Rights and interests mine pool

1. When it comes to money, mining is indispensable. In ethereum network, if you want to get Ethereum, you also need to mine it. When it comes to mining, there must be a consensus mechanism
do you remember what the consensus mechanism of bitcoin is? The consensus mechanism of bitcoin is pow. To put it simply, the more work you do, the higher the amount of computation you pay, the more likely you will be the first to find the correct hash value, and the more likely you will be rewarded with bitcoin
however, there are some defects in the pow of bitcoin, that is, it is too slow to process transactions, and miners need to constantly collide hash values through calculation, which is costly and inefficient. Friends who are interested in blockchain knowledge should see such a saying:
in order to make up for the deficiency of bitcoin, Ethereum has proposed a new consensus mechanism, called POS (this is the abbreviation of English, which means "proof of equity", also translated into "proof of equity")
POS simply means the same as its literal meaning: equity, equity. The more currency you hold, the more equity you have, the higher your equity
Ethereum's POS means that the more money you hold, the longer you hold it, the less difficult it will be to calculate and the easier it will be to mine
in the initial setting of Ethereum, Ethereum hopes to build a relatively stable system by using POW in the early stage, then graally adopt POW + POS, and finally completely transition to POS. So, it's true that the consensus mechanism of Ethereum is POS, but POS is only a plan or goal at the beginning of Ethereum's release. At present, Ethereum has not yet transitioned to POS, and the consensus mechanism adopted by Ethereum is still pow, that is, the pow of bitcoin, but it is slightly different from the pow of bitcoin
the amount of information here is a bit large,
the first information point is that the consensus mechanism currently adopted by Ethereum is also pow, but it is slightly different from the pow of bitcoin. So, what's the difference between the pow of Ethereum and bitcoin: in short, the mining difficulty of Ethereum can be adjusted, but the mining difficulty of bitcoin can't be adjusted. Just like our college entrance examination, because the teaching situation and the number of students in different provinces are not the same, so the college entrance examination is divided into national papers and provincial independent proposition
Ethereum said that I am in favor of the topic by region. Bitcoin said: No, it must be the same volume in the whole country. The difficulty is the same for everyone
the popular explanation is that bitcoin uses computer computing power to do a lot of hash collisions, enumerate various possibilities to find a correct hash value. The Ethereum system has a special formula to calculate the difficulty of each block. If a block is verified faster than the previous block, Ethereum protocol will increase the difficulty of the block. By adjusting the block difficulty, the time needed to verify the block can be adjusted
according to the Ethereum protocol, the dynamic adjustment method of difficulty is to make the time interval of creating new blocks in the whole network 15 seconds, and the network uses 15 seconds to create blockchain. In this way, because the time is too fast, the synchronization of the system is greatly improved, and it is difficult for malicious participants to launch 51% (that is, more than half) of the computing power to modify historical data in such a short time
the second information point is: in the initial setting of Ethereum, we hope to achieve the transition from POW to
POS through phased upgrade
dating back to 2014, at the beginning of Ethereum's launch, the team announced that the launch of the project would be divided into four stages, namely, Froniter, homestead, metropolis and serenity. In the first three stages, the consensus mechanism adopts pow (workload proof mechanism), and in the fourth stage, it switches to POS (equity proof mechanism)
on July 30, 2015, the first phase "frontier" of Ethereum was officially released. This phase is only suitable for developers. Developers can write smart contracts and decentralized application DAPP on Ethereum network, and miners begin to enter Ethereum network to maintain network security and get Ethereum coins. The leading-edge version is similar to the beta version, proving whether the Ethereum network is reliable or not
on March 14, 2016, Ethereum entered the second stage of "homeland". In this stage, Ethereum provides the wallet function, so that ordinary users can easily experience and use Ethereum. There is no obvious technology improvement in other aspects, but it shows that Ethereum network can run smoothly
in September 2017, Ethereum has reached the third stage of "metropolis"“ "Metropolis" is composed of Byzantine and Constantinople. The goal of this stage is to introce the hybrid chain mode of POW and POS, so as to prepare for the smooth transition from POW to POS. This is the latest popular "Ethereum Constantinople upgrade". In the Constantinople upgrade, Ethereum will make some changes to the underlying protocols and algorithms to lay a good foundation for the implementation of POW and
POS
how much reward will Ethereum get for mining? Miners who win the block creation competition will get the following income:
1. Static reward, 5 ethereums
2. The fuel cost in the block, i.e. gas, we talked about in the last issue
3. As a part of the block, it includes the extra reward of "Uncle block". Uncle is uncle of uncle, and each uncle block can get 1 / 32 of the mining reward as a reward, that is, 5 times 1 / 32, which is equal to 0.15625 ethereums. Here, let's briefly explain the concept of "TERT block". The concept of "TERT block" was proposed by Ethereum. Why should we introce the concept of TERT block? This also starts with bitcoin. In the bitcoin protocol, the longest chain is considered absolutely correct. If a block is not part of the longest chain, it is called a "orphan block". An isolated block is a block, which is also legal, but it may be found later, or the network transmission is slower, and it does not become part of the longest chain. In bitcoin, the solitude is meaningless and will be discarded later, and the miners who find the solitude will not receive mining related rewards
however, Ethereum does not think that isolated blocks are worthless, and Ethereum system will give rewards to miners who find isolated blocks. In Ethereum, isolated blocks are called "Uncle blocks", which can contribute to the security of the main chain. Ethereum's ten second block interval is too fast, which will rece the security. By encouraging the use of tertiary blocks, the main chain can obtain more security guarantees (because the isolated block itself is legal). Moreover, paying the tertiary block can also stimulate the miners to actively mine and actively use tertiary blocks. Therefore, Ethereum thinks that it is valuable.

