Dpos mining
Publish: 2021-04-14 22:55:10
1.
POW: full name of proof of work
pos: proof of stake
both of them are the consensus mechanism of blockchain and the bookkeeping method of digital currency
the difference is:
1. POW mechanism: workload proof mechanism, that is, the proof of workload, is the requirement that must be met when generating a new transaction information (that is, a new block) to be added to the blockchain. In the blockchain network based on workload proof mechanism, the ability of nodes to obtain the correct numerical solution to generate blocks by calculating the numerical solution of random hash hash is the specific performance of node computing power
POS mechanism: the proof of rights and interests requires the certifier to provide a certain amount of ownership of cryptocurrency. The operation mode of the proof of rights and interests mechanism is that when creating a new block, the miners need to create a "currency right" transaction, and the transaction will send some coins to the miners themselves according to the preset proportion. According to the proportion and time of token owned by each node, the equity proof mechanism reces the mining difficulty of nodes proportionally according to the algorithm, so as to speed up the speed of searching for random numbersextended materials:
the concept of bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's ideas, the open source software and the P2P network on it were designed and released. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction
2. Analyzing the advantages of LBTC from the perspective of code mechanism
dpos mechanism
in recent years, e to the resource waste of pow, unstable block output, and the existence of computing power attack, although POW is recognized as the most widely used and secure consensus mechanism, there is still a great risk of being attacked for the block chain with insufficient computing power in the whole network. More and more consensus mechanisms are proposed to be used in blockchain projects for trial and experiment. Dpos is one of the mainstream consensus mechanisms, and LBTC has adopted this mechanism. Dpos ensures that the voting right is in the hands of the coin holder, so the coin holder will be able to choose whether to pass the motion by voting, so as to determine the development direction of the project. At the same time, it also means that the development direction of the project depends on the hands of the people who care about the project itself, and the power of wisdom will promote the better development of the project. At the same time, the advantages of dpos mechanism are that there is no computing power attack, strictly abide by the time block and save resources
dpos advantages of LBTC
the dpos mechanism of LBTC also has its own characteristics: the number of nodes of LBTC is 101, compared with 21 or 51 nodes, the coin holder can vote for 51 nodes at most once in the wallet of LBTC, which further reces the risk of centralization; LBTC can output blocks stably in 3 seconds, and the block size of 2m ensures that LBTC is 400 times more efficient than bitcoin, and the transaction speed can reach more than 2000 transactions per second; The most important difference between LBTC and other projects is that LBTC's dpos mechanism has the rule of irreversible block. When the number of block agents reaches 90% or more in one round, or when the number of block agents exceeds 70%, the first block in the previous round can be considered as irreversible, so as to prevent bifurcation
LBTC's defense measures
in addition to dpos consensus mechanism, LBTC's technical level has other highlights
first of all, LBTC can prevent [replay attack]. What is a replay attack? Each bitcoin account will have a corresponding number of lbtcs based on its bitcoin balance. If the address, private key, algorithm, etc. on each chain are the same, and the transaction format is the same, the transaction initiated on one blockchain can be put on another blockchain for rebroadcasting, and may also be confirmed. This is the "replay attack.". In short, when a user transfers LBTC, BTC may also be transferred at the same time. LBTC modifies the hash algorithm in transaction signature. In the hash algorithm, "LBTC" field is added to LBTC. The hash generated by LBTC and BTC will be different. LBTC and bitcoin do not recognize each other's transactions, so as to prevent replay attacks
secondly, to prevent [forged mining]. There are no concepts of voting and balance in bitcoin transaction. In order to maximize the stability of LBTC, a new output composed of OP return is added in coinbase transaction. Op-return data is composed of three fields: publickey, time and sign (time). Time represents the timeliness of transaction. Publickey verifies sign (time), which is the principle of asymmetric encryption algorithm to prevent forgery and mining. LBTC has 101 nodes. Assuming that the attacker has 30 nodes, if the remaining 71 nodes are forged, other nodes can mistakenly think that the attacker's chain is the longest and block out. This is a forgery mining attack
