区块链中的简单经济学是什么,区块链中的简单经济学是指

㈠ What foundation is needed to learn blockchain

1. Cryptography
Electronic currency is just a string of characters, and electronic currency is easy to copy, so this electronic currency Who does the currency belong to? Even if there are countless copies, how can we ensure that only one copy is valid? Cryptography technology is needed here, asymmetric cryptography to be precise.
2. P2P Network
The second technology used is P2P network.
Cryptography perfectly solves the problem of digital currency ownership through public and private key technology, but it does not solve the problem of multiple transactions. For example, if I have 1 yuan and I have the private key, I can spend it repeatedly.
How to solve the problem of multiple transactions? Satoshi Nakamoto used P2P network technology.
Satoshi Nakamoto designed a P2P network, which is randomly composed of many nodes. Each node maintains a database, which is used to record all transactions.
This technology is very simple, that is, every time you make a transaction, you must send a notification to tell all nodes that you have made a transaction, and then all nodes will record the transaction. When more than 50% of the nodes record this After the transaction, the transaction cannot be changed.
3. Austrian Economics
After cryptography and P2P networks, the problem seems to have been perfectly solved. The system issues digital coins through public and private keys, records transactions through the P2P network, and then the digital coins continue to trade. , the digital currency is running perfectly.
However, there is still a fundamental question here, which is why do those P2P network nodes need to keep accounts?
P2P network is not a new technology. There were many P2P networks a long time ago, such as the famous Qvod. However, most of these networks live on infringement, or are driven by hormones in the lower body. What drives P2P networks?
Satoshi Nakamoto opened the paper basket and found Hayek, a representative of the Austrian school of thought. I opened a book called "Denationalization of Currency" and found the motivation behind this value transfer P2P network: people are selfish.
Then Satoshi Nakamoto designed two reward models: mining fees and accounting fees.
Mining is to find new blocks, and accounting is to keep a record of all transactions. Both of these are behaviors that require computing power, and they are also two actions that P2P nodes can easily do. Both of these actions can yield benefits. As long as the benefits are high enough, enough people will be attracted to enter the node and participate in the establishment and operation of the network.
4. Programming
Two technologies and an economic theory (or sociological theory) complete a perfect model: motivated by economic theory, the attributed number is determined through asymmetric encryption Coins are being passed happily in the vast and boundless world of bits. This is a joyful Garden of Eden.
This Garden of Eden has thought the endIn the mind of Satoshi Nakamoto. How to bring this Garden of Eden to earth?
This is the last tool, which is programming. This is very simple for Satoshi Nakamoto or his team. After all, C language can realize all functions, and asymmetric encryption and P2P networks are very mature technologies.
.top domain name believes that blockchain is not a technology, but a collection of technologies; blockchain does not propose any new technology, but only uses some very simple but very stable and mature technologies to build a new one. world. So far, it's very successful.

What is the core technology of blockchain?

