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10 minutes to let you understand what is a blockchain and bitcoin
10 minutes to let you understand what is a blockchain and bitcoin
The relationship between blockchain and Bitcoin
▪ Blockchain technology is the underlying technology of Bitcoin
▪ Bitcoin is the first application of the blockchain
▪ Bitcoin transaction information is recorded on a decentralized ledger, which is the blockchain.
▪ If the blockchain is compared to a physical book, then each block is equivalent to a page in the book. A new book is generated every 10 minutes. The bitcoin network is recorded on every page of the book. Minutes of transaction information. Each block is connected in chronological order according to the principle of cryptography to form a chain structure, hence the name blockchain.
▪ Since the birth of the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”, major financial institutions at home and abroad have rushed to study the underlying technology blockchain of Bitcoin and sought practical application of blockchain technology.
◆ Development history of blockchain technology
▪ When Bitcoin was first born, there was no concept of “blockchain”. Bitcoin (lowercase b) was used to represent Bitcoin, and Bitcoin (Capital B) was used to represent its underlying technology, which is what we call blockchain technology.
▪ In 2015, after the Economist released the cover article “Rebuilding the Blockchain Technology of the World”, blockchain technology set off a frenzy of financial technology in the world. Banks of all major financial institutions in the world are eager to study blockchain technology. . In 2016 alone, billions of dollars were invested in blockchain related companies.
▪ In September 2017, the Chinese government's website (www.gov.cn) published an article "China's blockchain industry is expected to be at the forefront of the world" and openly supported the development of blockchain technology, and like 1.3 billion Chinese people have popularized the blockchain technology. . The application of blockchain in the real economy such as finance, insurance, retail and notary has begun to accelerate.
◆ Blockchain, machine for making credit
▪ Blockchain is not a new invention technology, but a series of technology integration, including asymmetric encryption technology, time stamp, consensus mechanism and so on.
▪ Using Bitcoin as an example, the blockchain solves Double Spending and Byzantine Generals' Problems through the Timestamp and Power of work mechanisms, ie guaranteeing the same Bitcoin. It cannot be spent twice and remains consistent across all nodes in the entire decentralized blockchain network.
▪ Asymmetric encryption mechanism ensures private key security
▪ Time stamp guarantees that blocks are connected in sequence
▪ The workload proof mechanism solves the problem of how to distribute 21 million Bitcoin in a decentralized system.
▪ Blockchain technology has the characteristics of anonymity, decentralization, transparency, etc., so blockchain is known as a machine for manufacturing credit.
How to connect blocks into blockchain
▪ The blockchain consists of a series of blocks generated using cryptographic algorithms. Each block is filled with transaction records. Blocks are linked in a chain to form a chain structure, which is the blockchain big book.
▪ Take Bitcoin as an example. When a miner generates a new block, he needs to calculate the new Hassi value and random number based on the Hash value of the previous block, the new transaction block, and the random number. In other words, each block is generated on the basis of the previous block data. This mechanism guarantees the uniqueness of the blockchain data, because the subtle changes in transaction records will also completely change the results of the Hash value. Therefore, miners can't cheat when they compete with each other. Each miner must wait until the previous block is generated before calculating the random number based on the data of the previous block to ensure the fairness of the mining.
◆ Information recorded in the block
▪ The blockchain is the big book of the Bitcoin network, and each block is equivalent to a page in the book.
▪ What information is recorded in the book?
At present, Bitcoin mainly records: block headers, transaction details, transaction counters, and block sizes.
▪ The header of the block is the first 80 bytes in each block, which mainly includes:
1. Haas value of the previous block (used to ensure that the blocks are connected in sequence)
2. Timestamp (record the time of generation of the block)
3 random number (ie, the whole network of miners together PK calculation questions answer)
4. Difficulty goal (scored by the difficulty factor of the arithmetic problem)
5. Transaction details (details of the digital signatures of the transferee, revenue source, amount, and transferee of each transaction are the main contents of each block)
6. Transaction counter (denotes the number of transactions included in each block)
7. The block size (represents the size of each block of data)
▪ Currently, each block is limited to 1MB (one trillion). Do not rule out the possibility of future expansion.
