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Blockchain core technology and principle mechanism

Blockchain concepts and features

Blockchain is an organic combination of a range of existing mature technologies that provide a distributed and efficient record of the ledger and provide sophisticated scripts to support different business logics. In a typical blockchain system, data is generated and stored in blocks and linked chronologically into a Chain data structure. All nodes jointly participate in data validation, storage and maintenance of the blockchain system. The creation of a new block is usually confirmed by a majority of nodes (the number depends on different consensus mechanisms) across the network and broadcast to each node for network-wide synchronization, after which it cannot be changed or deleted. Externally, a blockchain system should have the following characteristics.

Global liquidity.

Because blockchain is Internet-based, blockchain assets such as Bitcoin are also global. Wherever there is an internet connection, blockchain assets can be transferred and traded. Blockchain assets are globally circulating and have significant advantages over fiat currencies. The transfer fees for blockchain assets circulating globally are very low compared to the way fiat currencies are transferred across borders. For example, in the early days of Bitcoin, the transfer fee was 0.0001 BTC, but now it is a bit more expensive, while others such as Bitcoin Cash network transfer fee is 0.0001 BCC, Dash transfer fee is 0.002 Dash, and Ether transfer fee is 0.01 ETH. Compared to traditional transfer, blockchain assets are also very fast, usually within a few minutes to one hour. The transfer fee is 0.002 Dash and 0.01 ETH for Ether.

Pass-Through Economy

bookkeeping (the rotation depends on different consensus mechanisms), while the other participants will jointly verify the bookkeeping information initiated by the leading party.

Open Book

The ledger recorded in the blockchain system should be in a state where all participants are allowed to access it. In order to verify the validity of the information recorded in the blockchain, the bookkeeping participants must have the ability to access the content of the information and the history of the ledger. However, the public ledger refers to the public of accessibility, which does not mean the public of information itself. Therefore, the industry expects to apply many technologies in privacy protection, such as zero-knowledge proof, homomorphic encryption, and threshold encryption, to the blockchain domain to solve the problem that the validity of information can be verified through ciphertext operation.

Decentralization

Blockchains should be systems that do not rely on a single center of trust, and when dealing with data that involves only data in a closed system within the chain, the block chain itself is able to create trust between participants. However, in some cases, such as identity management and other scenarios, external data will inevitably be introduced and these data need trust endorsement from trusted third parties, when the trust for different types of data should originate from different trusted third parties rather than relying on a single trust center. In this case, blockchain itself does not create trust, but acts as a carrier of trust.

Untamperable

As the most distinctive feature of blockchain, tamperability is a necessary but not sufficient condition for blockchain system. There are many hardware-based technologies that can achieve data written once, read many times and cannot be tampered with, such as the one-time burning of CD-Rs. The immutability of blockchain is based on the hashing algorithm of cryptography, and the characteristic of multi-party maintenance, but at the same time, due to this characteristic, the immutability of blockchain is not strictly speaking, it is more appropriate to call it difficult to tamper.