Introduction to the four core technologies of blockchain

1. Peer-to-peer distributed technology (P2P): Peer-to-peer (P2P for short), also known as peer-to-peer Internet technology, relies on the computing power and bandwidth of participants in the network, rather than concentrating dependencies on relatively on a few servers. The advantages of P2P technology are obvious. The peer-to-peer network distribution feature also increases failure-proof reliability by replicating data across multiple nodes, and in a pure P2P network, nodes do not need to rely on a central index server to discover data. In the latter case, there is also no single point of crash of the system.

2. Asymmetric encryption technology: Asymmetric encryption (public key encryption) refers to the use of different keys in the two processes of encryption and decryption. In this encryption technique, each user has a pair of keys: a public key and a private key. The public key is used during encryption and the private key is used during decryption. The public key can be disclosed to the whole network, while the private key needs to be kept by the user. This solves the security risks caused by the need to share keys in symmetric encryption. Compared with symmetric encryption, asymmetric encryption has better security: both parties of symmetric encryption use the same secret key. If one party's secret key is leaked, the entire communication will be cracked. Asymmetric encryption uses a pair of secret keys, one for encryption and one for decryption, and the public key is public, and the secret key is kept by itself, so there is no need to synchronize the secret key before communication as in symmetric encryption.

3. Hash algorithm: Hash algorithm, also known as hash algorithm, is to map a binary value of any length into a shorter fixed-length binary value. This small binary value is called a hash value. Its principle is actually very simple, which is to convert a piece of transaction information into a fixed-length string.

4. Consensus mechanism: Since most cryptocurrencies adopt the decentralized blockchain design, the nodes are scattered and parallel everywhere, so a system must be designed to maintain the order and fairness of the system and unify the blockchain. version, and reward users who provide resources to maintain the blockchain, as well as punish malicious harmers. Such a system must rely on some way to prove that who has obtained the packaging right (or accounting right) of a blockchain and can obtain rewards for packaging this block; or who intends to do harm , you will get a certain penalty, which is the consensus mechanism. In layman's terms, if a Weibo big V in China, a virtual currency player in the United States, an African student and a European traveler don't know each other, but they all agree that you are a good person, then you can basically conclude that you are This man is not bad.

Common consensus mechanisms:

Proof-of-Work (PoW);

Proof of Stake (Proof-of-Stack, PoS, also translated as proof of holding);

Proof-of-space (PoSpace, also known as Proof-of-Capacity, PoC).

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