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This article mainly explains "how blockchain changes currency". The explanation in this article is simple and clear and easy to learn and understand. let's follow the editor's train of thought. Let's study and learn how blockchain changes currency.

I. the underlying technology of Bitcoin

One of the accurate descriptions of blockchain is that blockchain is the basic technology of Bitcoin. Bitcoin invented by Satoshi Nakamoto actually consists of three layers: the top: we said that Bitcoin is electronic cash in the digital world. Middle tier: it is the complete mechanism for generating and using Bitcoin, also known as the Bitcoin Protocol. If Bitcoin is really compared to a real-world currency, then the so-called Bitcoin protocol is a financial system that issues and uses money, consisting of central banks, banks, online payments and collections. At the bottom: this is the "blockchain" we are talking about. In Bitcoin, it is the way bitcoin data is stored.

Visually, this is a great book stored in all Bitcoin-related computers (so-called nodes) that anyone can consult. Another key feature of this ledger is that once everyone agrees on the transaction data and records it, it can never be changed. This is what people usually call the "tamper-proof" feature of the block chain. This is the first side of the blockchain as we understand it: it is the basic technology of Bitcoin.

II. Global interconnection and open ledger

Compared to Bitcoin, the blockchain at the bottom is actually a huge global interconnected ledger that holds all the transaction information about Bitcoin. In addition to "tamper-proof", it also has the important feature of "distributed". Naturally, the great wealth in this network will not be taken away by a center. Currently, Ant Financial Services (Ant Financial Services), the parent company of Alipay, is likely to be worth more than $100 billion, and in the future, because such a center is not needed, all the value will be shared by participants. This is the second side of the block chain as I understand it. This is a globally connected book with important features that are tamper-proof, distributed, and open to all.

The blockchain Revolution refers to blockchain as the "global ledger", which is a globally interconnected ledger. The name also means that blockchain is probably the most important Internet invention after the network.

III. Intelligent mechanisms and trusted books

What is the smart mechanism that enables blockchain to be built? It comes from three aspects:

1. The data structure block chain makes the data that reach consensus at the micro level credible. Specifically, the data blocks are strung together into a chain, and the new data is also a new link in the chain. In this link, in addition to your own data, you also include the hash value of the previous data block, that is, the fingerprint of the data. In this way, if the last data block changes, it will not match the data fingerprint, and we will know that it has been tampered with.

two。 Macro trust comes from a simple basic rule: everyone only trusts all the data on the longest chain. Only the longest chain can be trusted.

3. Bitcoin mining mechanism. Bitcoin miners are not like gold miners digging underground. Their computer calculates complex mathematical operations according to certain established rules. Thousands of nodes around the world are vying for who can figure out the fastest. The first miner to be calculated added a new data block to the block chain. The miners who worked first also received bitcoin as a reward.

Thank you for your reading. the above is the content of "how blockchain changes currency". After the study of this article, I believe you have a deeper understanding of how blockchain changes currency. The specific use of the situation also needs to be verified by practice. Here is, the editor will push for you more related knowledge points of the article, welcome to follow!

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