Blockchain technology and bitcoin in China
blockchain technology is a new technology derived from the development of bitcoin economy, blockchain technology can effectively serve the bitcoin economy , they are interrelated. Bitcoin is a kind of virtual currency, which only circulates in a specific network economic environment, blockchain technology can not only be applied to the economy, but also can be used in all walks of life , which is their difference
Blockchain technologybecause blockchain technology is still a new proct at present, it has no accurate or definite definition and concept. In short, blockchain technology is a mode of data encryption management, which can protect data to a great extent. Blockchain technology is characterized by decentralization, openness, independence, security and anonymity. Its characteristics well adapt to the requirements of information protection and information disclosure in all walks of life. On the one hand, it ensures the security of data and avoids the interference of subjective emotions and system failures. On the other hand, data indivials can decide whether to hide their detailed information in the group to the greatest extent, so as to achieve the purpose of privacy protection
At the same time, there is no doubt that the blockchain technology is still in the state of preliminary development. The social understanding of it is not deep enough, and scholars are still in the stage of continuous exploration. Through the correct use, blockchain technology will bring many positive effects to the societyblockchain technology is a kind of e-money ledger system realized through point-to-point
blockchain technology is not only the underlying technology of bitcoin, but also the core and infrastructure of bitcoin bitcoin has been running without any centralized organization operation and management. Later, bitcoin technology was abstracted, which was called blockchain technology or distributed ledger technology
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disadvantages of blockchain technology applied to digital currency:
first, there is no circulation management organization for "decentralization" blockchain technology is essentially a distributed database system with one-way linked list logic structure and P2P network design mode, which determines that there is no unified central control system for virtual currency based on blockchain technology
Second, it is difficult to effectively control the quantity supply the circulation of virtual currency based on blockchain technology is fixed, and according to Fisher Equation, the total transaction volume of the whole society under a certain price level in a certain period has a certain proportion with the required nominal currency volume, while the constant currency volume obviously can not meet the requirements of the growing total price of social goods Thirdly, "mining mechanism" is difficult to create recognized value bitcoin itself has no value and no national credit support. Some people think that "by continuously consuming computing power and energy to inject value into virtual currency", but it is obviously not the most efficient choice to consume millions of calculations in order to find a hash value that meets the requirements Fourthly, procers and early holders are easy to get high seigniorage any virtual currency based on blockchain technology is held by a few people at the initial stage of its development. Take bitcoin as an example. At first, bitcoin was only a proct of a few people's game. The first bitcoin purchase in May 2010 was $10000 BTC's purchase of $25 pizza. The first bitcoin transaction completed in July of the same year was $0.04/btcBlockchain technology is the underlying technology of bitcoin. Bitcoin has been running without any centralized organization operation and management. Later, bitcoin technology was abstracted out, which is called blockchain technology or distributed ledger technology
bitcoin is the first application of blockchain, which will be extended to more and more instries in the future
blockchain technology, known as distributed ledger technology, is an Internet database technology, which is characterized by decentralization, openness and transparency, so that everyone can participate in database records
However, bitcoin is a kind of currency that does not rely on specific currency institutions to issue. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation
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characteristics of bitcoin currency:
Decentralization: bitcoin is the first distributed virtual currency, and the whole network is composed of users without a central bank. Decentralization is the guarantee of bitcoin's security and freedom
Global Circulation: bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can dig, buy, sell or collect bitcoin
exclusive ownership: private key is required to manipulate bitcoin, which can be stored in any storage medium in isolation. No one can get it except the user himself
low transaction cost: bitcoin can be remitted free of charge, but a transaction fee of about 1 bitfen will be charged for each transaction to ensure faster transaction execution
no hidden cost: as a means of payment from a to B, bitcoin has no cumbersome quota and proceres. If you know the other party's bitcoin address, you can pay
cross platform Mining: users can explore the computing power of different hardware on many platforms
reference: network blockchain network bitcoin
Terminology in the field of information technology. In essence, it is a shared database. The data or information stored in it is characterized by "unforgeability", "trace in the whole process", "traceability", "openness and transparency" and "collective maintenance". Based on these characteristics, blockchain technology has laid a solid "trust" foundation, created a reliable "cooperation" mechanism, and has broad application prospects
blockchain originated from bitcoin. On November 1, 2008, a person who called himself Zhongben Cong published the article "bitcoin: a peer-to-peer e-cash system", which describes the framework concept of e-cash system based on P2P network technology, encryption technology, timestamp technology, blockchain technology, etc., which marks the birth of bitcoin
in recent years, the world's attitude towards bitcoin has gone up and down, but as one of the underlying technologies of bitcoin, blockchain technology has been paid more and more attention. In the process of bitcoin formation, blocks are storage units that record all the communication information of each block node in a certain period of time
each block is linked by random hash (also known as hash algorithm), and the latter block contains the hash value of the former block. With the expansion of information exchange, one block is connected with another block one after another, and the result is called blockchain
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from the perspective of science and technology, blockchain involves many scientific and technological issues such as mathematics, cryptography, Internet and computer programming. From the perspective of application, in short, blockchain is a distributed shared ledger and database, which is decentralized, tamper proof, traceable, collective maintenance, open and transparent
blockchain is a new application mode of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies. Blockchain is an important concept of bitcoin, which is essentially a decentralized database, as well as the underlying technology of bitcoin
in fact, the word blockchain does not appear in the original English version of bitcoin white paper, but the word chain of blocks. In the earliest Chinese translation of bitcoin white paper, chain of blocks was translated into blockchain. This is the earliest time when the Chinese word "blockchain" appeared
2. The transaction information of bitcoin is recorded in a decentralized ledger, which is called blockchain
3. According to the principle of cryptography, each block is connected in chronological order to form a chain structure, so it is named blockchain.