What is the Concept of Blockchain (Simple Explanation of Blockchain)
What is the concept of blockchain? What is the concept of blockchain?What is the
What is the concept of blockchain? What is the concept of blockchain?
What is the concept of blockchain technology, the distributed ledger of blockchain, and cryptographic algorithms.
What is blockchain technology, the distributed database of blockchain, how to define their ledgers, and how they operate, can all be explained through data structures without the need to understand from multiple dimensions.
What is the blockchain consensus mechanism (BFT).
Bitcoin is the forked currency of Bitcoin; Ethereum is the smart contract platform of Ethereum; Ripple is a currency market protocol based on blockchain technology. (Bitcoinist)
Simple Explanation of Blockchain
Editor’s note: This article is from BlockBeats (ID: blockbeats), authorized to be reproduced by Odaily Planet Daily.
What exactly is blockchain? Let’s understand it simply. It is a distributed ledger technology—that is, it records transactions and data in a decentralized manner and encrypts them.
After the birth of Bitcoin, the emergence of blockchain technology has made this industry very mature. There are now dozens of projects trying to use blockchain to change business logic, including Bitcoin Lightning Network Wallet, Ethereum smart contracts, and so on. But currently, no company has successfully achieved this, and the concept has not yet been widely applied. When we mention Bitcoin, many companies see blockchain as an innovative technology, a new product, or a business model. They believe that these technologies can solve problems. (Note: The terms mentioned here are not necessarily all Bitcoin). So what exactly does blockchain mean? Today, I want to introduce to you the “distributed database” and the so-called “on-chain governance”, which are three types of distributed systems or structures. They each have their own nodes and jointly maintain their data sovereignty. For example, every user in the Bitcoin mining pool can obtain proof of accounting to ensure that all assets they store are secure. Therefore, all parties have the corresponding rights to treat everyone recorded. If no one holds the private key, they can control the security of the entire system. However, for some newcomers, this method is not friendly enough. Because Bitcoin itself is not the only thing with such value, and even the most basic information cannot be copied and pasted, it can only be used as an auxiliary tool. In addition, Bitcoin is also a digital currency generated based on cryptographic algorithms, and can only become real electronic cash when it is verified. This means that as long as you can find the source of information, you can get the required data anytime and anywhere; conversely, all transactions need to be confirmed by time locks of hashes, which means that if you need to trust other people’s help, you can easily tamper with the data and resubmit it for third-party viewing. This mechanism will allow more developers to join.
There is also a special group of application scenarios. For example, in the transaction process of exchanges, due to the existence of a large number of intermediaries, it cannot guarantee that every transfer of funds can immediately enter the platform, and this is the essence of blockchain. For example, UniSwap, Balancer, etc., many exchanges will adopt the non-custodial way to store customer assets for easy operation, without worrying about the loss of funds due to hacker attacks. In the traditional financial field, due to the inability to track fund flows in a timely manner, errors in account balances may occur during the transaction process, causing irreparable price slippage issues; at the same time, it also makes it difficult for traditional banks to handle high-cost high-frequency payment clearing.
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