thirdly, prevent [double flower attack]. Double spending attack is a money spent twice, it can also be called double payment attack. For example, BTG, which has attracted wide attention before, recently suffered 51% attacks. A malicious miner obtained at least 51% of the computing power of the BTG network, temporarily controlled the BTG blockchain, quickly raised money after recharging the exchange, then reversed the block, and successfully implemented Shuanghua. Due to the irreversible block mentioned above, when the transaction of LBTC block is confirmed, it is impossible to roll back, so as to prevent the double flower attack
Fourth, multithreading. In LBTC's transaction consistency and legitimacy check, the data that can be merged and integrated are merged and executed by multi thread, which greatly improves the transaction efficiency and enhances the performance of LBTC
code logic of LBTC
in addition, in terms of code logic, LBTC is divided into protocol layer, consensus layer and application layer. When it is necessary to transfer value, the transaction is completed through the protocol layer link and consensus layer. This process can not only be used as the exchange of value, but also as the value intermediary in the tripartite connection. The application layer is mainly based on smart contract. In the future, LBTC will realize the function of gateway based on smart contract. The payment gateway implements asset issuance, asset transaction, currency exchange, chain interaction and so on
that's why LBTC can say that it wants to do global value internet protocol. Through the payment gateway, it can exchange any currency, not only between currencies, but also between legal currency and digital currency. Isn't that very convenient? One click conversion is to buy eth with vnd and transfer it to her British cousin in the distance. She dislikes it and immediately changes it to EOS. After one second, it is changed to pound sterling. There is no need for extra conversion steps. It's good to get it in one step? Such an analysis, in fact, from the technical code level analysis of LBTC is quite reliable. However, compared with those experts, Xiaobian won't deceive you. Whether LBTC can realize decentralized value Internet Protocol in the future, focusing on code will be a more intuitive way GitHub of LBTC: https://github.com/lbtcio/lbtc-core
how to use gateway
next, we talk about the specific implementation of the gateway's "conversion and circulation", which can be roughly divided into three kinds:
first, after the LBTC system has built the gateway technology, with the gateway as the bridge, user a can convert any currency into LBTC, and then send it to any user B who wants to send it, while user B can convert LBTC into any currency he needs, Does this sound like what you usually do on the exchange? I think this is one of the reasons why LBTC proposes to be a "decentralized exchange"
Second, user a can deposit the funds in the gateway trusted by user B and transfer them to user B through the gateway
thirdly, LBTC will provide the function of "any user can issue token" in the early stage of gateway construction. Therefore, in the LBTC system, if user a has a good reputation, is recognized by everyone, and issues its own a token (of course, it should include the asset chain realized by asset mortgage), a can use its own a token for user B's currency exchange. After that, user a can redeem the a token exchanged to B. A is the gateway role in the transaction process
in the process mentioned above, the functions of asset issuance, asset transaction, currency exchange and chain interaction are realized respectively
the gateway is similar to the function of a bank, which can mainly solve the problem of cross-border transfer. With the high TPS and low handling charge of LBTC, it will be very convenient to realize cross-border transfer. For example, if you need to remit money from China to the U.S., you need to remit RMB to China's LBTC gateway, and then the U.S. gateway will receive the LBTC from China's gateway, convert it into U.S. dollars, and forward it to the U.S. account. In the above gateway system, it can be concluded that both payment parties do not need to join the network, just need to trust the gateway
although the gateway solves the problems of slow speed and high handling charge of traditional transfer payment, it also faces new problems
then there is a problem
in addition to the standard institutions or project parties invited by LBTC can become gateways, ordinary users can buy and sell with each other (in fact, this kind of behavior is more inclined to loan, if it is only the business between acquaintances, it will form a small independent network), How to prove that gateway is a trustworthy organization or indivial
