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Time : 06/02/2022 Author : v3nts5 Click : + -
        A new blockchain system designed for network problems. Bitcoin itself is an account book, which can only be used for financial bookkeeping. Its mining rewards are also directly calculated. Therefore, fundamentally speaking, bitcoin does not have Turing completeness, and other activities of human society cannot be directly reflected on the bitcoin chain. Compared with bitcoin, it provides ether scripts for building and publishing distributed applications, that is, smart contract programming language. Traditional software systems can link and Bridge smart contracts by designing and developing them. As we all know, blockchain is a point-to-point network system that creates and stores huge transaction data by using technologies such as cryptography and consensus mechanism.
        The data of a single block is concatenated through the hash value of the block, thereby forming a chain like complete ledger data. In order to maintain the past transaction records of currencies, cryptocurrencies generally add new functions or plug loopholes by forking the chain. Unexpected bifurcation occurs when two or more miners successfully dig a block at almost the same time. At this time, the miners will respectively mine on the two forks until one fork is longer than the other (which means that the miners have reached a consensus on which fork to adopt). Then, the mining network will give up mining other branches, and the abandoned blocks are called isolated blocks. Because of this situation, many cryptocurrency users require the transaction to reach a certain number of confirmations, so as to prevent accidental bifurcation from making the block where the transaction is located invalid.
        Blockchain formation: the main chain (black) consists of the longest series of blocks from the occurrence block (green) to the current block. Isolated blocks (purple) exist outside the main chain. In order to maintain the stability of the blockchain network, the blockchain nodes will perform some repair and update operations from time to time, which is equivalent to the upgrading and updating of traditional Internet software. Because of the decentralized nature of the blockchain, it is actually uncontrollable whether users will upgrade and use the latest version of nodes, and it is impossible to centralize user data and perform mandatory upgrading and updating like traditional Internet software. This may cause certain information deviation in the data connection and identification of new and old versions of the blockchain nodes.
        Hard fork: the block generated by the new fork in the hard fork will be considered invalid by the old software. The result of hard bifurcation is that two chains will be generated, which do not interfere with each other. Soft bifurcations: compared with hard bifurcations, the blocks generated by soft bifurcations can be recognized as effective blocks by the old software, that is, the blocks are backward compatible. However, blocks generated by old software may not be effective under the new rules. On June 17, 2016, a hacker discovered a vulnerability in the code of the Dao project and stole 3.6 million eth from the Dao project, which was worth $70 million at that time. This error does not come from eth itself, but as a platform, ETH should take handling measures.
        2. Rollback transaction. Starting from block height 1760000, any transaction related to the Dao and childdao will be regarded as invalid transaction and the funds will be returned to the investors. After the discussion of the developers, V Shen, the founder of eth, proposed to roll back the stolen Ethereum, which was supported by most team members. This rolled back chain is eth. However, a few members of the ETH team believe that the transaction is irreversible, which is one of the basic characteristics of the blockchain. Although the practice of V God rolling back the transaction has been agreed by most people, it has violated the tamper proof spirit of the blockchain. Therefore, some people refuse to roll back the transaction of stolen eth.
        Unlike eth1.0, which can only achieve a throughput of 15tps, eth2.0 can process tens of thousands of transactions (or even more) per second without reducing its degree of decentralization. Eth2.0 will involve sharding to greatly increase network bandwidth and reduce gas cost, thus making it cheaper to send eth, tokens and interact with smart contracts. In addition, eth2.0 will introduce the proof of interest (POS) mechanism, instead of following the proof of work (POW) mechanism used by BTC and eth1.0. Like BTC, ETH is also a P2P module composed of multiple nodes.
        At present, when a single eth node processes a new transaction, it will synchronize the information of the entire eth blockchain, which to a certain extent causes an increase in computing power and storage space. With the continuous growth of data on the ETH chain, the application efficiency in computing power and other aspects will gradually decrease. If it is expanded by increasing the size of the existing database, it will make it more difficult for network verifiers to access eth, because they need powerful and expensive computers. At this time, the benefits of fragmentation will be reflected. Sharding is a process of horizontally dividing a database to disperse the load& mdash; This is a common concept in computer science.
