Introduction to blockchain Technology  

 


 

 

What the hell is blockchain ? After reading the cartoon, I understand  

       

 


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Blockchain technology refers to a way for the whole people to participate in bookkeeping . All systems have a database behind them , You can think of a database as a big ledger . Now it's their own accounts .

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Because there is no centralized intermediary , Let everything run automatically through a preset program , Not only can it greatly reduce costs , It can also improve efficiency . And because everyone has the same ledger , To ensure that the accounting process is open and transparent .

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Blockchain technology is the underlying technology of bitcoin , Bitcoin is not operated and managed by any centralized organization , It has been very stable for many years , There was no problem , So somebody noticed the underlying technology , Abstract bitcoin technology out of the abstract , It's called blockchain technology , Or distributed ledger Technology .

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According to a report released by Santander, Spain's largest bank ,2020 If blockchain technology is used in banks all over the world around the year , Maybe every year 200 Billion dollars in costs . That's enough to say “ Blockchain ” Great changes and breakthroughs brought to the traditional financial field .

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Cloud computing is usually defined as providing dynamic, scalable and often virtualized resources through the Internet , But it is often a centralized organization that provides cloud computing platform . The network composed of blockchain generally has no specific organization , So blockchain is closer to the definition of distributed computing system , It belongs to a kind of distributed computing .

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Q Currency is a centralized electronic currency , Including the total amount , The way of distribution is controlled by Tencent . And the total amount of bitcoin , The distribution mode is preset by the program and encryption algorithm , Running on multiple nodes around the world , No one or organization can modify , Not controlled by any single person or institution . It's called Q Money is electronic money , Or corporate tokens . Call bitcoin digital currency or cryptocurrency .


Q Currency is a centralized electronic currency , Including the total amount , The way of distribution is controlled by Tencent . And the total amount of bitcoin , The distribution mode is preset by the program and encryption algorithm , Running on multiple nodes around the world , No one or organization can modify , Not controlled by any single person or institution . It's called Q Money is electronic money , Or corporate tokens . Call bitcoin digital currency or cryptocurrency .


source :  Ivy League of alumni


Statement : This article only represents the author's personal views , Does not constitute an investment opinion , Does not represent the platform's position . The discussion and point of view in the article , Please pay attention to judgment .



Q & A on blockchain technology



In short , Blockchain is a decentralized trust mechanism .


In the past, blockchain was mainly used in bitcoin , Until the last six months , Blockchain has gradually begun to have some other applications , Especially in finance , So people keep asking me :“ HAOGE , Tell us about blockchain ”. I want to find an article for you today , It's popular science , You don't need to have any background in technology or Finance , I hope that's helpful .


This question and answer is mainly aimed at understanding blockchain , Ordinary people with no technical or financial background . Will try to avoid all technical terms .


ask : What is a blockchain ?

answer : Blockchain (Blockchain) It refers to the technical solution to collectively maintain a reliable database through centralization and distrust .


ask : Can you explain what blockchain is ?

answer : to put it bluntly , Blockchain technology refers to a way for the whole people to participate in bookkeeping . All systems have a database behind them , You can think of a database as a big ledger . So it's very important who keeps this account book . At present, it is whose system will keep accounts , The account book of wechat is Tencent's record , Taobao's account book is Ali's . But now in the blockchain system , Everyone in the system has the opportunity to participate in bookkeeping . If there is any data change in a certain period of time , Everyone in the system can do bookkeeping , The system will judge the fastest and best bookkeeper in this period of time , Write his records in the books , And send the account book content to all other people in the system for backup during this period . So everyone in the system has a complete ledger . This way, , We call it blockchain Technology .


ask : What are the advantages of such a blockchain with nationwide bookkeeping ?

answer : You can find , It's at the expense of a little bit of efficiency , Get a lot of security . First of all, there is no big central ledger , So it's impossible to destroy . Every node is just a part of the system , Each node has equal rights , As like as two peas . Destroying some nodes has no effect on the system at all . secondly , You can't cheat , Because unless you can control most people's computers in the system to make changes , Otherwise, the system will refer to the opinions of the majority to decide what is the real result , It turns out that there's no point in changing your books ( Because people don't admit it ). secondly , Because there is no centralized intermediary , Let everything run automatically through a preset program , Not only can it greatly reduce costs , It can also improve efficiency . And because everyone has the same ledger , To ensure that the accounting process is open and transparent .


