End bitcoin
unlike all currencies, bitcoin does not rely on a specific currency institution to issue. It is generated by a large number of calculations based on a specific algorithm. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses cryptography design to ensure the security of all aspects of currency circulation. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction. The design based on cryptography can make bitcoin only be transferred or paid by the real owner. This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity.
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bitcoin (BTC) is a digital currency with a total amount of 21 million. It has the characteristics of decentralization, globalization and anonymity, just like the Internet. It means that transferring bitcoin to the other end of the earth is as simple as sending e-mail, low-cost and unlimited. Bitcoin is also used in cross-border trade, payment, remittance and other fields
the liquidity and limitation of bitcoin determine that bitcoin can act as a monetary function equivalent to general equivalent, or as a measure of money, but this measure is not a physical measure like gold, but a digital proct
related concepts:
1. Address
the address of bitcoin world looks like this. The address itself is just a string of codes, just like your bank account number 321 million 3288372, which is used to mark an account. Everyone can have countless addresses. The address is public
2. The bank records how much money there is in the bank account
the amount of money in the bitcoin address is recorded by the whole bitcoin network. Each complete bitcoin data will record how many bitcoins are stored in this address
each node participating in the bitcoin network can save a complete of bitcoin data, and everyone has a backup on hand to prevent counterfeiting
3. The key (private key)
the key is another string of characters you only know. The key is used to operate the money in the bitcoin address. Key and address are the relationship between a key and a lock. Each address has only one password, and each password also operates a bitcoin address
with the key, you can control the money in the bitcoin address and pay to anyone. The key should be absolutely safe. The lost or deleted key can never be found, and the money in the corresponding bitcoin address can never be used
the key needs to be kept absolutely secret. Anyone who knows the key can steal all your bitcoin
4. Wallet
the transaction process of bitcoin will involve a lot of complex calculations. In order to simplify the operation, we have made wallets. The wallet has client software on the computer, and also has an online web version. The function of the wallet is to pay with a little touch, and the complicated calculation behind it is left to the wallet to complete
5. Security
if you use the computer client software, you can recommend multibit or bitcoin QT. Both are official software recommendations for the bitcoin community. The installation of these two softwares must be downloaded directly from the official website, and the check code must be checked before and after downloading. This is to prevent someone from tampering with wallet software and stealing keys
6. mining
about every 10 minutes, some new bitcoin will appear in the bitcoin network, which can be imagined as throwing money in the sky. Whose pocket these scattered money fall into mainly depends on whose computer calculates fast. The faster you calculate, the more likely you are to find the money. Mining is to use the computer to calculate, to pick up the money< br />
The concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, open source software was designed and released, and P2P network was built on it
bitcoin is a kind of universal encrypted electronic currency in the world, and it is completely autonomous by users. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
bitcoin can be cashed and converted into the currency of most countries. Users can use bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, they can also use bitcoin to buy real-life items
the essence of bitcoin is actually a special solution generated by a bunch of complex algorithms. A special solution is one of the infinite (in fact, bitcoin is finite) solutions that can be obtained from the equations. Every particular solution can solve the equation and is unique. In the metaphor of RMB, bitcoin is the serial number of RMB. If you know the serial number of a note, you have the note. The process of mining is to constantly seek the special solution of this equation system through a huge amount of calculation. This equation system is designed to have only 21 million special solutions, so the upper limit of bitcoin is 21 million
to mine bitcoin, you can download the special bitcoin computing tools, register various cooperation websites, fill the registered user name and password into the computing program, and then click the operation to officially start. After completing the installation of bitcoin client, you can directly obtain a bitcoin address. When others pay, you only need to paste the address to others, and you can pay through the same client. After installing the bitcoin client, it will distribute a private key and a public key. You need to back up your wallet data containing your private key to ensure that your property is not lost. Unfortunately, if the hard disk is completely formatted, personal bitcoin will be completely lost.
