How is currency transaction BTC
public key system: corresponds to a public key and a private key, keeps the private key in the application and publishes the public key. When Party A transmits information to Party B, it can use Party A's private key to encrypt the information, and Party B can use Party A's public key to decrypt the information, so as to ensure that the third party cannot impersonate Party A to send the information; At the same time, when Party A transmits information to Party B, it is encrypted with Party B's public key and sent to Party B, and then Party B decrypts it with his own private key, so as to ensure that the third party cannot eavesdrop on the communication between the two people. RSA is the most common public key system, but the lliptic curve digital signature algorithm is used in bitcoin protocol. What's the difference between cash and bank account? Bitcoin is an electronic currency in BTC. In this article, it is also used to refer to the whole bitcoin system. Like opening an account in a bank, the corresponding concept in bitcoin is address. Everyone can have one or more bitcoin addresses, which are used to pay and collect money. Each address is a string that starts with 1. For example, I have two bitcoin accounts, and. A bitcoin account is uniquely determined by a pair of public key and private key. To save the account, you only need to save the private key file. Unlike bank accounts, banks keep all transaction records and maintain the book balance of each account, while bitcoin's transaction records are jointly maintained by the whole P2P network through a pre agreed protocol. How much money is in my account address? Although the current account balance can be seen by bitcoin software, unlike banks, there is no place to maintain the book balance of each address. It can only calculate the account balance in real time through all historical transactions. How do I pay? When I pay from address a to address B of the other party, the payment amount is e. at this time, both parties will announce the transaction information to each network node, telling address a to pay to address B, and the payment amount is e. In order to prevent the third party from forging the transaction information, the transaction information will be encrypted with the private key of address A. at this time, the network node receiving the transaction information can use the public key of address a to verify that the transaction information is indeed sent by address a. Of course, trading software will help us do these things, we just need to input the relevant parameters in the software. What will the network node do after receiving the transaction information? This is the most important part of the bitcoin system, which needs to be elaborated. For the sake of simplicity, only bitcoin protocol has been implemented. In the current version, each network node will save all transaction information synchronously. There are two kinds of transaction information in history, one is & quot; Verified & quot; The transaction information, that is, the verified transaction information, is stored in a series of "blocks". Each & quot; block" Is the previous & quot; bock" The ID of each block is the hash code of the hash code of the block and the new transaction information (see an actual block). The other category refers to those who also & quot; Unverified & quot; The transaction information just paid above belongs to this category. When a network node receives new unverified transaction information (possibly more than one), it can calculate the book balance of each address at that time because the node keeps all the transaction information in history, so it can calculate whether the transaction information is valid, that is, whether there is enough balance in the payment account. After eliminating the invalid transaction information, it first takes out the last & quot; block" Then, the unverified transaction information is combined with the ID, and a verification code is added to form a new "block". It needs a lot of calculation to build a new block, because it needs to calculate the verification code, so that the above combination becomes a block, that is, the first several bits of the hash code of the block are 1. At present, the first 13 bits need to be 1 (generally, the specific method is uncertain), which means that if the block is generated by enumeration method, the average number of enumerations is 16 ^ 13. Using CPU resources to generate a block is called "gold mining", because the proction of the block will get a certain reward, and the reward information has been included in the block. When a network node generates a new block, it will broadcast to other network nodes. However, this network block may not be accepted by the network, because it is possible that other network nodes have proced the block earlier. Only the earliest block or the block with the largest number of subsequent blocks is valid, and the remaining blocks are no longer used as the initial blocks of the next block. How does the other party confirm that the payment is successful? When the payment information is distributed to the network node, the network node begins to calculate whether the transaction is valid (that is, whether the account balance is enough to pay), and attempts to generate blocks containing the transaction information. When six blocks (one direct block and five subsequent blocks) contain the transaction information, the transaction information is considered "verified", so that the transaction is formally confirmed, and the other party can confirm the successful payment. A possible problem is that I will pay the balance of address a to address B, and at the same time pay to address C. If I only verify that the single comparison transaction is valid. At this point, my way of cheating is to generate six blocks including B to B and six blocks including C to C before the truth is revealed. Because I need a very long CPU time to generate a block, compared with the whole network, the probability of my cheating success is very small. What is the motivation of network nodes to proce blocks? As can be seen from the above description, in order to make the transaction information effective, the network node needs to generate 1 and 5 subsequent blocks to contain the transaction information, and such block generation is very CPU intensive. How to let other network nodes help to proce blocks as soon as possible? The answer is very simple. The agreement stipulates that BTC will be rewarded for the address where the block is proced, as well as the Commission promised by both parties. At present, the reward for procing a block is 50btc, which will be halved every four years in the future. For example, the reward will be 25btc from 2013 to 2016. Is the transaction anonymous? Yes, and No. All bitcoin transactions are visible. We can check all transaction records of each account, such as mine. But what's different from the banking monetary system is that everyone's account itself is anonymous, and everyone can open many accounts. In general, anonymity is not as good as it claims. But bitcoin has another advantage in doing black market trading: it can't be frozen. Even if the police trace a bitcoin address, there is nothing they can do unless they trace the computer used by the exchange based on the Internet address. How to ensure that bitcoin does not depreciate? Generally speaking, in the case of equivalent trading activities, the value of money is inversely proportional to the amount of money issued. Unlike the traditional money market, the central bank can determine the amount of money issued. Bitcoin does not have a central issuing institution. Only by procing blocks can we get a certain amount of BTC currency. Therefore, bitcoin's new amount of money depends on: 1. The speed of procing blocks: bitcoin's agreement stipulates that the difficulty of procing blocks is fixed at an average of 2016 every two weeks, about 10 minutes. Moore's law of doubling CPU speed every 18 months will not speed up the proction of block. 