Simply put, blockchain is a distributed database that provides Byzantine fault tolerance and ensures ultimate consistency; from data From a structural point of view, it is a chained data block structure based on time series; from a node topology point of view, all its nodes are redundant backups of each other; from an operational point of view, it provides a cryptography-based public and private key management system to manage account.
Perhaps the above concept is too abstract, let me give you an example so that you can understand it easier.
You can imagine that there are 100 computers distributed around the world. The network between these 100 machines is a wide area network, and the owners of these 100 machines do not trust each other.
So, what kind of algorithm (consensus mechanism) do we use to provide it with a trustworthy environment and make:
The data exchange process between nodes cannot be tampered with, and the generated historical records It cannot be tampered with;
The data of each node will be synchronized to the latest data, and the validity of the latest data will be verified;
Based on the principle of the minority obeying the majority, the data maintained by the overall node can objectively reflect the exchange history.
Blockchain is a technical solution created to solve the above problems.
2. The core technology components of blockchain
Whether it is a public chain or a consortium chain, it requires at least four modules: P2P network protocol, distributed consistency algorithm (consensus mechanism), encryption signature algorithm, Account and storage model.
1. P2P network protocol
P2P network protocol is the lowest module of all blockchains and is responsible for network transmission and broadcast of transaction data, node discovery and maintenance.
Usually what we use is the Bitcoin P2P network protocol module, which follows certain interaction principles. For example: when connecting to other nodes for the first time, you will be required to confirm the status according to the handshake protocol. After the handshake, you will start to request the address data and block data of the Peer node.
This P2P interactive protocol also has its own set of instructions, which are reflected in the command field of the Message Header. These commands provide the upper layer with node discovery, node acquisition, block header acquisition, Block acquisition and other functions, these functions are very low-level and very basic functions. If you want to learn more, you can refer toConsider the Peer Discovery section of the Bitcoin Developer Guide.
2. Distributed consensus algorithm
In the field of classic distributed computing, we have non-Byzantine fault-tolerant algorithms represented by the Raft and Paxos algorithm families, as well as the PBFT consensus algorithm with Byzantine fault-tolerant characteristics.
If we look at it from the perspective of technological evolution, we can draw a picture in which blockchain technology has expanded the original distributed algorithm economically.
In the picture, we can see that computer applications were mostly single-point applications at the beginning, and cold disaster recovery was used for high availability and convenience. Later, they developed into multi-active in different places. These multi-active in different places may use load balancing. and routing technology. With the development of distributed system technology, we have transitioned to distributed systems based on Paxos and Raft.
In the field of blockchain, PoW workload proof algorithm, PoS equity proof algorithm, and DPoS proxy equity proof algorithm are mostly used. The above three are the mainstream consensus algorithms in the industry. These algorithms are similar to the classic distributed consensus algorithm. The difference is that they incorporate the concept of economic games. Below I will briefly introduce these three consensus algorithms respectively.
PoW: Usually refers to solving a mathematical problem of specific difficulty under given constraints. Whoever solves it faster can obtain the right to bookkeeping (block production). This solution process is often converted into a calculation problem, so when competing for speed, it becomes who has a better calculation method and whose equipment has better performance.
PoS: This is a proof-of-stake mechanism. Its basic concept is that the difficulty of generating a block should be proportional to your stake (ownership ratio) in the network. The core idea of ​​its implementation is: Use the coin age (CoinAge) of your locked tokens and a small proof of work to calculate a target value. When the target value is met, you will be able to obtain accounting rights.
DPoS: A simple understanding is to convert the bookkeepers in the PoS consensus algorithm into a small circle composed of a specified number of nodes, instead of everyone can participate in bookkeeping. This circle may have 21 nodes or 101 nodes, depending on the design. Only nodes in this circle can obtain accounting rights. This will greatly improve the throughput of the system, because fewer nodes means that the network and nodes are controllable.
3. Encrypted signature algorithm
In the field of blockchain, the most commonly used hash algorithm is the hash algorithm. The hash algorithm has the characteristics of collision resistance, irreversibility of the original image, and problem friendliness.
Among them, problem friendliness is the basis for the existence of many PoW currencies. In Bitcoin, the SHA256 algorithm is used as the calculation method for proof of work, which is what we call the mining algorithm.
In Litecoin, we will also see the Scrypt algorithm, which is similar to SHA256 The difference is that large memory support is required. In some other currencies, we can also see mining algorithms based on the SHA3 algorithm. Ethereum uses an improved version of the Dagger-Hashimoto algorithm, named Ethash, which is an IO-intractable algorithm.
Of course, in addition to the mining algorithm, we will also use the RIPEMD160 algorithm, which is mainly used to generate addresses. Most of the numerous Bitcoin derivative codes adopt the Bitcoin address design.
In addition to addresses, we will also use the core and the cornerstone of the blockchain Token system: public and private key cryptographic algorithms.
In the Bitcoin code, ECDSA is basically used. ECDSA is a combination of ECC and DSA. The entire signature process is similar to DSA, except that the algorithm used in the signature is ECC (Elliptic Curve Function).
Technically, we start by generating a private key, then generate a public key from the private key, and finally generate an address from the public key. Each of the above steps is an irreversible process, which means that the public key cannot be derived from the address. , derived from the public key to the private key.
4. Account and transaction model
From the initial definition, we know that blockchain can be considered a distributed database from a technical perspective only. So, what type of database do most blockchains use? What about the database?
When I designed the Metaverse blockchain, I referred to a variety of databases, including NoSQL’s BerkeleyDB and LevelDB, and some currencies use SQL-based SQLite. These underlying storage facilities are mostly lightweight embedded databases. Since they do not involve the ledger characteristics of the blockchain, these storage technologies are no different from those used in other situations.
The ledger characteristics of blockchain are usually divided into UTXO structure and ledger structure based on Accout-Balance structure, which we also call the ledger model. UTXO is the abbreviation of "unspent transaction input/output", which translated means "unspent transaction input/output".
This is an accounting mode for Token transfer in the blockchain. Each transfer appears in the form of input and output; in the Balance structure, there is no such mode.

