What is the 12 Chain Transaction Password?
What is the 12 Chain transaction password? Editor\’s note: This article is from
What is the 12 Chain transaction password? Editor’s note: This article is from Carbon Chain Value (ID: cc-value), Author: Yang Anze, authorized reprint by Odaily Star Daily. The 12 Chain transaction password is a consensus protocol, encryption algorithm, and smart contract system, which solves the anonymity problem of digital assets through different technical means. It can help various industries achieve seamless integration.
According to the introduction, there is no need for interaction or data exchange between these ten different blockchains, but they have a natural relationship with each other—a single address can have multiple wallets and accounts. In addition, every transfer must be signed and confirmed by sufficient wallets. Therefore, each user needs complete information to complete the operation and sign the transaction. Furthermore, if someone wants to log in with their private key, they should use their private key and keep all the content consistent to prevent being hacked. The 12 Chain transaction password, also known as zero-knowledge proof, means that all participating nodes in the information transmission are publicly transparent and traceable, and each node can grasp the user’s identity and sensitive data. Therefore, it has the characteristics of immutability.
The 12 Chain is a distributed network system, mainly composed of 12 blockchains, including Bitcoin, Ethereum, EOS, NEO, IRISnet, etc. Among them, the most famous ones are IPFS and Filecoin, which adopt a self-developed POW+POS hybrid mode as the underlying technology. Currently, over one million companies have started using this solution to build infrastructure, such as Hyperledger Fabric and Microsoft Azure. These companies can build decentralized financial service platforms based on the above methods.
On November 1, China Electronic Banking Network issued the “2021 Guide to Preventing Virtual Currency Speculation Risks”, pointing out that regulatory authorities should strengthen the crackdown on illegal activities related to virtual currencies. The National Internet Emergency Center stated that it will actively explore ways to establish and improve a cross-border payment clearing system.
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