2. The number of rewards for block proction: at present, 50 BTC is awarded for each block proced, which is halved every four years. In 2013, 25 BTC is awarded, and in 2017, 12.5 BTC is awarded. Considering the above two factors, bitcoin's currency issuing speed is not controlled by any single node in the network. Its protocol makes the currency stock known in advance, and the maximum stock is only 21 million BTC
Transaction mode of bitcoin
bitcoin is e-cash similar to e-mail, and both parties need "bitcoin wallet" similar to e-mail and "bitcoin address" similar to e-mail address. Just like sending and receiving e-mail, the remitter pays bitcoin directly to the other party through a computer or smart phone according to the recipient's address. The following table lists some websites that download bitcoin wallets and addresses for free
a bitcoin address is a string of about 33 characters long, consisting of letters and numbers, always starting with 1 or 3, such as & quot& quot; Bitcoin software can generate address automatically, and it doesn't need to exchange information online, so it can be offline. More than 2 bitcoin addresses are available. Figuratively speaking, there are about two grains of sand in the world. If there is an earth in each grain of sand, then the total number of bitcoin addresses far exceeds the number of all the sand on all these "earths"
the bitcoin address and private key appear in pairs, and their relationship is just like the bank card number and password. A bitcoin address is like a bank card number, which records how much bitcoin you have on it. You can generate bitcoin address at will to store bitcoin. When each bitcoin address is generated, a corresponding private key of the address will be generated. This private key proves that you have ownership of the bitcoin at that address. We can simply understand the bitcoin address as the bank card number, and the private key of the address as the password of the corresponding bank card number. Only when you know the bank password can you use the money on the bank card number. Therefore, please keep your address and private key when using bitcoin wallet
after the transaction data of bitcoin is packaged into a "data block" or "block", the transaction is initially confirmed. When a block is linked to a previous block, the transaction is further confirmed. After six block confirmations in a row, the transaction was irreversibly confirmed. Bitcoin P2P stores all transaction history in a "blockchain.". The blockchain continues to extend, and once new blocks are added to the blockchain, they will not be removed. Blockchain is actually a distributed database composed of a group of scattered client nodes and all participants, which is a record of all bitcoin transaction history. Nakamoto predicts that when the amount of data increases, users hope that not all the data will be stored in their own nodes. In order to achieve this goal, he uses the hash function mechanism. In this way, the client will be able to automatically eliminate those parts that it will never use, such as some very early bitcoin transactions
1. Prepare the bitcoin you want to send. The client is responsible for collecting the balance of bitcoin in your wallet (bitcoin QT) to prepare for payment, because every bitcoin you receive is stored in your wallet until you spend it. If you receive two payments from 3btc and 2btc, their records in the wallet are independent of each other, that is, a 3btc and a 2btc, rather than merging them into 5btc (the wallet only records transaction details and does not merge the balance, but you can see the total balance on the interface of the wallet). As time goes on, many bitcoins of different amounts will accumulate in your wallet, So when you send bitcoin, the wallet has to decide which bitcoin is the most suitable for this sending. The bitcoin you get in a transaction is called "inputs" and the bitcoin you spend is called "outputs". There are multiple inputs and outputs in your wallet
2. If your outputs are less than 0.01btc (including the fund changes inside your wallet), you have to pay a handling charge of 0.0001, even if you transfer it to yourself. The wallet has an established rule when preparing your payment amount, that is, when preparing the payment amount in many inputs, try to avoid the amount change less than 0.01btc (for example, if you want to pay 5.005btc, the wallet should choose 3 + 2.005 or 1 + 1 + 3.005 instead of 5 + 0.005)
3. The larger the amount, the higher the age, and the higher the priority. If the amount you send is too small or your bitcoin has just been mined, then your transfer is no longer free. Each transaction will be assigned a priority, which is determined by the degree of currency, the number of bytes and the number of transactions. Specifically, for each input, the client will first multiply the number of bitcoins by the time they exist in the block (currency age, age), and then divide all the procts by the size of the transaction (in bytes). The calculation formula is: priority = sum (input)_ value_ in_ base_ units * input_ age)/size_ in_ If the calculation result is less than 0.576, then the transaction must pay the handling fee. If you do have a large amount of small input and want to transfer it out for free, you can add a large amount of bitcoin with a large age, which will increase the average priority, so that you can transfer out bitcoin for free
4. Charge per kilobyte. At the end of the transfer, the client will detect the size of the transfer (in bytes). The size generally depends on the amount of input and output. The calculation formula is as follows: 148 * input amount + 34 * output amount + 10. If the size of the transfer exceeds 10000 bytes, but the priority meets the free standard, you can still enjoy the free transfer, Otherwise, there will be a handling charge. The cost of 1000 bytes is 0.0001btc by default, but you can also add it in the client. Open the tab "settings & gt; Options & gt; The main purpose is to adjust the handling charge. If the service charge you are setting is less than 0.0001, BTC is calculated as 0.0001.
