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Cryptocurrency transactions through blockchain trust is still the primary issue

Time : 23/07/2021 Author : ztscbl Click : + -
        Blockchain technology has created an industry worth hundreds of billions of dollars, and set off a wave of innovation in the fields of distributed systems, encryption and economics. Some people believe that blockchain will become an integral part of the future of money, government and the Internet. Others believe that this is a transitional foam, and cryptocurrency will be eclipsed in history. The initial vision of cryptocurrency is to provide transparent and untrusted funds for people, and seek to become "digital cash" and replace cryptocurrency of various currencies and cryptocurrencies in the world. It needs to have the following attributes: two people who are interested in trading with each other directly exchange hands. They actually exist, so authenticity can be easily verified without repeated consumption.
 
        Blockchain defines a protocol that allows two people to trade with each other in a "peer-to-peer" manner. We should consider that unreliable systems do not completely eliminate trust, but rather allocate it to economies that encourage certain actions. In these cases, trust is minimized, but will not be deleted over the Internet. When you digitally transfer value from one account to another on the blockchain, you are convinced that the underlying blockchain system can not only enable the transfer, but also ensure the authenticity and currency validity of the sender. Trust is always the most important issue in the trading market. Cryptocurrency does not need to trust peers, and transparency (at least between the parties) is necessary for businesses that do not have "entrusted" intermediaries (such as banks that charge large commissions).
 
        In an untrusted environment, no single entity has control over the system, and consensus is reached when participants do not know and do not trust any other participants outside the system itself. It is important to consider that the distrust system will not completely eliminate trust, but rather distribute trust among economies that encourage certain behaviors. In this case, trust will remain at the lowest level, but will not be eliminated. In a "centralized" system, we trust a third party as an intermediary to ensure these two attributes. In "decentralized" systems, our trust is everywhere, that is, in public key cryptography and in consensus mechanisms that allow us to determine the truth.
 
        At present, "proof of work" and "proof of interest" are general agreements of consensus mechanism, each with its advantages and disadvantages. Proof of interest. The idea of resisting censorship is that no nation state, company or third party has the right to control who can trade or keep their wealth online. Anti censorship ensures that the laws governing the network are pre-set and cannot be retroactively changed according to a specific agenda. Transparency is not always a good thing. In order to make the privacy coin work without the complete collapse of the government, it will need some auditable information, using zero knowledge proof or similar technology to encrypt the coins of transactions, but in addition to basic knowledge, sharing economic status with the world does not seem to be a good choice.
 
        For large-scale adoption, we need a stable cryptocurrency. You cannot buy things, pay wages, or expect them to work at rapidly changing conversion rates. In order to maintain price stability, a management structure similar to Dao, digital decentralized autonomous organization, may be required. However, so far, this function has not been properly designed and requires a lot of work to complete.
 
        
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