        In the case of eth, the network congestion will be reduced and the transaction volume per second will be increased by creating new chains (called "shards"). A single node can only focus on one slice. When processing a new transaction, it only needs to synchronize the corresponding slice content. In this way, nodes do not need to store the content of the entire eth blockchain, and can use their computing power more effectively, releasing a larger network capacity. Once the sharding chain is online, there will be many sharding chains working in parallel on the ETH main network. And the beacon chain contains all the logic to keep the fragment safe and synchronized. The beacon chain will coordinate the pledgers in the network and assign them to the segments they need to handle.
        It will also facilitate communication between segments by receiving and storing segment transaction data accessible to other segments. This will provide an overview of eth status for the slice to keep everything up to date. The beacon chain does not cause any changes to the ETH we use today. It will serve as a consensus layer coordination network and provide proof of rights for the ETH ecosystem. The beacon chain will handle or coordinate the extended network of segments and Pledgors, but it will be different from today's eth main network. It cannot handle accounts or smart contracts. The beacon chain will also introduce the proof of interest consensus mechanism (POS) in eth. The beacon chain was initially launched separately from the main network (the chain we use today).
        The ETH main network continues to be protected by the proof of work, even if the beacon chain runs in parallel with the proof of interest. "Merger" refers to the final integration of these two systems. When it is ready, the ETH main network will "merge" with the beacon chain to become a segmented chain of eth, using proof of entitlement (POS) instead of proof of work (POW). Proof of interest requires that a single node needs to pledge at least 32 eth before it can process transactions and create new blocks in the chain. Relatively speaking, it is easier to pledge and become a verifier than mining with the current workload proof mechanism. In the long run, people hope that this can help improve the security of eth.
        After all, the more people participate in the network, the more dispersed the network will become and the more secure it will be in the face of attacks. However, the starting amount of 32eth has raised the entry threshold of eth nodes to a certain extent. It may cause the loss and transfer of the original miner nodes of eth. Based on the history and current situation of eth, the main network will bring the ability of executing smart contracts to the rights and interests certification system, and guarantee smooth transition to all eth holders and users. Sharding is a multi-stage upgrade to improve the scalability and capacity of eth. Sharding chains provide cheaper additional storage layers for applications and volume stacks to store data. They enable layer 2 solutions to provide lower transaction costs while taking advantage of the security of eth.
        These shards will enhance the ability of eth to store and access data, but will not be used to execute code. Take BTC as an example. In the P2P network of BTC, there are many nodes, such as miners. By solving the problem of having a certain workload proof mechanism (POW), the miners confirm the transactions in the BTC system for a period of time and record them on the blockchain to form a new block. Every time a new block is packed, the miners who pack the block can get a BTC as a reward. Therefore, packing new blocks is called mining. There are roughly three consensus mechanisms in the blockchain: proof of work (POW), proof of entitlement (POS) and proxy proof of entitlement (dpos).
        Workload proof mechanism is an economic countermeasure against service and resource abuse or denial of service attack. Generally, the user is required to perform some time-consuming and complex calculations, and the answers can be quickly checked by the service provider, so that the time, equipment and energy consumed can be used as the guarantee cost to ensure that the services and resources are used by the real needs. This concept was first proposed in the academic paper of Cynthia dwork and moninaor in 1993, while the word "workload proof" was proposed by Markus Jakobsson and arijuels in 1999 Published. At present, this technology has become one of the mainstream consensus mechanisms of cryptocurrency, such as the technology currently adopted by BTC and eth.
        The most common technical principle of workload proof is hash function. Since an arbitrary value n of the input hash function h will correspond to a result of H (n), and as long as N changes by one bit, it will cause avalanche effect, so it is almost impossible to push back n from H (n). Therefore, by specifying the characteristics of finding H (n), the user can perform a large number of exhaustive calculations, and the workload proof can be achieved. If we specify the first four values of the hexadecimal value of H (n) and find n, it will take about 216 times of H (n) hash operation to get the answer statistically on average, but the check calculation only needs to be performed once. If you want to increase the difficulty, you can increase the specified number of digits.
        Taking the sha256 function as an example, suppose we want to process the data HelloWorld and find the n with the first four values of H (n) being 0000. If we add a decimal number ASCII from HelloWorld 0 for exhaustive guess, we will get the qualified H (n):. Since most cryptocurrencies are constructed by the blockchain, and the blockchain originally relies on the hash function as a guarantee for the correctness of data, it is a very simple design to use workload proof on cryptocurrencies. Scattered computers compete to find out who can match the exhaustive guess value (nonce) of the data originally to be packaged, which is equivalent to obtaining the packaging right (Accounting right) of the block.