how to extend the gateway of LBTC to cooperate with large organizations is obviously a problem for the team. Ripple has developed more mature. At present, it has cooperated with MUFG in Japan, Westpac in Australia and Standard Chartered Bank in the UK. With ripple, star currency and other payment digital currencies in front, LBTC needs to have more characteristics if it wants to go out of its own route. This can be expected in the later intelligent contract route planning
however, ripple is also accused of being too centralized because of its distribution mode. LBTC has 101 nodes because of its dpos mechanism, and because it is a bifurcated coin, it will be distributed to bitcoin holders 1:1 when it is issued. This can be said to be the inherent advantage of LBTC - it has wide dispersion. If it can be supported and recognized by the public in the future, it can reach a consensus, Then it will form a congenital advantage of wide distribution
in addition, how can we prove that assets really exist in reality and can be used as collateral in the process of asset chain? In addition to large-scale institutions such as banks, small-scale network also has its inevitability. The proof of assets on the asset chain is a very important part. If it is not regulated and certified, it is very likely that the gateway will run away or false gateway will occur. Although the gateway is exemplified as "Taobao" platform, in theory, the platform can not manage the business content, but the platform has supervision on the quality of goods, otherwise it will cause confusion
decentralized exchanges
let's go back to the first point and talk about my ideas on decentralized exchanges. At present, mines and centralized exchanges are the protagonists in the early development of blockchain. With the rise of more and more exchanges, centralized exchanges fall into manipulation scandals and so on, which bring room for the growth of decentralized exchanges. Decentralized transaction is very likely to bring value to the field of blockchain and become the real protagonist in the era of blockchain. With gateway technology, LBTC can realize decentralized exchange. In the decentralized exchange of LBTC, the user's own currency will be kept by himself, which prevents the possibility of losing the currency in the centralized exchange. At the same time, it can also prevent the opaque system transactions, operational and technical risks. According to the previous gateway interview, LBTC will also work with reliable project parties to put on the stock exchange for the benefit of all community members. Generally speaking, LBTC's development route is relatively clear, and its goal in the field of payment is also very clear. Hold on, partners, the future is promising!
dpos mechanism
in recent years, e to the resource waste of pow, unstable block output, and the existence of computing power attack, although POW is recognized as the most widely used and secure consensus mechanism, there is still a great risk of being attacked for the block chain with insufficient computing power in the whole network. More and more consensus mechanisms are proposed to be used in blockchain projects for trial and experiment. Dpos is one of the mainstream consensus mechanisms, and LBTC has adopted this mechanism. Dpos ensures that the voting right is in the hands of the coin holder, so the coin holder will be able to choose whether to pass the motion by voting, so as to determine the development direction of the project. At the same time, it also means that the development direction of the project depends on the hands of the people who care about the project itself, and the power of wisdom will promote the better development of the project. At the same time, the advantages of dpos mechanism are that there is no computing power attack, strictly abide by the time block and save resources
dpos advantages of LBTC
the dpos mechanism of LBTC also has its own characteristics: the number of nodes of LBTC is 101, compared with 21 or 51 nodes, the coin holder can vote for 51 nodes at most once in the wallet of LBTC, which further reces the risk of centralization; LBTC can output blocks stably in 3 seconds, and the block size of 2m ensures that LBTC is 400 times more efficient than bitcoin, and the transaction speed can reach more than 2000 transactions per second; The most important difference between LBTC and other projects is that LBTC's dpos mechanism has the rule of irreversible block. When the number of block agents reaches 90% or more in one round, or when the number of block agents exceeds 70%, the first block in the previous round can be considered as irreversible, so as to prevent bifurcation
LBTC's defense measures
in addition to dpos consensus mechanism, LBTC's technical level has other highlights