2. Mining pools are arranged according to computing power. For example, the computing power of digyi mining bitcoin mining pool accounts for about 4% of the total network computing power, ranking among the top ten mining pools in the world. The four technology blockchains are relatively good.

3.

Mine pool refers to:

as the computing level of the whole bitcoin network continues to rise exponentially, a single device or a small amount of computing power can not get the block reward provided by the bitcoin network on the bitcoin network

after the computing power of the whole network has been improved to a certain extent, the low probability of getting rewards has prompted some geeks on "bitcoin talk" to develop a method that can combine a small amount of computing power and operate jointly, and the website established in this way is called "mine pool"

extended data:

the existence of the mine pool reces the difficulty of bitcoin and other virtual digital currency mining, reces the mining threshold, and truly realizes the bitcoin mining concept that everyone can participate in

but its disadvantages are also very obvious, because computing power is connected to the mine pool. As a mine pool, it will have huge computing power resources. In the bitcoin world, computing power represents the bookkeeping right, and computing power is everything. If the computing power of a single mine pool reaches more than 50%, it will be easy to launch 51% attacks against virtual digital currencies such as bitcoin, The consequences are very terrible:

the mine pool can make the mine pool with 49% of the remaining computing power have no harvest, instantly quit the competition and go bankrupt. The mine pool's computing power exceeds 50%. If 51% attack is launched, it will easily occupy all the effective computing power of the whole network

4.

Blockchain blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism and cryptocurrency algorithm. Is a shared distributed ledger in which transactions are permanently recorded through additional blocks

2, block - block

in the bitcoin network, data will be permanently recorded in the form of files, which we call blocks. A block is a set of records for some or all of the latest bitcoin transactions and is not recorded by other previous blocks

3. Node -- a of the ledger operated by the participants of the blockchain network

Decentralization is a phenomenon or structure, which can only appear or exist in a system with many nodes or in a group with many indivials. The influence between nodes will form nonlinear causality through the network

5. Consensus mechanism

consensus mechanism is to complete the verification and confirmation of the transaction in a very short time through the voting of special nodes; For a transaction, if several nodes with unrelated interests can reach a consensus, we can think that the whole network can also reach a consensus

6. POW -- proof of work refers to how much money you get depends on the amount of work you contribute to mining. The better the performance of the computer, the more money you will be given

In POS mode, your "mining" income is directly proportional to your currency age, and has nothing to do with the computing performance of the computer

8. Smart contract

smart contract is a kind of computer protocol which aims to spread, verify or execute the contract in an information way. Smart contracts allow trusted transactions without a third party, which are traceable and irreversible

9, time stamp

time stamp refers to the string or encoding information used to identify the recorded time and date. The international standard is ISO 8601

Turing completion refers to the ability of a machine to perform calculations that any other programmable computer can perform

DAPP decentralized application is an open source application that runs automatically, stores its data on the blockchain, motivates it in the form of cryptocurrency token, and operates with protocols showing valuable proof

Dao, a decentralized autonomous organization, can be regarded as a company that operates without any human intervention and gives all forms of control to a set of unbreakable business rules

13. Privatekey - private key

a private key is a string of data that allows you to access a token in a specific wallet. As cryptocurrency, they are hidden except for the owner of the address

14. Publickey -- public key

is paired with private key. The public key can calculate the address of the currency, so it can be used as a certificate to own the address of the currency

15, miner

try to create a block and add it to the computing device or software on the blockchain. In a blockchain network, when a new effective block is created, the system will automatically give the block creator (miner) a certain number of tokens as a reward