◆Timestamp
▪ The blockchain guarantees that each block is connected in sequence through a timestamp, and the timestamp enables time stamps for each piece of data on the blockchain.
▪ The time stamp proves when something happened on the blockchain, and anyone cannot tamper with it. Timestamps play the role of a notary in the blockchain and are more credible than traditional notary systems.
▪ Using time stamps, Blockchain technology is well suited for use in areas such as intellectual property protection. (For example, self-made papers would like to find industry experts before the release, but worry about the idea being stolen, this time can be saved to the chain, easily prove the copyright)
◆ The longest blockchain is the correct blockchain?
▪ The Bitcoin White Paper stipulates that the node will always consider the longest chain to be the correct blockchain and will continue to extend it on top of it. All miners will mine on the longest chain, which is beneficial to the uniqueness of the blockchain book. (If you transfer Bitcoin transactions not recorded on the longest chain, you may be exposed to property damage)
▪ What is the "longest blockchain"?
▪ Because the miners in the world are mining at the same time, it is possible that two miners will calculate the correct answer at the same time. Then, the blockchain will form a fork, and the remaining miners may continue to dig in any one of them. Mine, extend the blockchain. Therefore, we usually require that after the Bitcoin transfer is packaged, we need to go through the confirmation of six blocks to ensure that the miners will not return to the other fork in the digging.
◆ How to classify the blockchain?
▪ Blockchain is divided into 3 categories according to access mechanism
° public chain
° Private chain
° Alliance Chain
(Other types of blockchains may also be born later)
▪ The public chain is open and transparent. Any individual or group in the world can send transactions in the public chain, and the transaction can obtain the valid confirmation of the blockchain. Everyone can compete for the right to book. The Bitcoin blockchain is a typical representation of the public chain.
▪ The alliance chain is semi-public. It is a blockchain used internally by a certain group or organization. Several nodes need to be designated in advance as bookkeepers. The generation of each block is jointly decided by all pre-selected bookers, and other nodes can trade but have no accounting rights.
▪ The private chain is completely closed. Only blockchain technology is used for billing. The bookkeeping right is not open, and only the internal transactions are recorded, which is exclusive to the company or individual.
▪ Blockchain technology is the underlying technology of Bitcoin
▪ Bitcoin is the first application of the blockchain
▪ Bitcoin transaction information is recorded on a decentralized ledger, which is the blockchain.
▪ If the blockchain is compared to a physical book, then each block is equivalent to a page in the book. A new book is generated every 10 minutes. The bitcoin network is recorded on every page of the book. Minutes of transaction information. Each block is connected in chronological order according to the principle of cryptography to form a chain structure, hence the name blockchain.
▪ Since the birth of the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”, major financial institutions at home and abroad have rushed to study the underlying technology blockchain of Bitcoin and sought practical application of blockchain technology.
◆ Development history of blockchain technology
▪ When Bitcoin was first born, there was no concept of “blockchain”. Bitcoin (lowercase b) was used to represent Bitcoin, and Bitcoin (Capital B) was used to represent its underlying technology, which is what we call blockchain technology.
▪ In 2015, after the Economist released the cover article “Rebuilding the Blockchain Technology of the World”, blockchain technology set off a frenzy of financial technology in the world. Banks of all major financial institutions in the world are eager to study blockchain technology. . In 2016 alone, billions of dollars were invested in blockchain related companies.
▪ In September 2017, the Chinese government's website (www.gov.cn) published an article "China's blockchain industry is expected to be at the forefront of the world" and openly supported the development of blockchain technology, and like 1.3 billion Chinese people have popularized the blockchain technology. . The application of blockchain in the real economy such as finance, insurance, retail and notary has begun to accelerate.
◆ Blockchain, machine for making credit
▪ Blockchain is not a new invention technology, but a series of technology integration, including asymmetric encryption technology, time stamp, consensus mechanism and so on.
▪ Using Bitcoin as an example, the blockchain solves Double Spending and Byzantine Generals' Problems through the Timestamp and Power of work mechanisms, ie guaranteeing the same Bitcoin. It cannot be spent twice and remains consistent across all nodes in the entire decentralized blockchain network.
