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Analyze oklink: "bit series" blockchain browser innovation and breakthrough

Time : 13/07/2022 Author : 19vrbx Click : + -
        Bitgold, silver Wright. Such a statement has been circulating for a long time. Wright coin can almost be said to be a replica of bitcoin, whether it is similar code or using the same utxo model. In a sense, Wright coin can be called the first real "child" of bitcoin ", which also makes Wright coin play a decisive role in the history of cryptocurrency. Recently, Wright coin ushered in the second production reduction since its birth, which once again attracted people's attention. Oklink technology team also officially launched the blockchain browser — LTC browser for the second currency, and successfully monitored the first block after the production reduction in the internal test stage.
 
        The birth of Wright coin can be traced back to 2011. Charlielee, an engineer from Google, created Wright coin and set the goal of becoming "bitcoin gold". In 2009, satoshinakamoto launched bitcoin, the most famous cryptocurrency in the world. Its code is open source, which means that it can be modified by anyone and freely used in other projects. Wright coin was born on this basis and also uses utxo model. Although both Wright coin and bitcoin were originally based on the same code, the fact that the transmission was recorded on a completely independent blockchain means that they are different cryptocurrencies.
 
        Wright coin solves the problem of slow transmission speed of bitcoin. It shortens the transaction confirmation time to 2.5 minutes, compared with 10 minutes before bitcoin. The second is the total amount of coins. The upper limit of the total amount of Wright coins is set at 84 million, which is four times higher than that of special coins. Wright coin uses the script algorithm as the core algorithm. Compared with bitcoin's SHA-256 algorithm, it sacrifices processing power, but it is simpler, supports high-speed memory access, and reduces mining costs. Lightcoin also took the lead in supporting new technologies and features such as isolation verification and lightning network, and has proved that the new technology is reliable and feasible in the industry.
 
        On the surface, there is little difference between Wright coin and bitcoin, and it is difficult to see the difference even in the updated code of GitHub. But in fact, Wright coin has made many innovations and also proved the success of the technology that has not been fully introduced. This makes it quickly enter the ranks of mainstream cryptocurrencies and become an investment choice with a large number of users. Related blockchain facilities have emerged, such as mining pools, wallets, etc., and blockchain browsers are also one of them. The recent halving for the second time has once again strengthened the scarcity of Wright coins from the perspective of deflation, paving the way for the subsequent growth of Wright coins. In terms of commercial feasibility, oklink's intention to launch LTC browser is self-evident.
 
        After all, Wright coin has a huge user base and investment value, indicating its high demand. On the other hand, the special significance of Wright coin in the history of cryptocurrency also implies the inevitability of oklink launching LTC browser. If it is commercially feasible, technically, oklink launched LTC browser because utxo model has continuity and integration. The full English name of utxo is unspenttransactionoutput, which is simply understood as: transaction output without consumption. Bitcoin is essentially a virtual currency, which is a string of codes reflected in concrete things, and utxo is an account model that records bitcoin transactions. Nakamoto Cong created and quoted it when building bitcoin.
 
        Generally speaking, when talking about utxo, we always think of bitcoin first, but it should be noted that utxo is not unique to bitcoin. For example, LTC, BCH, BSV and other "bit series" currencies use utxo model, while Ethereum uses account model. This is also why oklink blockchain browser gives priority to launching LTC browser after BTC browser is launched, which is one of oklink's playing methods. In addition to the importance of historical nodes, LTC is also consistent with BTC in currency characteristics, which will save the development cycle to a large extent, quickly enrich the browser's "database", and provide the necessary basic conditions for the subsequent real-time analysis of data on the chain.
 
        "More than a month after oklinkbtc browser was launched, we launched LTC browser, which shows that utxo currency has its origin, and we will launch BCH and BSV browsers at the same time soon." Zhang Chao, vice president of oklink products, revealed. We can understand utxo as a data structure in the transaction process. The unspent transaction output utxo is a data structure containing transaction data and execution code, which can be popularly interpreted as an encrypted digital currency that has been received by an address but has not been spent. Blockchain based cryptocurrency uses utxo to verify whether an address has unused cryptocurrency for payment.
 
        The core of current bank payment systems and securities trading systems, including Internet third-party payment systems (such as Alipay and wechat), is the design based on accounts, and the underlying data is supported by relational databases. In the field of cryptocurrency, the account model of bitcoin is based on utxo data structure. Therefore, there is such a saying in the industry: "in fact, there is no bitcoin, only utxo." In the actual transaction scenario, the composition of a utxo transaction is as follows: (1) a pays B 6 bitcoins; (2) A pays B 2 bitcoins; (3) C pays B 1 bitcoin; (4) B transfers out 4.5 bitcoins to others, and the previous number of bitcoins in B wallet is 0.
 