㈢What are the practical applications of blockchain technology in the field of economics

Because the digital currency first produced by blockchain technology has had a huge impact on the financial field, research and application areas Blockchain technology has become an important task in today’s financial field. In essence, blockchain technology is still a technical means and tool. Its application in the financial field and its application in the real economy are both parallel. They have their own relative independence, but there is a certain overlap, that is, It is said that the promotion effect on the real economy is temporary.Picked up. 1. Regardless of finance or entity, one of the foundations of transactions between supply and demand is trust. The current banks, enterprises, enterprises, people, etc. all use currency as a link. The right to issue currency lies with the state, and the right to operate lies with banks. With the further popularization and widespread application of blockchain technology, in the future, enterprises and enterprises, or individuals and individuals can self-organize the issuance of digital currencies (digital credit). Banks’ The status will change from the current monopoly operation to the operation of equal competition in the market. Therefore, the widespread application of blockchain technology in the financial field has an indirect impact on the real economy. 2. Blockchain technology is the bridge between reality (entity) and virtuality. Through blockchain technology, the real world can be recreated, reconstructed and redefined in the virtual world. For example, real banknotes are digital currencies in the virtual world, real stock transactions are digital stock transactions in the virtual world, and real import and export trade are digital settlements, digital customs clearance, digital documents, bills, etc. in the virtual world. It greatly improves the efficiency of business processes and saves transaction costs. At present, all transactions are inseparable from banks. Banks play the role of central hubs in transactions. Banks' application of blockchain technology will definitely improve the efficiency of their settlement and indirectly promote the efficiency of the real economy. However, this impact will gradually weaken in the future. Because the biggest feature of blockchain technology is decentralization, its distributed accounting system is a centerless network system. 3. The application of blockchain technology is actually to valorize and credit the information currently flowing on the Internet, and to reorganize and restructure the information in the Internet (use value, exchange value, cultural value) through the blockchain. The formation of the Internet of Value is of great significance and will bring revolutionary promotion to both the financial industry and the real economy.

㈣ What is the concept of blockchain

Concept: Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm.

The essence of the blockchain is a distributed public ledger. Anyone can verify this ledger, but no single user can control it. Participants in a blockchain system jointly maintain a ledger: it can only be modified according to strict rules and consensus.

The development of blockchain has gone through three stages:

1. Incubation period: 2009-2012, the economic form was dominated by Bitcoin and its industrial ecology.

2. Embryonic period: The period is from 2012 to 2015. Blockchain entered the public eye with Bitcoin, new wallet payment and remittance companies appeared, and the blockchain economy spread to the financial field. The underlying technology of blockchain continues to innovate. Blockchain technology is divorced from the Bitcoin system.

3. Development period: In 2016, industry applications began to be explored, and a large number of blockchain startups emerged. The popularity of ICO in 2017 brought unprecedented attention to blockchain.

(4) Simple Economics in Blockchain Extended Reading:

Three BlockchainsThree characteristics:

1. The core idea of ​​the blockchain is decentralization: in the blockchain system, the rights and obligations between any nodes are equal, and all nodes have the ability to Use computing power to vote, thereby ensuring that the recognized result is the result recognized by more than half of the nodes. Even if it suffers a serious hacker attack, as long as the number of nodes controlled by the hacker does not exceed half of the total number of global nodes, the system will still be able to operate normally and the data will not be tampered with.

2. The biggest disruption of blockchain lies in the establishment of credit: in theory, blockchain technology can make WeChat Pay and Alipay no longer valuable. The Economist made a vivid metaphor for blockchain: simply put, it is “a machine that creates trust.” Blockchain allows people to collaborate without trusting each other and without a neutral central authority. Combating counterfeit currency and financial fraud will no longer be needed in the future.

3. The collective maintenance of blockchain can reduce costs: Under a centralized network system, the maintenance and operation of the system rely on the operation, maintenance and operation of platforms such as data centers, and costs cannot be omitted. Anyone can participate in the nodes of the blockchain. While participating in the recording, each node also verifies the correctness of the recording results of other nodes, which improves maintenance efficiency and reduces costs.

In one sentence, blockchain touches money, trust and power, which are the fundamental foundations on which human beings rely for survival.

㈤ You have to know the operating principles and development of blockchain!

