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How does blockchain work?

Time : 28/04/2022 Author : keuyad Click : + -
        In blockchain, when a transaction is generated through a node or wallet, the transaction must be transmitted to other nodes for verification. The method is to encrypt the transaction data through digital signature and obtain a unique hash value representing the transaction through hash function, and then broadcast the hash value to other participating nodes in the blockchain network for verification. There are three main technologies combined to create blockchain. They are not new technologies. On the contrary, their arrangement and application are new. They are: private key cryptography; Distributed network with shared ledger; Encourage service network transactions, record keeping and security. The two want to trade through the Internet.
        Each of them has a private key and a public key. The main purpose of this blockchain technology component is to create a secure digital identity reference. Identity is based on having a combination of private and public keys. The combination of these keys can be regarded as a clever form of consent to create a very useful digital signature. In turn, this digital signature provides strong control over ownership. But strong control is not enough to ensure digital relationships. At the same time of authentication solution, it must be combined with the means of approving transactions and licensing (authorization). For blockchain, this starts with distributed networks. If a tree falls in a forest and records its autumn with a camera, we can definitely see that the tree has fallen.
        We have visual evidence, even though the details (why or how) may not be clear. A large part of the value of bitcoin blockchain is that it is a large network in which verifiers (such as analog cameras) have reached a consensus that they have witnessed the same thing at the same time. Instead of using cameras, they use mathematical verification. This is one of the most attractive characteristics of bitcoin blockchain. It is so large and has accumulated so much computing power. At the time of writing this article, bitcoin had a margin of 3.5 million Th / s, more than the sum of the world's 10000 largest banks. Ethereum is still relatively immature. Its security is about 12.5th/s, surpassing Google. It is only two years old and is basically in test mode.
        When the key is combined with this network, a super useful form of digital interaction appears. This process begins when a takes away their private key and publishes some type of message – In the case of bitcoin, you send a cryptocurrency – And attach it to B's public key. A realist may question the fallen trees in the forest and ask the following question: Why are there a million computers with cameras waiting to record the fall of a tree? In other words, how do you attract computing power to serve the network and make it secure?. For an open public blockchain, this involves exploitation. Mining is an old economic problem &mdash& mdash; Tragedy of the Commons &mdash& mdash; A unique method of.
        With blockchain, you can serve the network by providing your computer processing ability, and there is a reward that can be used for a computer. One's self-interest is used to help meet the needs of the public. With bitcoin, the goal of the protocol is to eliminate the possibility of using the same bitcoin in different transactions at the same time, which is difficult to detect. This is how bitcoin tries to act as gold. Bitcoin and its basic unit (satoshis) must be uniquely owned and valuable. In order to achieve this, the nodes serving the network create and maintain the transaction history of each bitcoin, and work to solve the mathematical problem of work proof.
        They basically vote with their CPU power to express their agreement on new blocks or reject invalid blocks. When most miners reach the same solution, they will add a new block to the chain. This block is a timestamp and can also contain data or messages. For each blockchain, the type, number, and validation may be different. This is the problem of blockchain protocol &mdash& mdash; Either what is the rule of invalid transaction, or the effective creation of a new block. The verification process can be customized for each blockchain. Any necessary rules and incentives can be created when enough nodes reach a consensus on how to verify transactions.
        This is a taster's choice, and people just start trying. We are currently in the development stage of blockchain, and many such experiments are in progress. The only conclusion reached so far is that we have not fully understood the flexibility of blockchain protocols. Return to Sohu to see more.
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