The second one is the bill business field
The third one is the payment and settlement business.
Fourth, identity/account authentication business.
FifthEach node participating in the maintenance of the equity proof blockchain can obtain a complete data record. Using the characteristics of reliable and collective maintenance of the blockchain, the rights of the owners of equity can be confirmed.
Blockchain technology is really powerful. With the advancement of the times, this technology may change the development direction and trend of the financial industry, and because the blockchain technology itself has large capacity, high-speed computing, security, and convenience And other characteristics have laid a strong foundation for the advancement and popularization of technology.

F. Under the Internet of Everything, what does the blockchain bring to us

The transmission of Internet information is used in business reception, culture and education, diagnosis and treatment, finance, industry and agriculture, etc. The field has been widely used and developed in depth, driving the integration of many stages such as manufacturing, sales, operations, and management methods. At the same time, it has promoted the progress of online games, IT, news media, tourism and other related industries. The overall information management solution combined with the network has also demonstrated positive significance in the fields of public security agencies, securities, transportation and travel.

Internet technology has become an indispensable part of everyone's daily life. Internet technology is widely used in real life. On the Internet, everyone can chat, play games, view items, etc. More importantly, you can also advertise and buy things on the Internet. Internet technology brings great convenience to our daily lives. On the Internet, people can search for their academic and career needs in the data knowledge base system to assist them in their work and study. Computers can be used for multimedia learning, playing games, watching TV series, reading information, and searching for information. But if you overdo it, there will be disadvantages, just like I am still at home online and not sleeping at night.

G. What are the near-term effects of blockchain?

The near-term effect of blockchain is to help improve the efficiency of economic operations.

In recent years, the world's attitude towards Bitcoin has been ups and downs, but blockchain technology, one of the underlying technologies of Bitcoin, has received increasing attention. In the formation process of Bitcoin, blocks are storage units one by one, recording all communication information of each block node within a certain period of time.

The links between each block are realized through random hashing (also called hash algorithm). The latter block contains the hash value of the previous block. With the expansion of information exchange, a block Continuing with one block, the result is called a blockchain.

Characteristics of blockchain:

Decentralization. Blockchain technology does not rely on additional third-party management agencies or hardware facilities, and there is no central control. In addition to the self-contained blockchain itself, each node realizes self-verification, transmission and management of information through distributed accounting and storage. Decentralization is the most prominent and essential feature of blockchain.

Openness. The foundation of blockchain technology is open source. In addition to the private information of the transaction parties being encrypted, the data of the blockchain is open to everyone. Anyone can query the blockchain data and develop through the public interface.Related applications, so the entire system information is highly transparent.

Independence. Based on consensus specifications and protocols (similar to various mathematical algorithms such as the hash algorithm used by Bitcoin), the entire blockchain system does not rely on other third parties. All nodes can automatically and securely verify and exchange data within the system without the need for any human intervention.

H. Why can the digital currency generated by blockchain have economic value

Blockchain is a new route that ordinary people cannot understand. It has great significance for discussion. Cryptocurrency has already It has been recognized by some countries for a long time, so it generates value, but in fact it has existed and been traded for a long time. There are many people who accept the value, so people who don’t understand can stay away. If you don’t understand and object, you will only have more troubles. .

The value lies in the fact that the United States has Bitcoin. If we don't issue a similar coin, we'll be cut off forever. It is also the only way to reduce the outflow of RMB.

Blockchain is a deeper science and technology in the era of Internet big data. It represents the top technical achievements of artificial intelligence and has a wide range of applications. It empowers and superimposes to create more widespread socio-economic value. .

The application of blockchain in payment scenarios is fast and simple, and its calculations in data science are precise and fast. Big data storage and retrieval application scenarios cover all aspects of society, politics, economy, culture, military, science and technology, etc. Manufacturing, including agriculture, has more practical and empowering prospects that can be converted into productivity and improve production efficiency. It is the forefront of digital economics in the era of big data.

The digital currency generated by the blockchain represents the generation process of the blockchain and is the representative of the blockchain. Different algorithms have different names and types of so-called digital currencies, such as parachains and tree-structured chains. It is now a time when all heroes are rising and falling, and there is a mixture of good and bad, and it is also a time when leadership, management and control, talent, and empowerment are moving in depth. stage of development.

The reason why the digital currency generated by the blockchain is valuable is the broader application scenarios of the blockchain. Digital currency is not a currency in nature. It does not have the basic functions of currency stability, payment, storage, and trade settlement. It does not have a sovereign country to prepare a document, and it has great risks and opportunities.

For the digital currency represented by the blockchain, decentralization has extremely positive meaning from a conceptual perspective. The desire for consensus, co-creation, co-construction, and sharing of communism is understandable. Let us try to see how far it can go. Wait!

If you would like to communicate, thank you!

I. In the era of digital economy, innovative application scenarios of blockchain continue to expand

In the era of digital economy, blockchain, as a new driving force for economic growth, is leading a new round of global technological revolution. and industrial change. At present, blockchain is developing rapidly and penetrating into all areas of our country's economy. It not only strengthens the resource allocation capabilities of the digital economy, but also plays a vital role in promoting high-quality economic development.It is of great significance to develop and enhance the modernization level of the national governance system and governance capabilities.

Blockchain is the new engine driving digital development

As the role of blockchain in the digital economy grows, its innovative applications continue to expand. According to the "China Mobile Internet Development Report (2021)", "There were nearly 2,000 blockchain projects across the country last year, and the blockchain market size exceeded 3.2 billion yuan."

China Academy of Information and Communications Technology Industrial Internet and Liu Yang, deputy chief engineer of the Internet of Things Research Institute, once said that blockchain is a trust infrastructure necessary for the development of economic activities. It provides inclusive public services for finance, agriculture, industry, energy and other industries and the public. It is also a Collaboration tools, transforming production relations, and integrating with the real economy will improve collaboration efficiency and reduce costs.

In fact, blockchain is called "the next generation of Internet-level technology" because of its disruptive innovation, and is considered the most revolutionary among strategic emerging technologies. In October 2019, blockchain was elevated to a national strategic level. In April 2020, blockchain was included in the new infrastructure and was listed as one of the seven "key digital economy industries" in the "14th Five-Year Plan". In the future, blockchain will usher in new opportunities for innovation and development.

However, Zhang Chao said that currently, data governance on the blockchain is still a huge challenge at a global level. First, data governance requires a clear regulatory subject, but in blockchains or distributed ledgers (or public chains) other than alliance chains, a relatively clear object may not be found as a regulatory subject; secondly, due to the The data on the chain cannot be easily tampered with, which means that during the data governance process, the rights of the data owner to modify and delete the data may not be fully protected.

Blockchain innovative application scenarios continue to expand

Driven by favorable policies and market demand, blockchain innovative application scenarios continue to expand. In recent years, in addition to the two major outbreak scenarios of finance and government affairs, there is even more promise in empowering the field of rule of law. On the one hand, the multi-faceted and multi-field application of "blockchain + rule of law" can effectively improve the efficiency of rule of law construction; on the other hand, blockchain technology can also help public prosecutors and law enforcement agencies crack new criminal cases.

Industry insiders believe that based on the analysis and tracking of massive on-chain data, blockchain technology provides governments, enterprises and users with on-chain data monitoring, transaction maps and on-chain address analysis. For suspected criminal activities such as virtual currency, the blockchain browser provides on-chain data tracking to combat virtual currency crimes, maintain national financial security, and provide "blockchain power" for the construction of Digital China.