1. Why is there innovation in blockchain?
The starting point of the first generation of the Internet is the TCP/IP protocol, which implements a unified format for peer-to-peer transmission of information by all nodes on the network. Open code. However, the impact of such an uncomplicated innovation on mankind is epoch-making. It has programmed, agreed, and enforced the basic values ​​required by a unified global market: "freedom, equality, and fraternity." Then the STMP email protocol, HTTP domain name protocol, etc. were derived, achieving low-cost and high-efficiency global information transmission in a decentralized manner. As Alibaba Vice President Gao Hongbing said:
"The Internet is to eliminate the (information) supply chain that has very low value and high cost - it is open, interconnected, peer-to-peer, globalized, and decentralized."
We know: The essence of the market is also decentralized. It automatically executes the decentralized agreement of "equivalent exchange". Just as Nobel Prize winner Ronald Coase summed up: "The market economy is based on two On the basis of deep cognition: admitting ignorance and tolerating uncertainty." Adam Smith also described the market as: "the invisible hand"! Therefore, the market must require the low-cost flow of information decentralization, and the Internet has adapted to the global Under the general climate formed by the unified market, it turned out to be.
However, the first generation of Internet decentralized solved the problem of low-cost and efficient transmission of information, but it did not solve the problem of credit of information. Therefore, what the second generation Internet must break through is: how to establish global credit in a decentralized manner? Let value be transferredIt is also cost-effective and efficient.
So what are the problems with the original centralized credit system? As we all know: centralized credit, such as the legal currencies of various countries, has different credit values, and the clearing systems are also incompatible, which adds a lot of cost to global trade. The current global credit system centered on the US dollar has a "Triffin Paradox" in its mechanism (the essence is that a country's legal currency cannot simultaneously resolve the conflict between its own economic interests and global economic needs). Therefore, in 2009, the Governor of the Central Bank of China, Zhou Ogawa called for the creation of a super-sovereign storage currency. In the same year, Satoshi Nakamoto disclosed the first-generation blockchain source code-"Bitcoin" online.
2. How does the blockchain system operate?
First of all, Satoshi Nakamoto knew very well that establishing a credit system for payment must solve the problem of preventing "duplicate payments", that is, no counterfeit currency can be created. The centralized credit system relies on state machinery to prevent counterfeit currency. What about "Bitcoin"? Satoshi Nakamoto's great innovation is to "timestamp" every transaction. There is a block (block: equivalent to a network account book) every ten minutes, and all network transactions for these ten minutes are correctly timestamped. The question is who will cover it? Satoshi Nakamoto did not assume that everyone on the Internet is Lei Feng. He agreed with Adam Smith: people in the market are greedy. He asked the so-called "miners" to compete for the accounting rights of these ten-minute blocks. The rules of the competition were to correctly record the accounting while solving the SHA256 problem. Who can prove that their computer has the fastest computing power (the so-called PROOF OF WORK mechanism), he can compete for the legal accounting rights of these ten-minute blocks and get a reward of twenty-five bitcoins. This is the so-called "mining" process. It is actually a decentralized credit process that establishes a network-wide ledger - the blockchain. Therefore, the more essential function of miners is "bookkeepers"!
Satoshi Nakamoto is here In its Bitcoin white paper, the process of establishing this credit system is described in detail:
Step 1: In order for the entire network to recognize it as valid, each transaction must be broadcast to each node (node: that is, the miner);
The second step: Each miner node must correctly timestamp each transaction in these ten minutes and record it in that block;
The third step: Each miner node must Compete for the legal accounting rights of this ten-minute block by solving the SHA256 puzzle, and strive to get a reward of twenty-five bitcoins (fifty bitcoins every ten minutes for the first four years, decreasing by half every four years);< br>Step 4: If a miner node solves the SHA256 puzzle of these ten minutes, it will publish all the timestamped transactions recorded in its ten-minute blocks to the entire network, and they will be checked by other miner nodes in the entire network;< br>Step 5: Other miner nodes in the entire network check the correctness of the block accounting (because they are also stamping the accounting at the same time, but they have not competed for the legal block accounting rights, so there is no reward), there is no error Finally, they will compete for the next block after the legal block, thus forming a legal accounting block.Single chain, which is the general ledger of the Bitcoin payment system - the blockchain.
Generally speaking, each transaction must undergo six block confirmations, that is, six ten-minute accounting, before it can finally be recognized as a legal transaction on the blockchain. The following is the accounting format of Bitcoin:
So the so-called "Bitcoin" is such a billing system: it includes the owner electronically signing with the private key and paying to the next owner, and then the entire network's "miners" "Time stamp the account and form a blockchain.
3. What are the innovations in Bitcoin’s blockchain finance?