first of all, LBTC can prevent [replay attack]. What is a replay attack? Each bitcoin account will have a corresponding number of lbtcs based on its bitcoin balance. If the address, private key, algorithm, etc. on each chain are the same, and the transaction format is the same, the transaction initiated on one blockchain can be put on another blockchain for rebroadcasting, and may also be confirmed. This is the "replay attack.". In short, when a user transfers LBTC, BTC may also be transferred at the same time. LBTC modifies the hash algorithm in transaction signature. In the hash algorithm, "LBTC" field is added to LBTC. The hash generated by LBTC and BTC will be different. LBTC and bitcoin do not recognize each other's transactions, so as to prevent replay attacks
secondly, to prevent [forged mining]. There are no concepts of voting and balance in bitcoin transaction. In order to maximize the stability of LBTC, a new output composed of OP return is added in coinbase transaction. Op-return data is composed of three fields: publickey, time and sign (time). Time represents the timeliness of transaction. Publickey verifies sign (time), which is the principle of asymmetric encryption algorithm to prevent forgery and mining. LBTC has 101 nodes. Assuming that the attacker has 30 nodes, if the remaining 71 nodes are forged, other nodes can mistakenly think that the attacker's chain is the longest and block out. This is a forgery mining attack
thirdly, prevent [double flower attack]. Double spending attack is a money spent twice, it can also be called double payment attack. For example, BTG, which has attracted wide attention before, recently suffered 51% attacks. A malicious miner obtained at least 51% of the computing power of the BTG network, temporarily controlled the BTG blockchain, quickly raised money after recharging the exchange, then reversed the block, and successfully implemented Shuanghua. Due to the irreversible block mentioned above, when the transaction of LBTC block is confirmed, it is impossible to roll back, so as to prevent the double flower attack
Fourth, multithreading. In LBTC's transaction consistency and legitimacy check, the data that can be merged and integrated are merged and executed by multi thread, which greatly improves the transaction efficiency and enhances the performance of LBTC
code logic of LBTC
in addition, in terms of code logic, LBTC is divided into protocol layer, consensus layer and application layer. When it is necessary to transfer value, the transaction is completed through the protocol layer link and consensus layer. This process can not only be used as the exchange of value, but also as the value intermediary in the tripartite connection. The application layer is mainly based on smart contract. In the future, LBTC will realize the function of gateway based on smart contract. The payment gateway implements asset issuance, asset transaction, currency exchange, chain interaction and so on
that's why LBTC can say that it wants to do global value internet protocol. Through the payment gateway, it can exchange any currency, not only between currencies, but also between legal currency and digital currency. Isn't that very convenient? One click conversion is to buy eth with vnd and transfer it to her British cousin in the distance. She dislikes it and immediately changes it to EOS. After one second, it is changed to pound sterling. There is no need for extra conversion steps. It's good to get it in one step? Such an analysis, in fact, from the technical code level analysis of LBTC is quite reliable. However, compared with those experts, Xiaobian won't deceive you. Whether LBTC can realize decentralized value Internet Protocol in the future, focusing on code will be a more intuitive way GitHub of LBTC: https://github.com/lbtcio/lbtc-core
how to use gateway
next, we talk about the specific implementation of the gateway's "conversion and circulation", which can be roughly divided into three kinds:
first, after the LBTC system has built the gateway technology, with the gateway as the bridge, user a can convert any currency into LBTC, and then send it to any user B who wants to send it, while user B can convert LBTC into any currency he needs, Does this sound like what you usually do on the exchange? I think this is one of the reasons why LBTC proposes to be a "decentralized exchange"
Second, user a can deposit the funds in the gateway trusted by user B and transfer them to user B through the gateway
thirdly, LBTC will provide the function of "any user can issue token" in the early stage of gateway construction. Therefore, in the LBTC system, if user a has a good reputation, is recognized by everyone, and issues its own a token (of course, it should include the asset chain realized by asset mortgage), a can use its own a token for user B's currency exchange. After that, user a can redeem the a token exchanged to B. A is the gateway role in the transaction process
in the process mentioned above, the functions of asset issuance, asset transaction, currency exchange and chain interaction are realized respectively