the core problem of blockchain solution is not "digital currency", but how to establish a "trust" ecosystem to meet the occurrence and development of economic activities under the environment of information asymmetry and uncertainty. This problem is called "Byzantine general problem", or "Byzantine fault tolerance" or "two armed forces problem". It is a difficult problem in the process of information machine interaction in a distributed system, that is, when any node in the whole network can't trust its counterpart, How to create a consensus basis for secure information interaction without worrying about data tampering
blockchain uses algorithmic proof mechanism to ensure the security of the whole network. With it, all nodes in the whole system can exchange data automatically and safely in a de trusted environment. For details of Byzantine Generals, please refer to relevant papers
the second meaning of blockchain is to realize transnational value transfer. At the beginning of the birth of the Internet, the core problem to be solved is information manufacturing and transmission. We can quickly generate and information to every corner of the world with network through the Internet, but it still can not solve the value transfer and credit transfer. The so-called value transfer here means that everyone in the network can recognize and confirm the way to transfer a certain part of the value accurately from one address to another, and it must be ensured that after the value transfer, the original address reces the transferred part, while the new address increases the transferred value. The value mentioned here can be monetary assets, some physical assets or virtual assets (including securities, financial derivatives, etc.). And the results of this operation must be recognized by all parties, and the results can not be manipulated by any party
in the current Internet, there are various financial systems, and there are many payment systems provided by banks or third parties, but it still relies on centralized solutions. The so-called centralized solution is to place all the value transfer calculations in a central server (cluster) through a certain company as endorsement. Although all the calculations are automatically completed by the program, the centralized person or organization must be trusted. In fact, to solve this problem through centralized credit endorsement can only limit credit to certain institutions, regions or countries. From this we can see that the fundamental problem that must be solved is credit. Therefore, the core issue of value transfer is transnational credit consensus. In such a complex global system, it is very difficult to establish a global credit consensus system out of thin air. Due to the different political, economic and cultural situations of each country, it is almost impossible to achieve complete mutual trust between enterprises and governments of the two countries, which means that whether the endorsement is made with the credit of indivials or enterprises or governments, Even if the value exchange between countries can be completed, it also has huge time and economic costs. But in the long history of mankind, no matter how different the religion, politics and culture of each country is, the only thing that can reach a consensus is mathematics (Basic Science). Therefore, it is no exaggeration to say that mathematics (algorithm) is the greatest common divisor of global civilization, and it is also the basis for human beings to obtain the most consensus. If we take the mathematical algorithm (program) as an endorsement, all the rules are built on an open and transparent mathematical algorithm (program), so that all people with different political and cultural backgrounds can reach a consensus
future development? The Internet will make the global interaction more and more close, accompanied by a huge trust gap. At present, the existing mainstream database technology architecture is private and centralized, which can never solve the problem of value transfer and mutual trust. Therefore, blockchain technology is likely to become the next generation of database architecture. Through decentralization technology, we will be able to complete the great progress of mathematical (algorithm) endorsement and global mutual trust on the basis of big data
As a specific distributed data access technology, blockchain technology participates in data calculation and recording through multiple nodes in the network, and verifies the validity of their information (anti-counterfeiting). From this point, blockchain technology is also a specific database technology. The Internet has just entered the era of big data, but at present, big data is still in a very basic stage. But when we enter the stage of blockchain database, we will enter the era of real big data with strong trust endorsement. All the data in this is of indestructible quality, and no one has the ability or need to question it. Perhaps we are now at a major turning point - the early stage of a major turning point that is almost the same as the profound changes brought about by the instrial revolution. It's not just the exponential, digital and combinatorial progress and change of new technologies, but more surprises may be ahead of us. In the next 24 months, the planet will grow more computing power and record more data than all stages of history combined. In the past 24 months, this value-added may have exceeded 1000 times. These digital data information is still growing faster than Moore's law
blockchain technology will not only be applied in the field of financial payment, but will be extended to all the current applications, such as decentralized microblog, wechat, search, rental, and even taxi software. Because blockchain will allow human beings to conct large-scale cooperation in a way of no geographical restrictions and no trust
Bubi blockchain uses cryptography provable algorithm to build multi center network trust, which is open, transparent, tamper proof and revocable; Multi party participation in information transparent sharing, the establishment of authentic traceability chain path, direct to consumers
our generation is likely to be lucky to experience two of the most amazing events in human history. All people and all machines on the earth have launched unprecedented large-scale collaboration with unprecedented mutual trust through blockchain technology. Secondly, based on this, real artificial intelligence will be created. These two times will profoundly change the economic development mode of the world. Entrepreneurs, entrepreneurs, scientists and all kinds of geeks will use this abundant world to create something that can shock and delight us