Similar to gold, trying to establish decentralized credit on the global Internet may allow value to flow across the entire network at high speed and at low rates (currently each transfer The transfer rate is one ten thousandth);
The total amount of currency is agreed upon by the cryptographic protocol;
Compared to gold, digital currency is infinitely divisible;
The value of currency can be based on a large number of P2P transactions ;
Full transparency in financial management (every transaction can be traced on the blockchain).
Bitcoin’s blockchain-wide accounting system has established a market value of US$10 billion, the highest on the global Internet. Therefore, Wu Xiaoling, dean of Tsinghua PBC School of Finance, pointed out: The blockchain experiment established distributed credit, which is an upgraded version of Internet TCP/IP, upgrading from information transmission to value transmission;
4. Bitcoin’s blocks What are the inherent flaws of the chain system?
Bitcoin’s blockchain system has had successes since it was open sourced on the Internet in 2009, but it also shows some inherent flaws that are difficult to overcome:
The total amount cannot be adjusted at any time As the market situation changes, it will inevitably rise and fall sharply;
Mining is high-carbon. Only less than 1% of miners can compete for the accounting rights of blocks of less than ten minutes, and more than 99% of other miners participating in the competition have the computing power. Waste;
The annual inflation of about 10% has greatly increased the cost of the Bitcoin financial ecology, and even threatened her survival;
As a decentralized self-organizing DAC system, the operating costs of the accounting and issuance functions are too high high.
As a global payment system, its efficiency is far from meeting the actual requirements of global trade. The Bitcoin network currently confirms a maximum of 7 transactions per second. In comparison, Visa's network system can process 10,000 transactions per second at the fastest, and Alipay's record is 80,000 transactions per second on Singles' Day in 2014!
5. Block The development of chain technology 2.0:
As the 2.0 upgrade and development of blockchain, it first focuses on solving the high-carbon mining of Bitcoin accounting:
When we discuss how to overcome the high carbon of Bitcoin mining and accounting Professor Liu Taoxiong from the Tsinghua Institute of Economics pointed out that mining competition relies on computing power. In the end, only one company competes for the legal accounting rights, and the other 99% of the miner nodes are mined for nothing, which is a waste of resources. It is obviously unreasonable. If The whole network transparently knows the legal accounting rights of the next block, and it is randomly generated in the entire network, which eliminates the high carbon cost of competitive accounting! After hearing this, we all praised Professor Liu for his brilliant idea, because the second generation is now more successful. Coin NXT has exactly this mechanism, their white paper is called "Transparent Forging", but the probability of who gets the accounting rights is directly proportional to the NXT token holdings in each miner node wallet. This is called the Proof of Stake mechanism (PROOF OF STOCK). Of course, this also triggered a debate about the unfairness of NXT’s distribution of tokens to early investment developers!
RIPPLE is a semi-decentralized blockchain solution that uses “trusted gateways” to conduct block operations. The credibility of chain accounting is based on the consensus ledger protocol that these gateways will not do evil at the same time.
The most ambitious attempt is Ethereum, which combines blockchain technology with Turing completeness, hoping to develop a basic platform that can support the construction of various blockchain systems in the future. The development of various credit currencies, digital assets, smart protocols and even financial derivatives. The system design is to unify blockchain accounting on the ETHERUM platform and be used by all developers. Maybe their official version will be released in the near future.
6. Possible applications of blockchain innovation in other fields:
Now, blockchain’s attempts to establish decentralized credit are no longer limited to the financial world, but have attracted attention from all fields of society, especially in At present, some of China's central credit institutions, such as the "Red Cross", are in a "collapse" situation. Blockchain can provide a new way of thinking and technical options for social management. The following are some new developments and related discussions we have learned about:
The combination of blockchain and the Internet of Things unifies digital assets and atomic assets, smooths the difference between consumer assets and cash assets, expands public credit, and accelerates value circulation; (IBM-Samsung)
Built on the blockchain Intellectual property protection system, accounting for the use of intellectual property across the entire network, and establishing a global advertising market;
Whether blockchain can provide technical support for the issuance of protocol-based cryptographic currencies in emerging economies along the Belt and Road;
Block Chain + cloud computing can develop into a decentralized self-media and community system;
Blockchain can build a decentralized equity crowdfunding system, allowing innovative projects to enter the circulation field in advance;
Blockchain can develop Develop a fully transparent financial management system;
Blockchain supports the establishment of a global decentralized corporate organization.
In short, in this era when credit has become a scarce resource, the technological innovation of blockchain, as a distributed credit model, can provide new solutions for finance, social management, talent evaluation and decentralized organization construction in the global market. All provide a broad development prospect.