transaction pair: it refers to pricing another asset (base currency) with one asset (quote currency), such as pricing eth with bitcoin (BTC), thus forming an eth / BTC transaction pair, The price of a trading pair represents how many units of valuation currency (such as BTC) you need to pay to buy one unit of base currency (such as ETH), or how many units of valuation currency (such as BTC) you can get to sell one unit of base currency (such as RTH)
in fact, it is currency to currency transaction, that is, currency to currency transaction: one kind of digital asset is directly exchanged for another kind of digital asset, and no legal settlement is involved. For example, BTC can be exchanged for LTC, or LTC can be exchanged back for BTC; Exchange eth for BTC, or exchange BTC for eth again. The transaction object of the currency to currency transaction is the "transaction pair" mentioned in the previous article. The price of the currency to currency transaction is the price of the transaction pair
the advantage of currency trading is to bypass the off-site legal currency trading, and directly complete the transactions between different currencies on the field, so as to avoid the miner's fee and time for withdrawing currency. Of course, the currency trading platform generally charges a certain handling fee, which is now 0.1% - 0.2%. For users with large trading volume, the burden is not small. During the promotion period, some new reliable platforms generally have the activities of recing or exempting handling charges and distributing candy. It is confirmed that reliable platforms can be tried. The traditional ones are bitcoin China and Huo coin, while the new ones are coin an and coin Sheng.
when we submit a transaction, under normal circumstances, the transaction will eventually be put into a certain block by miners. At this time, we can say that the transaction has obtained 0 confirmations. When there is another blockchain to this exchange in the block, that is, when this exchange in the block is the parent block, we say that this transaction has been confirmed, and so on. How many confirmations a transaction has obtained is just how many blocks the exchange links behind the block.
Introction 1
interesting step is a community of mining machines and exchanges for blockchain assets. After we download the app and complete the real name certification, as long as you walk 4000 steps a day, you can get 0.3333 candies, and the value has been rising. You can get 15 candies in 45 days. You can withdraw 5 candies in the first month, and you can use a primary scroll to buy goods in the second month, In fact, it is equivalent to that we do nothing and get money on this platform every day
Introction 2
why is candy valuable? First of all, everyone can use the app to dig for candy revenue, which is very attractive. It will attract a large number of users to participate. Then the number of APP users will be very large, and some people will be willing to invest in this platform, because the total amount of candy is constant. The more people come in, the more demand, the less candy, and the higher the value of candy, Investors are willing to buy candy and wait for appreciation. Therefore, it is not the platform that is burning money for charity, but the investors in the market who are investing to buy candy in our hands are giving cash to users, which is the source of candy value
Introction 3
the app is now in the drainage period. After the number of users is established, the app can do a lot of things, such as social networking, e-commerce, short video, and so on, and it can realize more value. Then, the currency in circulation is naturally these candies, so the appreciation of candies is certain, and candies represent the value of the platform, Holding candy is equivalent to holding shares in this platform, so many people will invest in buying candy in other people's hands
Introction 4
advantages of fun step
first, the entrance is large, everyone can get candy for free, which is a huge entrance
secondly, it is sticky and can get candy every day, which leads to users logging in every day
thirdly, with zero investment, neither the recommender nor the recommender is under pressure. They just introce others a software that makes money every day
introction 5
how to earn more candy? The more people you share, the more active you will be. The candy you get will multiply every day, and you will also get a bonus. There are people trading candy all the time on the platform, and the platform will charge transaction fees, which is a huge profit. The platform will distribute the income of transaction fees to users with high activity in proportion. When the number of users you recommend reaches about 70-80, The team keeps splitting. If you reach the level of 1 star, you can get nearly 10000 monthly dividends. If your team keeps splitting, your daily income will increase automatically. Upgrade 2 stars and 3 stars to form an automatic wave of income
Introction 6
this is a very good opportunity. I hope everyone can move to reach the one star level quickly. At present, according to the development speed of the market, it generally takes about 15-30 days to reach the one star level. Refuelling partners.
1. Open the 91 panda reading software, click "I want to collect" in the upper left corner of the page, and sign in to get the panda coin
91 panda reading is a free reading software independently developed and proced by network 91 wireless, which supports online book query, online book classified reading, book collection and withdrawal collection, news classified reading, news subscription classification and withdrawal subscription. With rich reading resources, it has become the only mobile publishing partner designated by many publishing houses, literature net and original novel net. Every week, more than 200 publishing houses, enterprises and indivials provide panda with a large number of news, magazines, books, novels and comics