ask : Has blockchain solved any problems ?

answer : The most important thing of blockchain is to solve the problem of intermediary credit . in the past , It's hard for two people who don't know and trust each other to work together , We have to rely on a third party . For example, payment behavior , In the past, any kind of transfer , There must be institutions such as banks or Alipay . But through blockchain Technology , Bitcoin is the first time that human beings have realized it without any intermediary , Complete the transfer behavior that both sides can trust each other . This is a major breakthrough in blockchain .


ask : Is blockchain bitcoin ? Or is bitcoin a blockchain ?

answer : Blockchain technology is the underlying technology of bitcoin , In the early days, not many people noticed the underlying technology of bitcoin . But when bitcoin is not operated and managed by any centralized organization , Very stable operation for many years , And there were no problems . So a lot of people have noticed , The underlying technology may have a big mechanism , And not just in bitcoin , Maybe it can be applied in many fields . So we abstracted bitcoin Technology , It's called blockchain technology , Or distributed ledger Technology . So from a certain point of view , Bitcoin can be seen as the first application of blockchain , And blockchain is more like TCP/IP Such underlying technology , It will expand to more and more industries in the future .


ask : Which industries can blockchain technology be used in ?

answer : The main advantage of blockchain is that it doesn't need intermediary participation 、 The process is efficient, transparent and low cost 、 Data is highly secure . So if any industry with any demand in these three aspects has the opportunity to use blockchain Technology .


ask : Why should the financial sector use blockchain Technology ? What are the substantial benefits ?

answer : The main advantages of blockchain technology in the financial field are disintermediation and cost reduction .


First of all, the financial industry is currently facing the problem of preventing single point of failure and systemic risk , We need to carry out layer upon layer audit to control financial risks , But it also creates high internal costs . And because of the increasing number of regulations , especially 2008 As a result of the financial crisis in, the threshold of financial control has been rising , The scope of anti money laundering and anti-terrorism financing caused by the war on terrorism has gradually expanded the scope and depth of supervision , This has led to a sharp increase in regulatory costs across the financial system . under these circumstances , Blockchain technology can greatly reduce the cost of a real financial system through tamper proof and high transparency . According to a report released by Santander, Spain's largest bank ,2020 If blockchain technology is used in banks all over the world around the year , Maybe every year 200 Billion dollars in costs . That's enough to say “ Blockchain ” Great changes and breakthroughs brought to the traditional financial field .


Besides, for historical reasons , As a result, traditional financial institutions rely on the central clearing house for settlement and settlement , The problem is inefficiency . The traditional cross-border settlement is because it has to go through something like SWIFT Such institutions , Therefore, cross-border wire transfers are usually calculated by day . But when bitcoin uses blockchain Technology , In the absence of a centralized operator , It's been running perfectly for seven years , It can not only realize real-time settlement and clearing , And there has been no accounting error . therefore , If all financial systems can achieve decentralized real-time settlement and clearing , Not only will it greatly improve the efficiency of global finance , And it can change the pattern of global finance .


ask : What bitcoin says “ dig ”?

answer : In bitcoin “ dig ” Actually, it's the process of bookkeeping , Bitcoin uses a method called “ Proof of workload (Proof of Work,PoW)” The mechanism of , The system is trying to find out who has more computing power , One math problem at a time , Only the computer that can work out the problem the fastest can keep accounts . And the computer that grabs the right to account gets 25 A bitcoin reward . This behavior is often called “ dig ”, Think of bitcoin as a reward for mining success .


ask : Do all blockchains need mining ?

answer : Not all blockchain projects will adopt something like bitcoin “ Proof of workload ” The way , This is more in the early blockchain projects . If other proof mechanisms are adopted , Such as “ Proof of interest (Proof of Stake,PoS)”、“ Share authorization certification mechanism (DPoS,Delegate Proof of Stake)” There is no need to adopt such a mining method .


ask : What's the relationship between blockchain and big data ? Blockchain will replace Big Data ?

answer : The relationship between blockchain and big data is not very big . Big data is mainly for the management of massive data , The core of blockchain is to achieve high security and high reliability of data without centralized mediation . So blockchain and big data don't conflict with each other , And it won't replace , It's totally different solutions for data in different scenarios .