㈥ Three common consensus mechanisms in blockchain

Blockchain is a distributed ledger system built on P2P network and participated by nodes. Its biggest feature is " Decentralization”. That is to say, in the blockchain system, there is no need to establish trust between users, between users and institutions, and between institutions. Transactions can be realized by relying only on the blockchain protocol system.

However, how to ensure the accuracy, authority, and reliability of the ledger? Why do nodes on the blockchain network participate in accounting? What should I do if the node is fake? How to prevent the ledger from being tampered with? How to ensure data consistency between nodes? …These are the problems that blockchain needs to solve when establishing “decentralized” transactions, resulting in the consensus mechanism.

The so-called "consensus mechanism" is to complete the verification and confirmation of transactions in a very short time through the voting of special nodes; when there is a disagreement, without central control, several Nodes participate in decision-making to reach consensus, that is, how to establish a trust relationship between individuals who have no basis for trust in each other.

Blockchain technology uses a set of consensus-based mathematical algorithms to establish a "trust" network between machines, thereby creating new credit through technical endorsement rather than centralized credit institutions.

Different blockchain types require different consensus algorithms to ensure that the last block on the blockchain can reflect the status of the entire network at any time.

So far, the blockchain consensus mechanisms mainly include the following: POW workload proof, POS equity proof, DPOS authorized equity proof, Paxos, PBFT (Practical Byzantine Fault Tolerance Algorithm), dBFT, DAG ( Directed acyclic graph)

Next, we will mainly talk about the principles and application scenarios of common POW, POS, and DPOS consensus mechanisms

Concept:

Proof of work was originally an economic term, referring to the measurement method set up by the system to achieve a certain goal. A simple understanding is a certificate to confirm that you have done a certain amount of work, and to prove that the corresponding amount of work has been completed by certifying the results of the work.

The proof-of-work mechanism has the advantage of complete decentralization. In a blockchain with a proof-of-work mechanism as the consensus, nodes can enter and exit freely and calculate the numerical solution of the random hash. The ability to compete for accounting rights and obtain correct numerical solutions to generate blocks is a concrete manifestation of node computing power.

Applications:

The most famous application of POW is Bitcoin. In the Bitcoin network, during the Block generation process, miners need to solve complex cryptographic mathematical problems to find a Block Hash that meets the requirements, consisting of N leading zeros. The number of zeros depends on the difficulty value of the network. During this period, a lot of trial calculations (workload) are required, and the calculation time depends on the hashing speed of the machine.

Finding a reasonable hash is a probabilistic event. When a node has n% of the computing power of the entire network, the node has a probability of n/100 to find it.to Block Hash. After the node successfully finds a satisfactory Hash value, it will immediately broadcast the packaged block to the entire network. The nodes in the network will verify it immediately after receiving the broadcast packaged block.

If the verification passes, it means that a node has successfully solved the puzzle, and it will no longer compete for the current block, but choose to accept the block, record it in its own ledger, and then proceed to the next block. Competitive guessing game of blocks. Only the fastest puzzle-solving block in the network will be added to the ledger, and other nodes will copy it, thus ensuring the uniqueness of the entire ledger.

If a node engages in any cheating behavior, it will cause the network node verification to fail and directly discard its packaged block. This block will not be recorded in the general ledger, and the cost of the cheating node will be It is all in vain. Therefore, under the huge mining cost, miners voluntarily comply with the consensus protocol of the Bitcoin system, thus ensuring the security of the entire system.

Advantages and Disadvantages

Advantages: The results can be verified quickly, the system bears a large number of nodes, and the cost of evil is high to ensure the conscious compliance of miners.

Disadvantages: It requires a large amount of algorithm consumption, and it takes a long time to reach consensus

Concept:

Proof of Stake mechanism (Proof of Stake), requirements A certifier provides ownership of a certain amount of cryptocurrency.

The way the proof-of-stake mechanism works is that when a new block is created, the miner needs to create a "coin rights" transaction, which will send some coins to the miners themselves according to a preset ratio. The proof-of-stake mechanism reduces the mining difficulty of nodes in equal proportions based on the proportion and time of tokens owned by each node based on the algorithm, thus speeding up the search for random numbers.

Application:

In 2012, a netizen with the pseudonym Sunny King launched Peercoin, which was the first application of the proof-of-stake mechanism in encrypted electronic currency. The biggest innovation of PPC is that its mining method mixes POW and POS methods, uses a proof-of-work mechanism to issue new coins, and uses a proof-of-stake mechanism to maintain network security.

In order to implement POS, Sunny King learned from Satoshi Nakamoto’s Coinbase and designed a special type of transaction called Coinstake.

The picture above shows how Coinstake works. Coin age refers to the holding period of the currency. If you own 10 coins and hold them for 10 days, then you have collected 100 days of coins. age. If you use these 10 coins, the coin age is consumed (destroyed).

Advantages and Disadvantages:

Advantages: shortens the time required to reach consensus and is more energy-saving than proof of work.

Disadvantages: Essentially, nodes in the network are still required to perform mining operations, and the authenticity of transfers is difficult to guarantee

Concept:

Authorized equity certificate Mechanism (Delegated Proof of Stake) is similar to board voting. This mechanism has a built-in real-time shareholder voting system, just like the system is convening a never-ending shareholders' meeting at any time, where all shareholders vote to decide company decisions.