the gateway is similar to the function of a bank, which can mainly solve the problem of cross-border transfer. With the high TPS and low handling charge of LBTC, it will be very convenient to realize cross-border transfer. For example, if you need to remit money from China to the U.S., you need to remit RMB to China's LBTC gateway, and then the U.S. gateway will receive the LBTC from China's gateway, convert it into U.S. dollars, and forward it to the U.S. account. In the above gateway system, it can be concluded that both payment parties do not need to join the network, just need to trust the gateway
although the gateway solves the problems of slow speed and high handling charge of traditional transfer payment, it also faces new problems
then there is a problem
in addition to the standard institutions or project parties invited by LBTC can become gateways, ordinary users can buy and sell with each other (in fact, this kind of behavior is more inclined to loan, if it is only the business between acquaintances, it will form a small independent network), How to prove that gateway is a trustworthy organization or indivial
how to extend the gateway of LBTC to cooperate with large organizations is obviously a problem for the team. Ripple has developed more mature. At present, it has cooperated with MUFG in Japan, Westpac in Australia and Standard Chartered Bank in the UK. With ripple, star currency and other payment digital currencies in front, LBTC needs to have more characteristics if it wants to go out of its own route. This can be expected in the later intelligent contract route planning
however, ripple is also accused of being too centralized because of its distribution mode. LBTC has 101 nodes because of its dpos mechanism, and because it is a bifurcated coin, it will be distributed to bitcoin holders 1:1 when it is issued. This can be said to be the inherent advantage of LBTC - it has wide dispersion. If it can be supported and recognized by the public in the future, it can reach a consensus, Then it will form a congenital advantage of wide distribution
in addition, how can we prove that assets really exist in reality and can be used as collateral in the process of asset chain? In addition to large-scale institutions such as banks, small-scale network also has its inevitability. The proof of assets on the asset chain is a very important part. If it is not regulated and certified, it is very likely that the gateway will run away or false gateway will occur. Although the gateway is exemplified as "Taobao" platform, in theory, the platform can not manage the business content, but the platform has supervision on the quality of goods, otherwise it will cause confusion
decentralized exchanges
let's go back to the first point and talk about my ideas on decentralized exchanges. At present, mines and centralized exchanges are the protagonists in the early development of blockchain. With the rise of more and more exchanges, centralized exchanges fall into manipulation scandals and so on, which bring room for the growth of decentralized exchanges. Decentralized transaction is very likely to bring value to the field of blockchain and become the real protagonist in the era of blockchain. With gateway technology, LBTC can realize decentralized exchange. In the decentralized exchange of LBTC, the user's own currency will be kept by himself, which prevents the possibility of losing the currency in the centralized exchange. At the same time, it can also prevent the opaque system transactions, operational and technical risks. According to the previous gateway interview, LBTC will also work with reliable project parties to put on the stock exchange for the benefit of all community members. Generally speaking, LBTC's development route is relatively clear, and its goal in the field of payment is also very clear. Hold on, partners, the future is promising!
3. Compared with BCH and BSV, lightning bitcoin LBTC is also derived from bitcoin, and its original intention is to solve some shortcomings and defects of bitcoin itself. However, the biggest difference of LBTC is that it adopts dpos consensus mechanism instead of pow consensus mechanism. The most significant advantages of LBTC are as follows:
first, it greatly improves performance, As we all know, the number of transfers per second of bitcoin, that is, TPS, is only about 7, and other bitcoin forked coins using POW consensus mechanism are almost the same. The theoretical value of TPS of LBTC can reach 2800, and the current actual level can reach more than 1000, and the performance has been improved by several orders of magnitude. The slogan "fast as lightning" is by no means empty words. If you are interested, you can download a wallet from the official website of LBTC or Cobo to experience it
Second, it greatly reces the energy consumption and participation threshold. As we all know, the high energy consumption caused by POW mining represented by bitcoin has been criticized by the outside world. At the same time, because mining has already become a heavy asset instry, mining machinery, mining and other fields have been monopolized by a few big players, ordinary small and medium-sized investors and new manufacturers have little room to survive, It has formed a situation in which the strong are always strong. However, POS / dpos currencies only need ordinary PCs or even mobile phones to run wallets and stack, so as to obtain revenue
