Whole network broadcast of blockchain
If bitcoin represents blockchain version 1.0, it proves to the world that digital currency can be realized. Then Ethereum represents blockchain version 2.0, which lets you know more about the play of blockchain, decentralized applications and smart contracts. In 2018, blockchain will enter the stage of 3.0, application and scenario landing will be the core of blockchain, and blockchain based applications in various instries will spring up, which will be the early dividend period of the last stage of blockchain development. The demand for talents driven by the application of blockchain technology has become increasingly large. Blockchain technical talents have become the new professional talents, which are highly competitive, and also have enviable high salaries
whether to form a meaningful large-scale consensus: one of the outstanding advantages of blockchain is that it can effectively form a large-scale consensus by opening account books and notifying the whole network. At present, there is no need to form a network wide consensus for many projects. Some projects are just for crowdfunding and token issuance. The blockchain consensus of projects is meaningless. Does this model have network effect: network effect means that a project will become more and more valuable with more and more users of the project, because the value of the project is not in the users themselves, but in the connection network between users. Bitcoin is a typical example. The more user nodes there are, the more links between nodes will grow exponentially, and the whole ecosystem of bitcoin will be more valuable
of course, in addition to these points, there are many basic principles to judge the project, such as effective incentive mechanism, strong team, project solving pain points, and so on
Two statements for reference are found from Babbitt:
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bitcoin adopts a mathematical contest to determine the time when a transaction arrives at a node, and at the same time to protect this order. In bitcoin system, transactions are sorted by group allocation, Such groups are called blocks (transactions occurring at the same time will be divided into the same block), and then these blocks are linked together, which is called blockchain. Blockchain is used to sort transactions, while the transaction chain tracks and records the change of bitcoin ownership. These blocks are arranged according to time, which is a link. Transactions not in the block are called unconfirmed or unsorted transactions, and any node is about to put a group of unconfirmed transactions into the block, Then broadcast their suggestions about what the next block should be to other nodes in the network
If multiple people generate blocks at the same time (the probability is very small), there will be multiple choices for the next block of the current block. In order to ensure the sequence of block links, the bitcoin system requires each effective block to include the answer to a special mathematical problem, and the computer calculates the text of the whole block, In addition, random guessing based on encrypted hash can be done until an output lower than a certain value is obtained. Hash function can create a short summary from any length of text. This fixed output value is very complex. The only way to find it is random guessing, which is called mining -
when King released PPC last year, it introced checkpoint mechanism to protect against attacks in its early development. This mechanism enables it to resist 51% attacks. " Developers can control a parent node and broadcast "checkpoints" to the whole network, which allows other nodes to agree on certain blocks“ This is actually a [blockchain] continuity warning message, "he said< br />