ask : What's the relationship between blockchain and cloud computing cloud storage ? Is blockchain cloud computing or cloud storage ?

answer : Cloud computing is usually defined as providing dynamic, scalable and often virtualized resources through the Internet , But it is often a centralized organization that provides cloud computing platform . The network composed of blockchain generally has no specific organization , So blockchain is closer to the definition of distributed computing system , It belongs to a kind of distributed computing . however , Blockchain can realize cloud storage , Different from the centralized cloud storage space at present , Some blockchains provide decentralized cloud storage solutions . Such projects include Storj,Sia,Maidsafe.


ask : Is blockchain software ? What program is it written in ?

answer : Blockchain is not a specific kind of software , It's like “ database ” The three words have the same meaning , It's a design idea for a specific technology . It can be implemented in most languages , And there are many ways to achieve it . And blockchain technology is still in rapid development , Relatively speaking , At present, the design idea of blockchain technology is relatively simple , Maybe it will become more complicated in the future .


ask : What is the public chain ? What is a private chain ? What is the alliance chain ?

answer : Any node of the public chain is open to anyone , Everyone can participate in this blockchain and participate in Computing , And anyone can download the complete blockchain data ( All the books ). But in some application scenarios of blockchain , I don't want anyone involved in this system , Anyone can see all the data , Only licensed nodes can participate and view all data . So this kind of blockchain structure is called private chain .


Alliance chain means that the permissions of each participating node are completely equal , We can achieve the trusted exchange of data without complete mutual trust ,R3 What the bank blockchain alliance will build is a typical alliance chain .


But with the rapid development of blockchain Technology , Do not rule out after the public chain and private chain boundaries will become more fuzzy . Because each node can have more complex read and write permissions , Maybe nodes with partial permissions will be developed to everyone , However, some nodes with accounting or core permissions can only be opened to licensed nodes , It will no longer be a pure public or private chain .


ask : At present, the main problems in the development of blockchain Technology ?

answer : At present, blockchain technology is still in a very early stage , Not only has it not yet formed a unified technical standard , And various technical solutions are still developing rapidly . But it used to be thought that the system based on blockchain technology would be very resource intensive ( Similar to bitcoin ), Or blockchain technology system processing data is limited and other issues have been technically breakthrough . however , For the scalability of blockchain Technology , It has not been tested by large-scale practice , And now it's mainly in the prototype design stage .


If quantitative analysis is not available , The practical benefits that blockchain technology can bring us , Including the money saved and the value created , Then the financial industry will remain relatively cautious in the short term . After all , At present, the global financial infrastructure investment has exceeded trillions , To establish a new financial architecture and underlying operating system, it needs to be supported by actual data . In the case that the existing technology has not been deployed and the use case has not been obtained , It is difficult to determine the total amount that can be saved . So far , There is still a big question , It's just how much money is needed to build a strong enough blockchain to handle the platform , The trillions of dollars that the capital market ecosystem needs to face every day .


In addition, the blockchain industry is extremely short of talents , Lack of a lot of knowledge about blockchain Technology , Also know many aspects of financial talents , The market is desperately looking for talent to connect the two worlds , Need to be able to be in the real world , The blockchain technology can be realized in the capital market , And achieve better functionality . We need to build a new system based on blockchain technology , It is necessary to have such cross-border talents .


ask : What is a smart contract ?

answer : Smart contract is a kind of contract that uses computer language instead of legal language to record terms . Smart contracts can be executed automatically by a computing system . If blockchain is a database , Smart contract is the application layer that can make blockchain technology applied to reality . The contract in the traditional sense has no direct connection with the computer code that carries out the content of the contract . Paper contracts are mostly filed , And the software will execute the contract terms written in computer code . The potential benefits of smart contracts include reduced contract signing 、 The cost of enforcement and regulation ; therefore , For many contracts related to low value transactions , It's a huge reduction in labor costs .


ask : How to use smart contracts ?