thirdly, it introces chain governance, which achieves a good balance between democracy and efficiency. At the same time, it encourages users to actively participate in community affairs through voting and staging mechanism. In the world of pow, power is power, simple and crude; In the world of POS, those who hold more money will have more right to speak and gain
in the world of dpos, it is not simply to see who holds more money. At the same time, it needs the extensive support of the community to exercise power on behalf of the community. At the same time, the majority of small and medium-sized users also have the opportunity to launch motions, express their demands, and participate in decision-making
because bitcoin has carried too many interests, we are very cautious about any improvement of bitcoin, and the pace is very slow, which leads to the division of the community and the proction of many forked coins. However, in fact, compared with bitcoin, the improvements made by BCH and BSV are quite limited, so the improvement in all aspects is also very limited
therefore, if you take a closer look at LBTC, you will find that it is actually a very interesting bitcoin fork coin. I think it is a very bold and imaginative experiment based on bitcoin. If lightcoin has been used as a testing ground for new technologies and new ideas for bitcoin in many cases, LBTC can be regarded as a testing ground for bitcoin with greater and more thorough changes
just mentioned, one of the biggest obstacles in the promotion and use of bitcoin is that TPS is too low to carry high-frequency transactions. Compared with bitcoin and some well-known bifurcated currencies such as BCH and BSV, the performance of LBTC is improved by several orders of magnitude, and the actual TPS can reach more than 1000
increasing TPS can rece verification time, but it will inevitably sacrifice security or decentralization. If TPS increases blindly, blockchain will completely sacrifice "decentralization". At the same time, the requirements on the miner's machine configuration will be more stringent. If it can not upload the transaction in time, it will proce more unfinished transactions, and the hidden danger will be greater. Although EOS uses 21 super nodes to achieve high efficiency, it also sacrifices some "decentralization" and security, and introces potential risks such as DDoS
in the past two years, many public chain projects blindly pursue high TPS, and often claim to have achieved tens of thousands, hundreds of thousands or even millions of TPS. In order to improve TPS, some project parties buy millions of equipment to test in a laboratory, which only plays a PR effect or amuses themselves. Such a high TPS is meaningless. Even if it can reach or close to such a number, for the current market demand, it also belongs to excess performance, which is bound to cause unnecessary waste of resources
according to the calculation of relevant research institutions, even if the public chain processes 100 million transactions every day, thousand level TPS is enough. It's worth noting that the TPS of Libra, which is to be launched by Facebook, is also around 1000. You should know that Facebook has as many as 2.7 billion users in the world, which should be determined by them after careful consideration
this means that LBTC's TPS can meet the needs of processing 100 million transactions per day, which is quite pragmatic and can fully meet the needs of global users in the next few years. Moreover, LBTC also has a high degree of scalability. With the further improvement of global Internet infrastructure, the performance of LBTC will continue to improve. It can be said that the current LBTC has found a good balance in the "Impossible Triangle" of efficiency, security and decentralization
in the view of many bitcoin fundamentalists, only the pow path chosen by Nakamoto is the only right way. POW consensus mechanism has experienced nearly 10 years of stable operation and continuous market test, and dpos has been more than 6 years since its birth. So how about doing an experiment to see what wonderful chemical reactions can be proced by combining bitcoin with dpos
if this dpos version of bitcoin can also withstand the continuous test of 10 years, will we still insist that only POW is the only right way for bitcoin? Of course, we don't have a definite answer to this question. Time will tell
although I also claim to be a believer of bitcoin, I think the existence of LBTC is very meaningful. This significance does not mean to replace bitcoin, or like some fans of other forked coins, I think that only the branch I support is the real bitcoin, but to explore more and wider possibilities in technology and form a useful supplement to bitcoin.