        The change results of bitcoin (utxo) in B's wallet are as follows: (1) after that, there is a utxo revenue transaction with a size of 6 in B's wallet, and the net utxo is 6; (2) After that, there are two utxo revenue transactions in B wallet, one with a size of 6 and one with a size of 2, and the net utxo is 8; (3) After that, there are three utxo transactions in B wallet, one with a size of 6, one with a size of 2 and one with a size of 1. The net utxo is 9. Note: (4) after that, based on (3), a new expenditure of 6 utxos is added in B's wallet, and then a new revenue transaction with a size of 1.5 is added.
 
        Net utxo is 3--4.5 (final state). The reason for this operation is that in the utxo model, the basic unit of transaction processing is a transaction record, and the input of any transaction is the output of a transaction. The above three utxos with the size of 1, 2 and 6 can be regarded as three coins with the denomination of 1, 2 and 6. The coins cannot be broken, so they can only take out the appropriate one and spend it all, and then accept the change of the other party. In the bitcoin trading system, the process of "change" is automatic, and the utxo receiver (target address) cannot perceive it. To sum up, utxo has three principles: 1. All transactions begin with coinbase (that is, from the reward of mining); 2. Except for coinbase transactions, all transaction inputs must come from the utxo output of one or more previous transactions; 3. The total transaction expenditure of each transaction is equal to the total transaction income.
 
        Theoretically, the maintenance of utxo model is more difficult than Ethereum's account model. Mainly because utxo model focuses on the concept of account, while account focuses more on the concept of protocol. Therefore, utxo model is difficult to implement and more troublesome to maintain for complex logic or contracts that need state preservation. By using the protocol to write smart contracts, account can save contracts in the form of code in the account, which increases flexibility and programmability and reduces the cost of batch operations. For the oklink team, the priority to choose the currency of utxo model for the development of blockchain browser is actually to understand the "trading world of the chain" from the design logic of bitcoin, and to understand the real value brought by bitcoin and the technical meaning of currency iteration from the most original place.
 
        Although this has brought a lot of trouble, But for everyone who respects the concept of "decentralization", it is a pilgrimage to technology. It is worth noting that the LTC browser launched by oklink this time still follows the blockchain browser technology architecture previously developed. Relying on this architecture, the LTC browser launched by oklink has been in the leading position in the industry in terms of timeliness, comprehensiveness and accuracy. "Oklink's LTC browser can be said to be the fastest browser at present. We calculated the actual block difficulty and target difficulty, while the vast majority of LTC browsers only calculated the target difficulty. In the process of our test, we monitored the browser of 1680000 block, the first block after the LTC production reduction.
 
        ”Zhang Chao introduced. At present, oklink blockchain browser focuses on positioning three technical directions: blockchain, big data and artificial intelligence (AI direction), which work closely together to create the overall ecosystem of blockchain data portal. Among them, the role of blockchain pays more attention to the whole node as the data source provider, relies on the distributed, open, transparent, traceable, tamper proof and other characteristics of blockchain technology, and combines various technologies such as data distributed storage, point-to-point transmission, consensus mechanism, encryption algorithm to form a blockchain innovative application mode. Big data is focused on the analysis of blockchain data sources and pushed to Kafka message queue for statistical analysis, real-time calculation and offline calculation.
 
        At the same time, the front-end of the browser shows that TOC provides online retrieval services and provides tob (business oriented) API access for different data applications. Artificial intelligence (AI) technology is more combined with blockchain. Both of them have their own areas of play, but they can't avoid their own weaknesses. Learning from each other's strengths and complementing each other's weaknesses have a greater space for integration. In the blockchain browser scenario, there are many scenarios for AI landing. From the open, transparent and tamper proof data, we can find more value mining behind the data. For example, address portraits and quantitative transactions all find relevance from existing block data. "Blockchain data decentralization and distributed storage have brought AI an open and transparent big data ecological market and enriched AI's data feature engineering, model and algorithm improvement.
 
        At the same time, applying AI technology to blockchain can make blockchain smart contracts, workload proof, autonomous organizations, etc. more intelligent, efficient, safe and accurate evaluation in the future. The three architectures connect with each other, consolidating the underlying technology, and also enabling oklink's upcoming currency browser to proceed steadily. " Zhang Chao said that blockchain technology lacks corresponding applications or scenarios, and most people's understanding of blockchain remains at the stage of speculation. This is also the reason why blockchain has been questioned, even though it has been in public view for nearly two years. Just as every innovation must be endowed with meaning by the times, the renewal and iteration of blockchain technology may be slow, but it has come.
 
        
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