answer : If the central bank can issue legal money through blockchain , Then we can also use smart contract technology , Embedding code into the act of issuing legal money , Then this part of the coin can be called “ Programmable currency ”. such as , If the Central Bank specifies that a certain amount of funds should be distributed to agriculture related accounts , Then you can write this part of the funds into the corresponding program , It is specified that this part of funds can only be entered into agricultural related accounts , Then this part of the funds can not be misappropriated to other accounts under any circumstances . If most of the money becomes “ Programmable currency ”, So we can imagine , The financial environment they make up becomes “ Programmable Finance ”.


ask : What does blockchain have to do with ordinary people ?

answer : Basically it doesn't matter , Unless you're ready to start a business . Just like TCP/IP The relationship between agreements and ordinary people , Ordinary people don't need to know what's at the bottom of the Internet TCP/IP agreement , Just enjoy the services provided by the Internet . 


ask : Whether blockchain projects must have some kind of currency ?

answer : No . Bitcoin itself is a payment system , So it needs to have a value measurement tool , So there must be bitcoin appear . Besides , In order to reward more people who are willing to contribute their computers to provide computing for the system , So there needs to be bitcoin To reward . And in some private chain systems , You can design specialized assets to trade , And every node must participate in the calculation , It's their responsibility and their right , So there's no need to think about encouraging them to participate by rewarding them , Therefore, in such a system, it may no longer be necessary to design the existence of some kind of currency .


ask : Is bitcoin legal now ?

answer : Bitcoin is in the major world powers , Including China has always been completely legal . Because of the misleading of some bad media , Many people think that China has declared bitcoin illegal . in fact , according to 2013 year 12 month 5 Japan , The notice on preventing bitcoin risks issued by the people's Bank of China and other five ministries and commissions clearly stipulates that , Bitcoin is a specific virtual commodity , Ordinary people have the freedom to participate at their own risk . And all kinds of financial institutions and Payment institutions are not allowed to carry out bitcoin related financial services , Or bitcoin as an investment target .


Bitcoin is the unit of currency in Germany , In the United States, it's defined as commodities . The European Court of justice considers bitcoin as a means of payment , No value added tax .


ask :XX Can money be invested ? Is it a blockchain project ? Is it MLM ?

answer : At present, all digital currencies, including bitcoin, have high risks , Blockchain technology itself is just in its infancy , All blockchain projects also have very high risks . No ordinary person is recommended to invest in any digital currency and blockchain related projects . And digital currency and blockchain have a certain technical threshold , Ordinary people can't tell which projects are real , Which are MLM projects . So ordinary people suggest not to invest in any of these projects . For any project that you can't tell if it's MLM , Please regard it as a pyramid selling project directly .


ask : How to invest in blockchain ? 

answer : Most blockchains are in their infancy , And mostly overseas , There are very few good blockchain projects in China , Therefore, it is not recommended that any non professionals invest in blockchain projects . If you're interested in blockchain Technology , I have a technical or financial background , It is suggested to consider starting a business in this area .


ask : Blockchain / Who invented bitcoin ? Is Nakamoto Japanese ? Is it a conspiracy of the US government ? 

answer : Bitcoin is a company that calls itself “ Nakamoto ” Created by a group of people or people , And at the beginning of the bitcoin project, it was completely out of the project .“ Nakamoto ” It's very unlikely to be Japanese , Because he can infer from his past emails , He should be a native English speaker .


In addition, bitcoin creators have no influence on the current bitcoin project , So it's unlikely to be the product of a conspiracy . No matter what “ Nakamoto ” Whether or not there will be , Or being wiped out physically doesn't have much impact on the bitcoin .


ask : Bitcoin and Q What's the difference between coins ?

answer :Q Currency is a centralized electronic currency , Including the total amount , The way of distribution is controlled by Tencent . And the total amount of bitcoin , The distribution mode is preset by the program and encryption algorithm , Running on multiple nodes around the world , No one or organization can modify , Not controlled by any single person or institution . It's called Q Money is electronic money , Or corporate tokens . Call bitcoin digital currency or cryptocurrency .


ask : Is there a limit to the total amount of bitcoin ? How is it distributed ?

answer : As I said before , Miners have a chance to get a reward for competing for the right to keep accounts . In the beginning, it was every 10 The minute system rewards the fastest and best bookkeepers 50 Bitcoin , Then this 50 Half every four years , Almost 2140 There won't be any new bitcoin in 2010 , Will reach 2100 The upper limit of 10000 . After this , A transaction fee will be used to reward miners .