Low cost participation of blockchain nodes

1.

blockchain is an important concept of bitcoin. It is essentially a disintermediated database. At the same time, as the underlying technology of bitcoin, it is a series of data blocks generated by using cryptographic methods. Each data block contains the information of a bitcoin network transaction, which is used to verify the effectiveness of its information (anti-counterfeiting) and generate the next block

blockchain is a new application mode of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies

in a narrow sense, blockchain is a kind of chain data structure that combines data blocks in a sequential way according to the time sequence, and it can not be tampered with and forged by cryptography

broadly speaking, blockchain technology uses blockchain data structure to verify and store data, uses distributed node consensus algorithm to generate and update data, and uses cryptography to ensure the security of data transmission and access It is a new distributed infrastructure and computing method to program and operate data by using intelligent contract composed of automated script code

extended data:

the evolution mode of blockchain is as follows:

& 9642; Blockchain 1.0 - digital currency

▪ Blockchain 2.0 - digital assets and smart contracts

▪ Blockchain 3.0 - Implementation of distributed applications in various instries

blockchain features:

1. Disintermediation. Due to the use of Distributed Accounting and storage, there is no centralized hardware or management organization in the system, the rights and obligations of any node are equal, and the data blocks in the system are jointly maintained by the nodes with maintenance function in the whole system

2. Openness. The system is open. In addition to the private information of all parties to the transaction is encrypted, the data of the blockchain is open to all. Anyone can query the blockchain data and develop related applications through the open interface, so the information of the whole system is highly transparent

3. Autonomy. Blockchain adopts consensus based specifications and Protocols (such as a set of open and transparent algorithms) to enable all nodes in the whole system to exchange data freely and safely in a de trusted environment, so that the trust in "people" is changed into the trust in machines, and any human intervention does not work

The information can not be tampered with. Once the information is verified and added to the blockchain, it will be stored permanently. Unless more than 51% of the nodes in the system can be controlled at the same time, the modification of the database on a single node is invalid. Therefore, the data stability and reliability of the blockchain are extremely high

5. Anonymity. Because the exchange between nodes follows a fixed algorithm, the data interaction does not need to be trusted (the program rules in the blockchain will judge whether the activity is effective). Therefore, the counterparties do not need to make the other party trust themselves by disclosing their identities, which is very helpful for the accumulation of credit

2. Blockchain is a new application mode of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies. The so-called consensus mechanism is a mathematical algorithm to establish trust and obtain interests between different nodes in the blockchain system
blockchain technology is considered to be the next generation of disruptive core technology after steam engine, power and Internet. If the steam engine has released people's proctivity, the power has solved people's basic living needs, and the Internet has completely changed the way of information transmission, then the blockchain, as a machine for building trust, may completely change the way of value transmission of the whole human society
first, the essence of blockchain is a distributed public ledger
take a popular example to explain that Mr. w's family, including Mr. W, Mrs. W, Mr. w's grandfather and Mrs. w's grandmother, all record their expenses in their respective books. Because Mr. w's family doesn't trust each other. Mr. W is diligent in raising his wife every month, but Mrs. w may receive 1000 yuan, but she receives 100 yuan. Isn't that a big loss
how to solve this problem with blockchain
if Mr. w gives Mrs. w $1000 one day, he just shouts at the whole family that Mr. w gives Mrs. w $1000. Please write down "Mr. w gives Mrs. w $1000" on their respective account books
so everyone in Mr. w's family becomes a node, and every transaction of Mr. w's family is recorded by everyone (each node)
every night who washes the dishes (proof of workload) can settle the bill in the public ledger, and there is a reward for washing the dishes. A new transaction must be added to the universally recognized ledger of the previous day, and other people will also participate in verifying the transactions of the day
Second, it seems very simple, but blockchain may bring revolutionary changes to human society
1. Machine trust
machine trust is actually trust without trust. For the first time in human history, a large-scale cooperation network unprecedented on earth can be established at near zero cost, which is bound to be a great mass movement
2. Value transfer
the emergence of the Internet has made the means of information dissemination achieve a leap, and information has realized efficient flow, but the efficiency of Internet value transfer is still very slow. At present, e-money on the Internet is still the traditional paper money in essence, and transnational payment is still a big problem
the birth of blockchain is the beginning of human value transmission network. It will enable people to transfer value as conveniently and cheaply as information on the Internet, which can be expressed as capital, assets or other forms
3. Smart contract
smart contract can replace all paper contracts, and more importantly, blockchain can perfectly connect the physical world and virtual world. The perfect combination of blockchain, Internet of things and artificial intelligence makes the imagination more huge
the blockchain itself is actually a super platform. The commercial characteristics of building machine trust, value transfer and smart contract on the blockchain are: ① close to zero trust cost. ② The marginal cost of constructing and trading assets tends to zero
so Mark Anderson, a web browser pioneer, said: in 20 years' time, we will talk about blockchain as we talk about the Internet today.

3.

