Consensus and mining
Publish: 2021-04-15 06:17:47
1.
In 2009, bencong invented bitcoin, and set that there are only 21 million bitcoins. By participating in the proction of blocks and providing proof of work (POW), he can get the reward of bitcoin network. This process is mining
the concept of "mining" comes from the existing concepts in our real economic life, such as gold mining and silver mining. Because minerals are valuable, it drives people to pay labor to dig
another important point of bitcoin mining is that the miners who participate in mining recognize the value of bitcoin, and some of them are willing to spend money in the bitcoin market. Therefore, the mining of bitcoin is meaningful
extended data
currency characteristics of bitcoin
1, decentralized
bitcoin is the first distributed virtual currency, and the whole network is composed of users without central bank. Decentralization is the guarantee of bitcoin's security and freedom
2, bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can dig, buy, sell or collect bitcoin
3, exclusive ownership
controlling bitcoin requires a private key, which can be stored in any storage medium in isolation. No one can get it except the user himself
4, low transaction cost
bitcoin can be remitted free of charge, but in the end, about 1 bitfen transaction fee will be charged for each transaction to ensure faster transaction execution
5, no hidden cost
as a means of payment from a to B, bitcoin has no cumbersome limit of quota and proceres. If you know the other party's bitcoin address, you can pay
6, cross platform mining
users can explore the computing power of different hardware on many platforms
2. There are many consensus mechanisms in the blockchain. The advantage of the pow consensus mechanism behind bitcoin, the most influential one, is that it is secure and can not be tampered with. The disadvantage is that it is too slow to process only seven transactions a second
3. At present, there are four main types of consensus mechanisms: pow, POS, dpos, pool
1. POW workload proof, which is familiar with mining, calculates a random number that meets the rules through and or operation, that is, obtains the bookkeeping right, sends out the data that needs to be recorded in this round, and stores it together with other nodes in the whole network after verification
advantages: complete decentralization, free access of nodes
disadvantages: bitcoin has attracted most of the computing power in the world, and other blockchain applications using POW consensus mechanism are difficult to obtain the same computing power to ensure their own security; Mining causes a lot of waste of resources; The period of reaching consensus is long, which is not suitable for commercial application.
2. Proof of rights and interests of POS, a mechanism of upgrading consensus of pow; According to the token proportion and time of each node; It can rece the difficulty of mining in equal proportion, so as to speed up the speed of finding random numbers< Advantages: to a certain extent, it shortens the time to reach a consensus
disadvantages: mining is still needed, which does not solve the pain point of commercial application in essence
3. Dpos share authorization certification mechanism is similar to the voting of the board of directors, in which the coin holders cast a certain number of nodes to verify and account on their behalf
advantages: greatly rece the number of participating verification and accounting nodes, which can achieve second level consensus verification
disadvantages: the whole consensus mechanism still depends on token, and many commercial applications do not need token to exist
4. Pool verification pool, which is based on traditional distributed consistency technology and data verification mechanism; It is a consensus mechanism widely used in the instry chain at present.
advantages: it can work without token, and realizes second level consensus verification on the basis of mature distributed consistency algorithms (pasox and raft)
disadvantages: the degree of decentralization is not as good as that of bictin; The multi center business model is more suitable for multi-party participation
it has great advantages in using consensus mechanism to ensure data consistency (the consensus mechanism is first proposed by ripple, and the network transaction synchronization mechanism with data correctness priority. In the consensus network, no matter how the software code changes, if you can't reach a consensus, you can't enter the network, let alone fork)
- - - - - - - -
PS: a little black, although the consensus mechanism can absolutely ensure that there will be no hard bifurcation at any time. However, the disadvantage of this mechanism is obvious, that is, it is much longer than the current bitcoin network to reach a consensus with other nodes. In extreme cases, the consequences of disconnection in ripple consensus mechanism network are also very terrible
it is possible that one day after the power failure in your home, the whole system will no longer be able to reach a consensus with other rippled nodes (in fact, the consensus mechanism requires more than 80% of the nodes to acknowledge your data before your submission will be accepted by other nodes, otherwise it will be rejected by exclusive nodes), Even you can only empty all your 500 GB data and resynchronize to connect to other ripple nodes
so at present, the existing rippled end is not suitable for civil use (if it is commercial, the impact is relatively small. For example, RL's own rippled node is hosted in Amazon cloud data center. If it has no response for a long time, it can make high claims, and there is almost no break in that place except for large disasters). This is one of the aspects RL has always wanted to improve.
