What is the concept of blockchain (what is blockchain)

What is a blockchain concept? What is a blockchain concept? What is blockchain and how it operates Bitcoin was the first widely adopted technology, but it also faced various challenges, such as network attacks, transaction delays, and smart contract vulnerabilities. However, due to these reasons, there have always been limitations in its application. Therefore, people need to fundamentally understand blockchain technology and its impact and problems. So, what is blockchain and why is this change happening The first thing to understand is that blockchain is a decentralized network protocol or a new type of digital asset (such as tokens or tokens), which can provide a secure and trustworthy environment for anyone and ensure that the transaction process is not interrupted. Through blockchain technology, users can create their own Digital identity or account through the platform, thus realizing the ownership of data and the recording, transfer and storage of all relevant behaviors Secondly, it is important to recognize that when you use the internet, blockchain is something you have built yourself – the “cloud” – and you can own something from your personal computer, phone, or laptop; But when we talk about the internet, ‘cloud’ usually refers to devices that we are using computers to process information, such as televisions, phone books There are also some electronic products, and even some electronic products’ value is constantly increasing over time. Of course, if our lives change, it will lead to enormous economic pressure: in order to ensure the safe and reliable operation of the network, servers must maintain good performance, availability, and security, otherwise they cannot meet daily needs Furthermore, although blockchain has the potential to completely change existing economic activities and has many potential benefits, they are not one of the best solutions to solve the problem. Because most enterprises are trying to deal with a series of crises brought about by the COVID-19, and hope to avoid the strict control of Cryptocurrency by regulators from all over the world. For those who want to participate, this is a great opportunity, so that they can make payments or exchange their Fiat money without a third party. So, this cannot be ignored in any case

What is a blockchain

Editor’s Note: This article is from the orange book (ID: chengpishu), written by Chen Zi’ang, and published by Star Daily with authorization The term “blockchain” originated from the invention of Bitcoin and has been in the computer industry for some time. “Blockchain is a decentralized and transparent protocol or distributed accounting method.” – VitalikButerin, “Blockchain can allow us to manage our financial data more efficiently,” – Mark Zuckerberg Nowadays, more and more internet companies are starting to focus on the technological development in this field. For example, Facebook announced its entry into the Cryptocurrency market, Google launched the Libra digital dollar plan and a series of other initiatives have had a profound impact on the popularization and development of blockchain technology. But in reality, no country or region has yet fully achieved this level of breakthrough progress. So if we want to establish a new industry standard to promote the rapid growth of this industry, we need a system to provide these new information and solutions What is blockchain? It is a distributed network composed of smart contracts, which, through its consensus mechanism, exposes information to all participants in an immutable manner and records it, enabling transactions to be confirmed So what is blockchain? It is a new database based on Cryptography and Secure multi-party computation. This is a distributed storage method. Its purpose is to ensure that all nodes are in a synchronized state and do not trust each other. Due to the communication relationship between them, they are unable to interact. In addition, it also provides a decentralized control method. To address this issue, blockchain is designed as a data format for peer-to-peer transmission, allowing everyone to see a certain piece of data they own. This data typically has a fixed size and gradually increases over time. However, although blockchain technology is essentially a verifiable data structure, it is not the only means to ensure data authenticity. On the contrary, it uses a public key instead of a private key to ensure security and privacy trade-offs. That is to say, when you send a transfer, it will only contain the content you sent, and no one will know your identity; And each transfer action will be accompanied by a hash value as a signature, thereby eliminating the concerns of intermediaries. Once the transaction is completed, the entire process will occur ineffectively Why do you want to do such a job? Because for most blockchain applications, they do not have the same high throughput capability as other software. One of the main characteristics of blockchain technology is that it allows direct communication between different entities, without the need for multiple intermediaries to communicate with each other, and without the involvement of third parties, agreements can be reached For example, in the past 20 years, the application cases of blockchain include EOS, Filecoin, and even many large technology startups actively trying to create their own blockchain using various tools. Of course, there are also some projects attempting to utilize this technology to improve performance. Similar products have also been developed by Ant Financial, Tencent, and Baidu. But now, blockchain is still in a very early stage,