This should be the most straightforward explanation of the blockchain. . .
The following article is translated from the full text of "How Does the Blockchain Work?" The author, Michele D'Aliessi, explains how the blockchain works in plain, easy-to-understand text and is a very good introduction to the article.
Let me give you an example. I bet you 50 yuan tomorrow. I bet it will be sunny, you bet it will be rainy. We have three ways to complete the transaction:
1 We trust each other. Whether the result is sunny or rainy, the loser has to give the winner 50 yuan. If we are friends, this would be a good way to trade. However, even a friend may not be willing to pay for it, not to mention a stranger.
2 We can set a contract. If any party is unwilling to pay, the winner can tell the loser. But it takes more money to get a lawsuit, just to get back 50 yuan, it is not worth the candle.
3 We find a neutral third party, each of whom gives her 50 yuan first. After the result is announced, she will give all the money 100 yuan to the winner. The helpless thing is that this third party may be able to abscond.
We can't trust strangers, and we feel that it is a lawsuit to hurt our lives.
Blockchain technology is interesting because it helps us achieve the third trading method, which is safe, fast and cheap.
We only need to write a few lines of code to execute on the Blockchain Network for trading.
In the case of betting on the weather, this program will ensure 100 yuan security, and the weather will be automatically confirmed once tomorrow. After the results are announced, 100 yuan will be automatically remitted to the winner's account. Transactions on the blockchain network cannot be tampered or terminated and are suitable for large transactions, such as selling a house or a company.
Bitcoin is the most well-known application of blockchain technology. Let's first explain how Bitcoin works, and introduce the concept of blockchain little by little in the description process.
What is Bitcoin?A bitcoin is a unit of electronic bit currency (BTC), and like a real money currency, it has no value in itself, and only generates value when it is traded.
In the Bitcoin system, there is a ledger, an electronic file that records all transaction records.
â–² Figure 1 Bitcoin electronic ledger
This book is not stored in a central institution (such as a bank) or a database. It has an infinite number of copies scattered throughout each computer on the blockchain network, and each computer is called a "node."
If David wants to transfer money to Sandra in Bitcoin, he sends a message telling the network that his account is 5 BTC less, and then Sandra's account is 5 BTC. Each node in the network receives the message and logs the transaction to its own book, then updates the balance of the account.
â–² Figure 2 request transaction information
Having said that, the book is maintained by a group of computers, not by a central institution like a bank. There are three inspirations:
• In the banking system, we only know our trading records and account balances, and in the blockchain network, everyone can know the trading records of anyone.
• Generally you trust your bank, and Bitcoin is a distributed system that runs on the Internet. Anything goes wrong, no customer service staff can help you.
• Blockchain is not built on the basis of trust emotions, its security and reliability are achieved through special mathematical functions and program code.
We can define a blockchain as a system that allows a group of connected computers to securely maintain a single book.
In order to trade in the blockchain network, you need a wallet that allows you to store and trade your bitcoin. Only you can spend your bitcoin, so each wallet is protected by special encryption, using a pair of unique and paired keys: public and private keys to unlock.
With more than 15+ yrs rich MFG experience, you can definitely trust in and cooperate with.
Provide you with the supply of Personal Protective Equipment. to help you safely get back to your daily routine.
Our products include pulse Oximeter Finger, Forehead Thermometer, Automatic foam soap dispenser, etc.
Our strict quality control protocol thoroughly vets every aspect of production, storage, and shipments all the way way to our end customers.
nano spray gun, nano spray gun disinfectant, nano spray machine
TOPNOTCH INTERNATIONAL GROUP LIMITED , https://www.itopnoobluetoothes.com