Blockchain technology is widely used. Under the integration of new technologies, the main application scenarios of blockchain include finance and insurance, intelligent manufacturing, intelligent environmental protection, energy and power, health care, ecation, culture and innovation, smart city, social welfare, agriculture and many other fields

1. blockchain + finance

   blockchain can help financial institutions solve problems such as trust and data sharing

3. blockchain + right art

   Tianhe Guoyun's blockchain right system

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3. Blockchain + government

in statistics, voting, budget management and other aspects, blockchain can rece costs, improve efficiency, and increase transparency, so as to prevent the risk of failure of centralized system

4. Blockchain + insurance

fraud identification and risk prevention: by placing insurance claims under an unchangeable general ledger, blockchain helps to eliminate the common sources of fraud in the insurance instry

property insurance and accidental injury insurance: policies and shared ledgers recorded in the form of smart contracts can improve the efficiency of property insurance and accidental injury insurance

Health Insurance: blockchain technology enables medical records to be encrypted and shared among health service providers, thus improving the interoperability of the health insurance ecosystem

Reinsurance: the information security of reinsurance contracts on the blockchain platform can be ensured through the form of smart contracts, which can rece the amount of information and simplify the payment process between insurers and reinsurers

4. Blockchain mainly solves the trust and security problems of transactions, so it proposes four technological innovations to solve this problem:
(1) distributed ledger, that is, transaction bookkeeping is completed by multiple nodes distributed in different places, and each node records complete accounts, so they can participate in monitoring the legitimacy of transactions, At the same time, they can testify together
different from traditional distributed storage, the uniqueness of distributed storage of blockchain is mainly reflected in two aspects: one is that each node of blockchain stores complete data according to block chain structure, while traditional distributed storage generally stores data in multiple copies according to certain rules. Second, the storage of each node in the blockchain is independent and has the same status, which relies on the consensus mechanism to ensure the consistency of storage, while the traditional distributed storage generally synchronizes data from the central node to other backup nodes[ 8]
no single node can record the account data separately, so as to avoid the possibility that a single bookkeeper is controlled or bribed to record false accounts. In theory, unless all the nodes are destroyed, the accounts will not be lost, so as to ensure the security of the account data
(2) asymmetric encryption and authorization technology, the transaction information stored on the blockchain is public, but the account identity information is highly encrypted, which can only be accessed under the authorization of the data owner, thus ensuring the data security and personal privacy
(3) consensus mechanism is how to reach a consensus among all accounting nodes to determine the validity of a record, which is not only a means of identification, but also a means of preventing tampering. Blockchain proposes four different consensus mechanisms, which are suitable for different application scenarios and achieve a balance between efficiency and security
the consensus mechanism of blockchain has the characteristics of "the minority is subordinate to the majority" and "everyone is equal", in which "the minority is subordinate to the majority" does not completely refer to the number of nodes, but also can be the computing power, the number of shares or other characteristics that can be compared by computers“ "Everyone is equal" means that when the nodes meet the conditions, all nodes have the right to put forward the consensus results first, and then directly recognized by other nodes, and finally may become the final consensus results. Taking bitcoin as an example, the workload proof is adopted. Only when more than 51% of the accounting nodes in the whole network are controlled can a nonexistent record be forged. When there are enough nodes in the blockchain, this is basically impossible, thus eliminating the possibility of fraud.
(4) smart contract, which is based on these trusted and tamperable data, can automatically execute some pre-defined rules and terms. Take insurance as an example. If everyone's information (including medical information and risk occurrence information) is true and reliable, it is easy to carry out automatic claim settlement in some standardized insurance procts

5. The rise of P2P network lending has its objective conditions and practical needs, but the brutal growth of the instry chaos has also caused adverse effects on economic and social stability. In 2016, the promulgation of the Interim Measures for the management of business activities of online lending information intermediaries (hereinafter referred to as the measures) clarified the legal status of P2P online lending platform information intermediaries, and standardized the regulatory subject, business license, information disclosure, internal control construction, business boundary, service object, etc., which made it face new challenges in the transformation and development, It also provides an opportunity for the application of blockchain technology

the blockchain technology ensures that the P2P network lending platform abides by the bottom line of "not touching funds". In recent years, the instry chaos of P2P online lending platform is mainly manifested in the illegal operation of some inferior platforms by using information asymmetry, and the frequent occurrence of moral hazard problems such as fund pool, illegal fund-raising and Ponzi scheme. Under the blockchain technology, the symmetry of information makes the source and destination of funds transparent, realizes the effective isolation of information and funds, speeds up the market clearing of inferior platforms, and ensures the transformation space from compliance management platform to information intermediary

blockchain technology can effectively enhance the information matching efficiency of P2P network lending platform. The original intention of P2P network lending platform is to realize the disintermediation of funds through Internet information technology, so as to bypass the traditional financial institutions and provide information collection, publication, interaction and loan matching for the realization of direct lending between lenders and borrowers. But in reality, some platforms monopolize the information of both sides of the transaction, control the price and investment direction of funds, and alienate into "traditional financial intermediary" in the Internet channel, which greatly reces the efficiency of information transmission and transaction. Under the blockchain technology, the real disclosure of information effectively reces the cost of risk premium and implicit guarantee of funds, and makes the pricing level of funds more accurate and efficient. At the same time, it can promote the development focus of P2P network lending platform to improve the efficiency of information interaction, improve the success rate of transaction matching, and deeply explore value-added services

blockchain technology can improve the supervision efficiency of P2P network lending platform The measures have established the "double responsibility" external supervision system of banking regulatory agencies and local financial regulatory departments, introced risk control means such as third-party trusteeship and instry self-discipline, and the necessity of anti money laundering risk monitoring is also increasing. Using blockchain technology, the regulatory authorities and trusteeship institutions as a participating node can make full use of the transparency and integrity of transaction information to achieve the regulatory objectives of higher efficiency and lower cost.

6. Blockchain development services not only need the precipitation support of technology, but also need the continuous optimization of hardware facilities, so as to make a good blockchain business successful.