Large scale application of blockchain

1. In one sentence, it is decentralization
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
in a narrow sense, blockchain is a kind of chain data structure that combines data blocks in chronological order in a sequential way, and it can not be tampered with and forged by cryptography
broadly speaking, blockchain technology is a new distributed infrastructure and computing method, which uses blockchain data structure to verify and store data, uses distributed node consensus algorithm to generate and update data, uses cryptography to ensure the security of data transmission and access, and uses intelligent contract composed of automated script code to program and operate data< Advantages:
1) the algorithm is simple and easy to implement
2) there is no need to exchange additional information between nodes to reach a consensus
3) it takes a lot of cost to destroy the system< Disadvantages:
1) waste of energy
2) it is difficult to shorten the block confirmation time
3) the new blockchain must find a different hash algorithm, otherwise it will face bitcoin attack
4) it is easy to generate bifurcation and needs to wait for multiple confirmations
5) there is no finality, and checkpoint mechanism is needed to make up for it.

2. I choose Chinese currency! Low operation delay, idle can also save money mining EOS, very suitable.

3. Blockchain solves the problem of trust, which is the root of all problems
wikilink is a complete intelligent contract platform supporting Turing. Wikilink adopts the consensus mechanism of dpos, with a total of 11 voting nodes, generating a new block every 10 seconds. Through the smart contract wikilink, we can realize a wealth of application scenarios, such as asset issuance, guessing applications, right traceability, mutual insurance, decentralized exchanges, cross-border settlement, etc
but the most important thing in these scenarios is trust, which is to be open and transparent.

4. The main problems are the lack of core technology, the scarcity of blockchain talents, the imperfection of instry laws and regulations, the lack of instry cognition and so on. But now there are more blockchain policy support, and these problems are graally improving. Blockchain applications are also constantly landing. Changsha high tech Zone has officially launched a blockchain project, which is called SMIC blockchain service platform, It is a government enterprise service platform, cooperating with Bank of Changsha, Dean justice, etc., and now it is the stage of collecting enterprises on the chain.

5. Jinwowo thinks that if blockchain technology wants to be widely used in China, the first problems to be solved are as follows:
1 - blockchain is too large
2 - blockchain data confirmation time
3 - deal with the issue of transaction frequency
4 - the development of blockchain technology is restricted by the current system
5 - the integration cost of blockchain technology and existing systems is relatively high

6. There are two main problems
the first is that blockchain generally establishes a decentralized security maintenance mechanism through incentive system, but there is a disadvantage that the general incentive system will issue money, which is not supported in China
the second is the technical bottleneck, and the TPS of blockchain is generally not high, which can not support the landing of a large number of applications