Introduction to blockchain terms
blockchain is a digital account book that can be jointly bookkept, and will record all transactions that have occurred and have been unanimously recognized by the system it's the same as the whole family. You're bookkeeping, and your father and mother are also bookkeeping. They can see the general ledger, but the saved information can't be tampered with any more
In 2008, Nakamoto first proposed the concept of blockchain subsequently, blockchain has become the core component of electronic currency bitcoin, which serves as the public account book for all transactions. By using peer-to-peer network and distributed timestamp server, the blockchain database can be managed independentlyextended data:
type of blockchain
1, public blockchain
any indivial or group in the world can send transactions, and transactions can be effectively confirmed by the blockchain, and anyone can participate in its consensus process. Public blockchain is the earliest and the most widely used blockchain. The virtual digital currencies of bitcoin series are all based on public blockchain. There is only one blockchain corresponding to this currency in the world
2, Alliance (instry) blockchain
instry blockchain: multiple preselected nodes are designated as bookkeepers within a group, and the generation of each block is jointly determined by all preselected nodes (preselected nodes participate in the consensus process), and other access nodes can participate in the transaction, However, regardless of the bookkeeping process (in essence, it is still managed bookkeeping, only distributed bookkeeping, how many preselected nodes, and how to determine the bookkeeper of each block to become the main risk point of the blockchain), anyone else can conct limited query through the open API of the blockchain
3, private blockchain
only uses the general ledger technology of blockchain for bookkeeping. It can be a company or an indivial, and enjoys the write permission of the blockchain. This blockchain is not very different from other distributed storage schemes
blockchain is a decentralized distributed ledger database . The advantage of this distributed ledger is that buyers and sellers can trade directly without any intermediary. Everyone has a backup, even if you lose this, it will not be affected
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extended data:
blockchain application field
1, financial field
blockchain has potential huge application value in international exchange, letter of credit, equity registration, stock exchange and other financial fields. The application of blockchain technology in the financial instry can save the third-party intermediary link and realize the point-to-point direct docking, so as to greatly rece the cost and quickly complete the transaction payment
2. The Internet of things and logistics
blockchain can also be naturally combined in the field of Internet of things and logistics. Through blockchain, we can rece logistics costs, trace the proction and delivery process of goods, and improve the efficiency of supply chain management. This field is considered as a promising application direction of blockchain
3. The data stored on the public welfare field
blockchain is highly reliable and tamperable, which is naturally suitable for social public welfare scenarios. The relevant information in the public welfare process, such as donation project, collection details, fund flow, recipient feedback, etc., can be stored on the blockchain, and can be made transparent and public, which is convenient for social supervision
4. In the field of insurance
in terms of insurance claims, insurance institutions are responsible for fund collection, investment and claims settlement, and often have higher management and operation costs. Through the application of smart contract, there is no need for the applicant to apply or the insurance company to approve. As long as the claim conditions are triggered, the automatic claim settlement of the policy can be realized
utility token is a utility token that acts as a right to use a specific service
examples of terminology usage
utility tokens are premised on the use of services
detailed description
you can settle the price of goods and meals instead of cash, and you can access it by having cloud storage. For utility tokens, there is no need to audit the classification of the report
public chain is a highly "public" blockchain, anyone can freely participate in the network
example of terminology usage
as an infrastructure project for mediating data exchange between blockchains, a mechanism for data exchange on public blockchains will be established
detailed description
in the blockchain used to record the transaction information of encrypted assets (virtual currency), this is a mechanism used by an unspecified number of participants to establish transaction information by consensus without a specific management entity. It is very safe to prevent forgery of transaction information, but it requires a lot of calculation, so its disadvantage is that it takes a long time to complete the transaction when there are many participants
7. Scalabilityscalability refers to the scalability of delayed transaction processing
examples of terminology usage
soaring gasoline prices highlight Ethereum's scalability issues
detailed description
e to the nature of blockchain and the limited amount of transaction data that can be written in a block, the processing is delayed. Remittances can take a long time, which can lead to higher transaction costs. Bitcoin is the first cryptocurrency born, which has been considered as a special problem, but efforts to solve this problem have been implemented, such as using other technologies such as lightning network and developing new blockchain
8. Gas costgas cost is the (Network) transaction cost on Ethereum blockchain
examples of terminology usage
this week, on the Ethereum blockchain, although there are a small amount of remittances, there are still many cases of high natural gas bills being paid
detailed description
the gas fee of user specified amount is the secondary reward. Eth, the virtual currency, is used for payment. Since the transaction with higher cost should be dealt with first, the gas cost may increase with the increase of transaction number
9. Liquidity mining (liquidity mining)considering the provision of liquidity (currency pair), liquidity mining is to grant governance token in addition to interest, so as to attract those who implement the rate of return balance
examples of terminology usage
detailed description
in liquidity mining, by storing specific assets in the liquidity pool and providing liquidity that traders can buy and sell, the swap fee at that time can be obtained as income. These liquidity mining originated from the largest decentralized exchange "uniswap", and many liquidity mining contracts were born, such as curve finance and balancer
10. Defi (distributed Finance)defi (decentralized Finance) refers to the financial services or systems that use blockchain and provide without a central administrator
examples of terminology usage
since June 2020, the market of defi has developed rapidly
specify the abbreviation of "decentralized finance". The financial services offered by defi include the issuance of stable coins, lending currency and cryptocurrency exchanges. Many platforms use Ethereum blockchain
11. POS (proof of equity)POS is a consensus algorithm, which allows you to approve and generate new block rights according to the percentage (equity) of your own virtual currency
According to vitalik buterin, co-founder of Ethereum, migrating eth's consensus algorithm from POW to POS will improve security and scalabilityspecify the abbreviation of
proof of interest. We can also consider the holding period of virtual currency. It was born as an alternative to the "proof of work (POW)" consensus algorithm, which requires high-performance computers to approve transactions and consumes a lot of energy. If approved, you can receive a new virtual currency as a reward
12. DappsDAPP is an application developed with open source blockchain
examples of terminology usage
Galaxy store, the largest Samsung Electronics app store in South Korea, has started to use Tron's blockchain to process dapps
detailed description
the abbreviation of "distributed application" is called "distributed application" in Japanese. One of the main features is that there is no centralized administrator. The most popular is Ethereum blockchain, which is developing applications such as games and decentralized exchange (DEX)