16. The mine pool is a fully automatic mining platform, which enables mining machines to contribute their computing power to mine together to create blocks, obtain block rewards, and distribute profits according to the proportion of computing power contribution (that is, mining machines access the mine pool - provide computing power - obtain income)

17, public chain

fully open blockchain, refers to anyone can read, anyone can send transactions and transactions can be effectively confirmed, people all over the world can participate in system maintenance, anyone can read and write data through transactions or mining

18. Private chain

write permission is only for the blockchain of a certain organization or a specific few objects. Read permission can be open to the outside world or restricted to any extent

19, alliance chain

consensus mechanism is a blockchain jointly controlled by several designated institutions

20, side chain

wedged side chains technology, which will realize the transfer of bitcoin and other digital assets between multiple blockchains, which means that users can access the new cryptocurrency system when they use their existing assets

21, cross chain technology

cross chain technology can be understood as a bridge connecting the blockchains, and its main application is to realize atom transaction, asset conversion, information exchange within the blockchain, or solve Oracle problems among the blockchains

22. The hard fork

blockchain has permanent divergence. After the release of the new consensus rules, some nodes that have not been upgraded cannot verify the blocks proced by the upgraded nodes, and usually the hard fork will occur

23, soft forking

when the new consensus rules are released, nodes that have not been upgraded will proce illegal blocks because they do not know the new consensus rules, which will lead to temporary forking

24, hash -- hash value

generally translated as "hash", but also directly transliterated as "hash". In short, it is a function that compresses messages of any length to a message digest of a fixed length

25, main chain

the word "main chain" comes from the main network (, relative to the test network), that is, the officially online and independent blockchain network

for those who don't know the "jargon" in the currency circle, let's learn it as soon as possible:

1. What is legal currency

legal currency is legal tender, which is issued by the state and the government. It is only guaranteed by the government credit, such as RMB, US dollar and so on

2. What is a token

token, usually translated into token. Token is one of the important concepts in blockchain. Its more well-known name is "token". However, in the view of professional "chain circle" people, its more accurate translation is "token", which represents a proof of rights and interests on the blockchain, rather than currency

There are three elements of

token

one is digital proof of rights and interests, which must be in the form of digital certificate of rights and interests, representing a right, an inherent and intrinsic value

The second is cryptocurrency, whose authenticity, tamper proof and privacy protection are guaranteed by cryptocurrency

Third, it can flow in a network, so it can be verified anytime and anywhere

3. What is warehouse building

the establishment of a position in a currency circle is also called opening a position, which refers to a trader's new purchase or sale of a certain amount of digital currency

What is Soha

suoha refers to investing all the principal

What is airdrop

airdrop is a very popular marketing method of cryptocurrency. In order to let potential investors and cryptocurrency enthusiasts get token related information, token teams often air drop tokens

6. What is lockup

position locking generally refers to investors opening a new position opposite to their original position when the market moves in the opposite direction after the sale and purchase contract, which is also called lock, lock order, or even butterfly double flying

What is candy

doughnut candy is a kind of free digital currency issued to users when all kinds of digital currencies are just issued in ICO. It is a kind of momentum and publicity of the project itself by the issuers of virtual currency projects

What is breaking

breaking refers to falling below, and issuing refers to the issuing price of digital currency. Broken currency circle refers to the price of a digital currency falling below the issue price

What is private placement

private placement is a way to invest in cryptocurrency projects, and it is also the best way for cryptocurrency project founders to raise funds for platform operation

What do you think of the K-line diagram

K-line chart is also called candle chart, Japanese line, yin-yang line, bar line, red and black line, etc., commonly referred to as "K-line". It is based on the opening price, the highest price, the lowest price and the closing price of each analysis cycle

What is hedging

General hedging refers to two transactions which are related to the market, opposite in direction, equal in quantity and balanced in profit and loss. In the futures contract market, buy the same number of positions with different directions. When the direction is determined, close out the positions in the opposite direction and keep the positive direction to make profits

What is the position

position is a kind of market agreement, which promises the initial position of the sale and purchase contract, and the buyer is long and in the expected position; The selling contract is short and in the expected position

What are the advantages

good news: refers to the news that the currency gets the attention of the mainstream media, or a breakthrough in the application of a technology, which is concive to stimulating the price rise

14. What is bad news

bad news: news that causes the price of bitcoin to fall, such as technical problems of bitcoin, central bank's crackdown, etc

What is rebound

the phenomenon of currency price rising e to rapid decline in the downward trend. The recovery is less than the decline

What is leverage

leverage trading, as the name suggests, is to use small amount of funds to invest several times the original amount, in order to obtain multiple returns or losses relative to the fluctuations of the investment object