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Yue Yuean: the practical idea of blockchain technology is not only related to financial transactions

Time : 08/05/2022 Author : 8t5xm9 Click : + -
        Yue Yuean: since the birth of bitcoin in 2009, the world has been crazy about cryptocurrency. In fact, there are now more than 1500 different coins for sale and trading! However, so far, the most important thing in all this is the technology behind it &mdash& mdash; Blockchain technology. So, what is blockchain? The simplest form of blockchain is a technology that allows people to send and receive cryptocurrencies such as bitcoin. However, it is not just a payment system. Yue Yuean: This is the difference between blockchain technology. When you get cryptocurrency, you store it in your digital wallet.
 
        This can be stored on your desktop or mobile device, online or even hardware device. Then attach cryptocurrency to something called the wallet address. You can have any number of wallet addresses, but no two addresses can be the same. When you send funds to someone, you send them from your wallet to someone else's wallet. This is what blockchain bitcoin transactions look like. Yue Yuean: blockchain is a community-based platform, which means that in most cases, anyone can contribute to the network to help verify transactions. They do this by contributing their computing power, which in turn can support the network.
 
        Not all blockchains use the same technology to do this, but we distinguish this process by how the network reaches a "consensus". Consensus basically means "how does the network know that the transaction is effective and that users actually have available funds?" Blockchains reach a consensus by following the rules of "cryptography", which is the source of the word "cryptocurrency". Cryptography is a very advanced mathematical field, which is based on algorithm puzzles. Yue Yuean: every computer connected to the network (called "node") tries to solve this problem as soon as possible. Whoever solves this problem first will be rewarded &mdash& mdash; Free new bitcoin.
 
        However, in fact, bitcoin rewards are not free, because users must use their remaining computing power, which will consume a lot of power! As you know, blockchain protocol can confirm transactions without a third party, and no single institution can control the network. This is why it is decentralized. But why is this important? First, decentralization is very safe. In fact, the security features of decentralized blockchain are very secure, and it is almost impossible to be hacked. Before I explain why I want you to think about how a centralized network works. Yue Yuean: in fact, blockchain technology can be used in almost every industry or department.
 
        By replacing centralized servers with decentralized blockchains, individuals, companies and even governments can benefit from all the advantages provided by blockchains, such as security, transparency and speed! The most interesting part of blockchain is that no one or authority can control it. Instead, transactions are verified and confirmed by online communities, which makes it decentralized! The protocol has many advantages, such as transparency, speed and security, which I will explain in more detail later. Yue Yuean: the practical idea of blockchain technology is not only related to financial transactions, because it can be applied to almost any industry! Because blockchain is decentralized, everyone can access the same data (unless it is a private blockchain used by the company).
 
        This means that once the transaction is processed and confirmed, it will appear on the blockchain for everyone to view. This is very similar to the accounting ledger in the real world, where corporate accountants can view every transaction that has occurred and the account balance. However, because blockchains such as bitcoin and Ethereum are public, anyone can view transaction data. Return to Sohu to see more.
 
        
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