While trying to solve the problems of traditional PoW and PoS mechanisms, authorized proof of equity can also offset the negative effects of centralization by implementing technological democracy. The decentralization of the blockchain established based on the DPoS mechanism relies on a certain number of representatives rather than all users. In such a blockchain, all nodes vote to elect a certain number of node representatives, who act on behalf of all nodes to confirm blocks and maintain the orderly operation of the system.

At the same time, all nodes in the blockchain have the power to remove and appoint representatives at any time. If necessary, all nodes can vote to disqualify the current node representatives and re-elect new representatives to achieve real-time democracy.

Application:

Bitshare is a type of cryptocurrency that uses the DPOS mechanism. By introducing the concept of witnesses, witnesses can generate blocks, and everyone who holds BitShares can vote for witnesses. Candidates who get the top N (N is usually defined as 101) candidates in the total number of consent votes can be elected as witnesses. The number of elected witnesses (N) must meet: at least half of the participating voters believe that N has been fully decentralized. .

The candidate list of witnesses is updated every maintenance cycle (1 day). The witnesses are then randomly arranged, and each witness has 2 seconds of permission time to generate a block in order. If the witness cannot generate a block in a given time slice, the block generation permission is given to the witness corresponding to the next time slice. . This design of DPoS makes the generation of blocks faster and more energy-saving.

DPOS makes full use of the votes of shareholders to reach consensus in a fair and democratic way. The N witnesses they voted for can be regarded as N mining pools, and these N mining pools Each other's rights are completely equal. Shareholders can change these witnesses (mining pools) at any time by voting, as long as the computing power they provide is unstable, the computer is down, or they try to use their power to do evil.

Advantages and Disadvantages:

Advantages: Reduce the number of nodes participating in verification and accounting, thereby achieving second-level consensus verification

Disadvantages: The degree of centrality is weak, and the security is weaker than POW. At the same time, the node agents are artificially selected, and the fairness is lower than POS. At the same time, the entire consensus mechanism still relies on the additional issuance of tokens. Maintain the stability of the agent node.

㈦ Principle of Blockchain

Blockchain is a technology, but it is not a single technology, but the result of the integration of multiple technologies, including cryptography, Mathematics, economics, network science, etc. You can think of it as a distributed shared accounting technology, or as a database, except that this database is jointly maintained by all nodes on the chain, and each node has a ledger, because all nodes The ledgers are consistent, different nodes can trust each other, and there is no doubt about the data, so everyone says that the blockchain has technically achieved trust. For detailed professional technology, you can consult some professional technology companies. For example: Jinbo Technology, which focuses on developing blockchain-related products, has a professional R&D team and complete after-sales service. You can call for consultation.

㈧ What is the blockchain economy? The most important thing in the blockchain economy is the ledger

1. Things that must be mentioned in the blockchain economy It is a ledger. There is a block on every chain. Ledgers are also everywhere. At the same time, these ledgers do not only record transactions, but are composed of some regular data.

2. Fundamentally, ledgers describe economic and social relationships. Agreement on facts and their changes (i.e. consensus on the contents of the ledger and full trust in the accuracy of the ledger) is the cornerstone of market capitalism. Institutional cryptoeconomics gives us a tool to understand where the blockchain revolution is happening, and what we can’t predict.

3. The blockchain economy is also a phenomenon brought about by blockchain technology. Currently, many companies have adopted blockchain technology, so the value benefits generated by using blockchain technology can be called Because it is a blockchain economy, the economic system in the general environment is also changing. These systems are inseparable from ledgers, so the blockchain economy has inevitable value.

㈨ Blockchain major postgraduate entrance examination direction

Department of Software Engineering and Data Technology, Department of Network Software and System Security, Department of Integrated Circuits and Intelligent Systems, Department of Financial Information and Engineering Management, Digital Department of Art and Technology Communication

Based on the current development and understanding of blockchain technology and the exchanges between blockchain masters, it is believed that blockchain technology is an aggregation that combines economics, mathematics, and sociology. type technology. We agree that computer science and technology and financial economics are the keys to learning blockchain technology. If you need to learn blockchain technology,

It has been verified that the college has majors: Department of Software Engineering and Data Technology, Department of Network Software and System Security, Department of Integrated Circuits and Intelligent Systems, Department of Financial Information and Engineering Management, Digital Art and Technology CommunicationThere are five professional departments, and some teachers will involve blockchain knowledge in class. However, the opening of blockchain majors is mainly announced by the education department.

㈩ Blockchain and the “Impossible Triangle” in Economics

Continuing from the Impossible Triangle in Economics mentioned at the end of the previous article, here is an article Popular comic interpretation, here to share with you:

Illustration of Mundell's Impossible Triangle

Here is a brief explanation of this impossible triangle:
< br />The impossible triangle refers to an economy's monetary autonomy, exchange rate stability and free capital flow. One must be given up, and the three cannot be achieved at the same time.