first, it greatly improves performance, As we all know, the number of transfers per second of bitcoin, that is, TPS, is only about 7, and other bitcoin forked coins using POW consensus mechanism are almost the same. The theoretical value of TPS of LBTC can reach 2800, and the current actual level can reach more than 1000, and the performance has been improved by several orders of magnitude. The slogan "fast as lightning" is by no means empty words. If you are interested, you can download a wallet from the official website of LBTC or Cobo to experience it
Second, it greatly reces the energy consumption and participation threshold. As we all know, the high energy consumption caused by POW mining represented by bitcoin has been criticized by the outside world. At the same time, because mining has already become a heavy asset instry, mining machinery, mining and other fields have been monopolized by a few big players, ordinary small and medium-sized investors and new manufacturers have little room to survive, It has formed a situation in which the strong are always strong. However, POS / dpos currencies only need ordinary PCs or even mobile phones to run wallets and stack, so as to obtain revenue
thirdly, it introces chain governance, which achieves a good balance between democracy and efficiency. At the same time, it encourages users to actively participate in community affairs through voting and staging mechanism. In the world of pow, power is power, simple and crude; In the world of POS, those who hold more money will have more right to speak and gain
in the world of dpos, it is not simply to see who holds more money. At the same time, it needs the extensive support of the community to exercise power on behalf of the community. At the same time, the majority of small and medium-sized users also have the opportunity to launch motions, express their demands, and participate in decision-making
because bitcoin has carried too many interests, we are very cautious about any improvement of bitcoin, and the pace is very slow, which leads to the division of the community and the proction of many forked coins. However, in fact, compared with bitcoin, the improvements made by BCH and BSV are quite limited, so the improvement in all aspects is also very limited
therefore, if you take a closer look at LBTC, you will find that it is actually a very interesting bitcoin fork coin. I think it is a very bold and imaginative experiment based on bitcoin. If lightcoin has been used as a testing ground for new technologies and new ideas for bitcoin in many cases, LBTC can be regarded as a testing ground for bitcoin with greater and more thorough changes
just mentioned, one of the biggest obstacles in the promotion and use of bitcoin is that TPS is too low to carry high-frequency transactions. Compared with bitcoin and some well-known bifurcated currencies such as BCH and BSV, the performance of LBTC is improved by several orders of magnitude, and the actual TPS can reach more than 1000
increasing TPS can rece verification time, but it will inevitably sacrifice security or decentralization. If TPS increases blindly, blockchain will completely sacrifice "decentralization". At the same time, the requirements on the miner's machine configuration will be more stringent. If it can not upload the transaction in time, it will proce more unfinished transactions, and the hidden danger will be greater. Although EOS uses 21 super nodes to achieve high efficiency, it also sacrifices some "decentralization" and security, and introces potential risks such as DDoS
in the past two years, many public chain projects blindly pursue high TPS, and often claim to have achieved tens of thousands, hundreds of thousands or even millions of TPS. In order to improve TPS, some project parties buy millions of equipment to test in a laboratory, which only plays a PR effect or amuses themselves. Such a high TPS is meaningless. Even if it can reach or close to such a number, for the current market demand, it also belongs to excess performance, which is bound to cause unnecessary waste of resources
according to the calculation of relevant research institutions, even if the public chain processes 100 million transactions every day, thousand level TPS is enough. It's worth noting that the TPS of Libra, which is to be launched by Facebook, is also around 1000. You should know that Facebook has as many as 2.7 billion users in the world, which should be determined by them after careful consideration
this means that LBTC's TPS can meet the needs of processing 100 million transactions per day, which is quite pragmatic and can fully meet the needs of global users in the next few years. Moreover, LBTC also has a high degree of scalability. With the further improvement of global Internet infrastructure, the performance of LBTC will continue to improve. It can be said that the current LBTC has found a good balance in the "Impossible Triangle" of efficiency, security and decentralization
in the view of many bitcoin fundamentalists, only the pow path chosen by Nakamoto is the only right way. POW consensus mechanism has experienced nearly 10 years of stable operation and continuous market test, and dpos has been more than 6 years since its birth. So how about doing an experiment to see what wonderful chemical reactions can be proced by combining bitcoin with dpos
if this dpos version of bitcoin can also withstand the continuous test of 10 years, will we still insist that only POW is the only right way for bitcoin? Of course, we don't have a definite answer to this question. Time will tell
although I also claim to be a believer of bitcoin, I think the existence of LBTC is very meaningful. This significance does not mean to replace bitcoin, or like some fans of other forked coins, I think that only the branch I support is the real bitcoin, but to explore more and wider possibilities in technology and form a useful supplement to bitcoin.