        After the guess value is found, it is packaged into a block together with the data and hash value and broadcast. After confirmation and recognition by most nodes, the packer can get the reward provided by packaging the block. Generally, cryptocurrencies that use workload proof, such as bitcoin, will be set to adjust the difficulty of finding guess values as the computational power of participating in the competition increases or decreases, so as to maintain a reasonable operating speed. Advantages: the architecture is concise, effective and reliable. In order to obtain the recognition of most nodes, the attacker must invest more than half of the total amount of computation (51% attack) to ensure the tampering results. This makes the cost of successful attack very high and difficult to achieve. To a certain extent, it is fair. The more computing power you put in, the more likely you will get the packing right.
        Disadvantages: very wasteful of energy. The energy invested in a cryptocurrency may exceed the total use of a small country. Since cryptocurrency has become an investment target in the world, the skilled or rich can develop a special computer composed of ASIC to monopolize the computing power. This runs counter to the decentralized idea of cryptocurrency. Therefore, the cryptocurrency developed in the later stage has the algorithm design against ASIC, such as ethash (dagger Hashimoto) algorithm adopted by eth. The cryptocurrencies developed in the later stage successively use POS mechanism (such as ETH) or dpos mechanism (such as BTS and EOS).
        The proof of interest mechanism is to use a consensus algorithm to designate the person holding currency as the verifier of the transaction by using a pseudo-random number, and create new blocks and follow the longest chain. According to the design of cryptocurrency, people who work as verifiers (i.e. holders of currency) can be rewarded to attract more people to participate. This reward is usually calculated according to the amount of money held by the verifier. The more money held, the higher the reward. The problem of proof of rights and interests is that most of the holders do not have sufficient professional knowledge or sufficient budget to meet the computer hardware and software requirements required by high-performance nodes, and it is difficult to generate blocks. Therefore, a small number of accounts with large holdings can control the generation of blocks and obtain most of the rewards.
        The emergence of the agency rights and interests certification mechanism aims to solve this problem. The principle of dpos is the same as that of POS, but the main difference is that each coin holder has the right to vote for a proxy node, and the nodes with the most votes are responsible for generating blocks. Dpos introduces a democratic mechanism, and people with a small amount of coins can also participate in voting. After deciding, a node can be generated to obtain rewards for the block, so as to achieve the goal of decentralization. The disadvantage is that the election of a fixed number of nodes may not completely achieve decentralization; For example, the number of nodes participating in the election is small or the number of votes is low, and the selected nodes are not representative enough. Etc is a programmable and stable currency built on the blockchain of smart contracts proven by maximum workload.
        Like eth, etc is a Turing complete smart contract platform. The change of consensus mechanism after the merger of eth 2.0 has prompted some miners in the ETH network to migrate to other networks. Xu Kang, head of etc Asia Pacific region, once said that during the process of consensus conversion, the computing power of eth will flow out to other chains. Etc is the most suitable pow blockchain to undertake the computing power of eth. At present, the mining version of etc is etchash. Through coredeveloper call22, etc publicly indicated that it will continue to support etcash mining algorithm in the foreseeable future. This reaffirms etc's principle of promoting decentralization and demonstrating the mining ecosystem.
        It also confirms the ongoing long-term commitment to current mining ecosystem participants and their GPU and etchashasic equipment. At present, etc has also expressed its welcome to eth miners in its official blog, saying that etc has the ability to absorb most of the abandoned ethash computing power. And remind eth miners that if they migrate to etc, the ETH mining version ethashasic used may need firmware update to be compatible with the mining version etchash of etc. Etc (Ethereum Classic) is the original eth network launched in 2015. One of the most desirable characteristics of etc is its BTC inspired monetary policy, which has a fixed total supply and a release schedule known through ecip-1017.
        Etc's total fixed supply is 210700000. So far, 67% of etc has been released and circulated in the market. The emission schedule is a block incentive of 20% reduction per 5000000 blocks, which is called the 5m20 monetary policy. Tokenview data shows that from March 16 to March 31, the price of etc currency rose from US $25 to US $49, with an increase of 96%. Most people in the industry believe that this rise is related to the subsequent event of halving etc. According to tokenview data, etc is expected to reward and reduce production in three days. Etc is expected to break through 15000000 blocks and enter the Fourth Era of 5m20 emission schedule.
        At that time, etc block rewards will be increased by 3
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