For example, China is a typical example of giving up the free flow of capital and implementing capital controls in order to implement an independent monetary policy + fixed exchange rate; Hong Kong is a typical example of giving up the free flow of capital in order to implement a fixed exchange rate + free capital flow. In order to implement an independent monetary policy and free capital flow, the United States gave up its fixed exchange rate.

Exchange rate and the 811 exchange reform

First, let’s talk about exchange rate stability. A stable exchange rate is easier for everyone to understand. Before the exchange rate reform (811 exchange reform) implemented by China on August 11, 2015, the RMB exchange rate was pegged to a single U.S. dollar system. After the 811 exchange reform, several major currencies were selected and given corresponding weights to form a currency basket. At the same time, changes in the RMB multilateral exchange rate index are calculated based on market supply and demand with reference to a basket of currencies to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. However, referring to a basket does not mean pegging it. It also requires market supply and demand as another important basis, based on which a managed floating exchange rate system can be formed.

What does the government expect to do after the exchange rate reform? As you can see from this triangle shape, we want to achieve the independence of monetary policy and the free flow of capital. So what does monetary policy independence and free capital flow mean? Monetary policy independence means that the central bank within the economy can formulate monetary policies, decide independently whether to issue or withdraw currency, and regulate liquidity. For a super economy like China, monetary policy must be in its own hands. Free flow of capital means that foreign funds can come in to invest or withdraw capital at will. Then, with the needs of my country's current industrial structure adjustment and the need to continuously expand opening up to the outside world, the liberalization of the capital market is inevitable. Recently, we have seen some relaxation of capital controls, such as the recent announcement to open foreign accounts to enter the A-share market, and the previous announcement to remove restrictions on foreign shareholding ratios in banks and financial asset management companies; securities companies, fund management companies, and futures companies will be , the upper limit of foreign ownership of personal insurance companies has been relaxed to 51%. We have seen the opening up of China’s capital market to the outside world. However, this aspect is about introduction, but for domestic capital to go abroadAt present, we see that the government is still relatively conservative in its policies. Especially since last year, they have stopped the large-scale acquisitions of overseas projects by domestic capital groups, such as Xinhua Airlines, etc. Therefore, for now, the government's domestic capital controls are still strict. Of course, in addition to the investments made by large state-owned enterprises overseas, the overseas investment of capital from large government funds and banks such as the Silk Road Fund and the Asian Infrastructure Investment Bank has been approved at all levels and is subject to stricter controls.

So, the reason why we need to strictly control capital is, on the one hand, to consider the impact of the free flow of capital on our country's economy, and on the other hand, because of the current lack of effective financial supervision means. Regulate capital. As mentioned earlier in "The Three Major Characteristics of Blockchain: Penetration", blockchain is a penetrating technology and a powerful tool for financial supervision. The combination of financial markets and blockchain is an inevitable trend in the future, so with the help of blockchain technology, regulatory agencies can conduct real-time dynamic supervision of capital flows and flows, and aggregate the inflow and outflow of capital into one Network, the so-called Skynet is restored, without omissions; in addition, the regulations in the system design are incorporated into the smart contract of the blockchain. Once there is an abnormal inflow or outflow of funds, an alarm or early warning can be triggered in real time. Of course, friends in the financial sector need to give their opinions on whether complete penetrating supervision is necessary. However, using blockchain technology to regulate the flow of financial capital can greatly reduce the possibility of financial capital doing evil. Once evil is done, the perpetrators can be investigated and punished.

On the other hand, for capital going global, supervision may be more difficult, and issues of international cooperation and supervision need to be taken into consideration. At this time, it is necessary to break through the data silos between countries and establish a regulatory data sharing mechanism.

By building a regulatory system based on blockchain technology, we see that it will be possible to further realize the free flow of capital, a standardized capital market will gradually form, and a trust mechanism between various entities participating in the capital market will be able to The establishment will help create a fairer international capital competitive environment.

From the perspective of exchange rate changes, it mainly depends on the quality of the domestic economy. Of course, there are also external factors. Combined with the previous analysis of "Blockchain and Economic Cycle", it is expected that credit risk can be effectively controlled under the transformation of blockchain technology, and the volatility of a country's macroeconomics will weaken, so the corresponding fluctuations in the exchange rate market will also become smaller.

So back to the "Impossible Triangle" mentioned at the beginning of the article, with the help of blockchain technology, it is expected that this classic theory may be further rewritten, and the "Impossible Triangle" will also become " "Possible triangle", due to the stability characteristics of triangles, further becomes "reliable triangle".