▪ Asymmetric encryption mechanism ensures private key security
▪ Time stamp guarantees that blocks are connected in sequence
▪ The workload proof mechanism solves the problem of how to distribute 21 million Bitcoin in a decentralized system.
▪ Blockchain technology has the characteristics of anonymity, decentralization, transparency, etc., so blockchain is known as a machine for manufacturing credit.
How to connect blocks into blockchain
▪ The blockchain consists of a series of blocks generated using cryptographic algorithms. Each block is filled with transaction records. Blocks are linked in a chain to form a chain structure, which is the blockchain big book.
▪ Take Bitcoin as an example. When a miner generates a new block, he needs to calculate the new Hassi value and random number based on the Hash value of the previous block, the new transaction block, and the random number. In other words, each block is generated on the basis of the previous block data. This mechanism guarantees the uniqueness of the blockchain data, because the subtle changes in transaction records will also completely change the results of the Hash value. Therefore, miners can't cheat when they compete with each other. Each miner must wait until the previous block is generated before calculating the random number based on the data of the previous block to ensure the fairness of the mining.
◆ Information recorded in the block
▪ The blockchain is the big book of the Bitcoin network, and each block is equivalent to a page in the book.
▪ What information is recorded in the book?
At present, Bitcoin mainly records: block headers, transaction details, transaction counters, and block sizes.
▪ The header of the block is the first 80 bytes in each block, which mainly includes:
1. Haas value of the previous block (used to ensure that the blocks are connected in sequence)
2. Timestamp (record the time of generation of the block)
3 random number (ie, the whole network of miners together PK calculation questions answer)
4. Difficulty goal (scored by the difficulty factor of the arithmetic problem)
5. Transaction details (details of the digital signatures of the transferee, revenue source, amount, and transferee of each transaction are the main contents of each block)
6. Transaction counter (denotes the number of transactions included in each block)
7. The block size (represents the size of each block of data)
▪ Currently, each block is limited to 1MB (one trillion). Do not rule out the possibility of future expansion.
◆Timestamp
▪ The blockchain guarantees that each block is connected in sequence through a timestamp, and the timestamp enables time stamps for each piece of data on the blockchain.
▪ The time stamp proves when something happened on the blockchain, and anyone cannot tamper with it. Timestamps play the role of a notary in the blockchain and are more credible than traditional notary systems.
▪ Using time stamps, Blockchain technology is well suited for use in areas such as intellectual property protection. (For example, self-made papers would like to find industry experts before the release, but worry about the idea being stolen, this time can be saved to the chain, easily prove the copyright)
◆ The longest blockchain is the correct blockchain?
▪ The Bitcoin White Paper stipulates that the node will always consider the longest chain to be the correct blockchain and will continue to extend it on top of it. All miners will mine on the longest chain, which is beneficial to the uniqueness of the blockchain book. (If you transfer Bitcoin transactions not recorded on the longest chain, you may be exposed to property damage)
▪ What is the "longest blockchain"?
▪ Because the miners in the world are mining at the same time, it is possible that two miners will calculate the correct answer at the same time. Then, the blockchain will form a fork, and the remaining miners may continue to dig in any one of them. Mine, extend the blockchain. Therefore, we usually require that after the Bitcoin transfer is packaged, we need to go through the confirmation of six blocks to ensure that the miners will not return to the other fork in the digging.
◆ How to classify the blockchain?
▪ Blockchain is divided into 3 categories according to access mechanism
° public chain
° Private chain
° Alliance Chain
(Other types of blockchains may also be born later)
▪ The public chain is open and transparent. Any individual or group in the world can send transactions in the public chain, and the transaction can obtain the valid confirmation of the blockchain. Everyone can compete for the right to book. The Bitcoin blockchain is a typical representation of the public chain.
▪ The alliance chain is semi-public. It is a blockchain used internally by a certain group or organization. Several nodes need to be designated in advance as bookkeepers. The generation of each block is jointly decided by all pre-selected bookers, and other nodes can trade but have no accounting rights.
▪ The private chain is completely closed. Only blockchain technology is used for billing. The bookkeeping right is not open, and only the internal transactions are recorded, which is exclusive to the company or individual.