The role of bitcoin consensus mechanism

2. 1. What is the technology of blockchain?

3. There are many consensus mechanisms in the blockchain. The advantage of the pow consensus mechanism behind bitcoin, the most influential one, is that it is secure and can not be tampered with. The disadvantage is that it is too slow to process only seven transactions a second

4. POW: proof of work (POW), a simple explanation is a proof to confirm that you have done a certain amount of work. Because the whole process of monitoring work is usually extremely inefficient, and it is a very efficient way to prove that the corresponding workload has been completed through the certification of the work results. For example, in real life, graation certificate, driver's license and so on, are obtained by means of test results. That is to say, how much money you get depends on your effective contribution to mining. Simply understand, the better your computer performance, the more revenue you will get. This is to allocate money according to your workload. Most digital currencies, such as bitcoin, lightcoin, etc., are virtual currencies based on POW mode (the higher the computing power, the longer the mining time, the more coins you get)
pos: POS is a consensus algorithm in the public chain, which can be used as a replacement of pow algorithm. POW is a mechanism to ensure the security of bitcoin, Ethereum and many other blockchains, but POW algorithm is criticized for destroying the environment and wasting power in the process of mining. POS tries to solve these problems by replacing the concept of mining with a different mechanism
POS mechanism can be described as a kind of virtual mining. POS mainly relies on the token in the blockchain itself. In pow, a user may buy a computer for 1000 dollars, join the network to mine and proce new blocks, and get a reward. In POS, users can buy tokens of equal value with us $1000 and put them into the POS mechanism as deposit, so that users have the opportunity to generate new blocks and get rewards. In pow, if users spend $2000 on hardware equipment, they will of course get twice the computing power to mine, thus getting twice the reward. Similarly, if you invest twice as much token as the deposit in the POS mechanism, you have twice as much chance to get the right to generate new blocks.

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6. The "bitcoin consensus conference" is held by coindesk, a media and research company in the field of blockchain. The guests will include experts in the field of blockchain and representatives of the development project of memory digital currency. The number of participants is graally increasing every year, and the tickets are also rising all the way. When I played stock before, the teacher of Yingfu College of Finance and Economics said that it was more professional

it is worth noting that the price of bitcoin fluctuates significantly ring the annual meeting, and it also becomes a hot spot in bitcoin market.

7. Bitcoin system will allow each node to join the network to carry out hash operation. Whoever works out a suitable solution first can get the accounting right this time. Once the bookkeeping right is robbed, all nodes will start to fight for the next bookkeeping right, that is, hash operation.