4. "Mining" in the blockchain is the process of bookkeeping. You can purchase computing power equipment, that is, "mining machine", to "mine" and get bookkeeping rewards
however, with the increasingly fierce competition in bookkeeping and the graal rise of dpos, ordinary computing power equipment has been unable to meet the needs of mining
it is necessary to purchase more professional mining machines or join large mines. Therefore, the threshold of mining is slightly higher
where there is demand, there is market
e to the increasing market demand for professional mining machinery, more and more chip enterprises increase investment in chip R & D, and start to develop mining machinery with higher computing power and lower energy consumption, so as to earn profits
when the currency price rose sharply in 2017, this kind of mining machinery was in short supply
as the level of computing power in the whole network is getting higher and higher, it is difficult for a single miner to seize the bookkeeping right and obtain bookkeeping rewards. Therefore, the way of combining a small amount of computing power and joint operation arises at the historic moment to improve the competitiveness of bookkeeping
the website established in this way is called "mine pool"
the profit model of the mine pool is to charge the handling charge. The more people participate in the mine pool, the higher the proportion of handling charge, the higher the income of the mine pool company
blockchain is the core supporting technology of digital cryptocurrency system represented by bitcoin. The core advantage of blockchain technology is decentralization. It can realize point-to-point transaction, coordination and cooperation based on decentralized credit in a distributed system without mutual trust by means of data encryption, time stamp, distributed consensus and economic incentive, so as to solve the common high cost, low cost and low cost of centralized institutions Low efficiency and data storage insecurity provide solutions
the application fields of blockchain include digital currency, token, finance, anti-counterfeiting traceability, privacy protection, supply chain, entertainment, etc. with the popularity of blockchain and bitcoin, many related top domain names have been registered, which has a great impact on the domain name instry.
however, with the increasingly fierce competition in bookkeeping and the graal rise of dpos, ordinary computing power equipment has been unable to meet the needs of mining
it is necessary to purchase more professional mining machines or join large mines. Therefore, the threshold of mining is slightly higher
where there is demand, there is market
e to the increasing market demand for professional mining machinery, more and more chip enterprises increase investment in chip R & D, and start to develop mining machinery with higher computing power and lower energy consumption, so as to earn profits
when the currency price rose sharply in 2017, this kind of mining machinery was in short supply
as the level of computing power in the whole network is getting higher and higher, it is difficult for a single miner to seize the bookkeeping right and obtain bookkeeping rewards. Therefore, the way of combining a small amount of computing power and joint operation arises at the historic moment to improve the competitiveness of bookkeeping
the website established in this way is called "mine pool"
the profit model of the mine pool is to charge the handling charge. The more people participate in the mine pool, the higher the proportion of handling charge, the higher the income of the mine pool company
blockchain is the core supporting technology of digital cryptocurrency system represented by bitcoin. The core advantage of blockchain technology is decentralization. It can realize point-to-point transaction, coordination and cooperation based on decentralized credit in a distributed system without mutual trust by means of data encryption, time stamp, distributed consensus and economic incentive, so as to solve the common high cost, low cost and low cost of centralized institutions Low efficiency and data storage insecurity provide solutions
the application fields of blockchain include digital currency, token, finance, anti-counterfeiting traceability, privacy protection, supply chain, entertainment, etc. with the popularity of blockchain and bitcoin, many related top domain names have been registered, which has a great impact on the domain name instry.
5. Not all blockchain projects will adopt the "workload proof" method similar to bitcoin, which is more common in early blockchain projects. If other proof mechanisms are adopted, such as "proof of stake (POS)" and "dpos (delegate proof of stake)", such mining method is not necessary.
6. Take our life as an example. When you buy things on double 11, tmall's sales of more than 100 billion a day and huge digital computing are applied to cloud computing
there are also agricultural procts like rice, oil and so on
for example, vonetracer traceability system of wangchain technology is related to us.
there are also agricultural procts like rice, oil and so on
for example, vonetracer traceability system of wangchain technology is related to us.
7. Science and technology change life, but also to promote the driving force of economic development. In recent years, the wave of mobile Internet and big data technology is higher than one wave, rapidly leading the development trend of the new era. In 2017, when new things and new technologies continue to emerge, the emergence of blockchain undoubtedly set off a new revolution in digital economy. Chongqing jinwowo network technology group, in line with the current national policy of the development of big data instry, deeply explores the research and development of blockchain technology, explores the application of blockchain technology, and is committed to developing into a well-known brand in the field of blockchain in China, leading the new ideas of blockchain development.
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