1. POW workload proof, which is familiar with mining, calculates a random number that meets the rules through and or operation, that is, obtains the bookkeeping right, sends out the data that needs to be recorded in this round, and stores it together with other nodes in the whole network after verification
advantages: complete decentralization, free access of nodes
disadvantages: bitcoin has attracted most of the computing power in the world, and other blockchain applications using POW consensus mechanism are difficult to obtain the same computing power to ensure their own security; Mining causes a lot of waste of resources; The period of reaching consensus is long, which is not suitable for commercial application.
2. Proof of rights and interests of POS, a mechanism of upgrading consensus of pow; According to the token proportion and time of each node; It can rece the difficulty of mining in equal proportion, so as to speed up the speed of finding random numbers< Advantages: to a certain extent, it shortens the time to reach a consensus
disadvantages: mining is still needed, which does not solve the pain point of commercial application in essence
3. Dpos share authorization certification mechanism is similar to the voting of the board of directors, in which the coin holders cast a certain number of nodes to verify and account on their behalf
advantages: greatly rece the number of participating verification and accounting nodes, which can achieve second level consensus verification
disadvantages: the whole consensus mechanism still depends on token, and many commercial applications do not need token to exist
4. Pool verification pool, which is based on traditional distributed consistency technology and data verification mechanism; It is a consensus mechanism widely used in the instry chain at present.
advantages: it can work without token, and realizes second level consensus verification on the basis of mature distributed consistency algorithms (pasox and raft)
disadvantages: the degree of decentralization is not as good as that of bictin; The multi center business model is more suitable for multi-party participation
it has great advantages in using consensus mechanism to ensure data consistency (the consensus mechanism is first proposed by ripple, and the network transaction synchronization mechanism with data correctness priority. In the consensus network, no matter how the software code changes, if you can't reach a consensus, you can't enter the network, let alone fork)
- - - - - - - -
PS: a little black, although the consensus mechanism can absolutely ensure that there will be no hard bifurcation at any time. However, the disadvantage of this mechanism is obvious, that is, it is much longer than the current bitcoin network to reach a consensus with other nodes. In extreme cases, the consequences of disconnection in ripple consensus mechanism network are also very terrible
it is possible that one day after the power failure in your home, the whole system will no longer be able to reach a consensus with other rippled nodes (in fact, the consensus mechanism requires more than 80% of the nodes to acknowledge your data before your submission will be accepted by other nodes, otherwise it will be rejected by exclusive nodes), Even you can only empty all your 500 GB data and resynchronize to connect to other ripple nodes
so at present, the existing rippled end is not suitable for civil use (if it is commercial, the impact is relatively small. For example, RL's own rippled node is hosted in Amazon cloud data center. If it has no response for a long time, it can make high claims, and there is almost no break in that place except for large disasters). This is one of the aspects RL has always wanted to improve.
4. With the upgrading of Ethereum to version 2.0 this year, the consensus mechanism will be converted to POS, which will have a huge impact on miners. There are two choices for miners. One is to sell mining equipment and buy eth to adapt to the stacking mechanism of POS; The second is to switch the miner to other networks supporting GPU miner. Nick foster, a representative of kabombacks, a US mining equipment distributor, said most eth miners would choose the latter
after Ethereum is upgraded to version 2.0 POS mechanism, miners may switch mining machines to other networks
as Ethereum is finally ready to start its Ethereum 2.0 upgrade later this year, thus eliminating the long-term delay, the network will start to move towards the proof of rights model
therefore, the network will give up the workload proof consensus algorithm, so that eth miners have little choice. As their equipment will become obsolete, they will be forced to start mining counterfeit coins or re qualify as eth mortgagors. So, what is the current situation of Ethereum mining? With the coming transition, what will happen to the whole instry< At present, Ethereum consensus is based on POW system, which is similar to bitcoin (BTC). As a result, Ethereum's mining process is almost the same, as miners use their computing resources to earn rewards for each block they try to complete< However, there are still major differences between these processes. Although bitcoin mining has relied almost entirely on ASIC (large, loud machines designed specifically for cryptocurrency mining, most of which are concentrated in areas with low electricity prices), Ethereum's pow hash algorithm ethash is designed to support global chip manufacturers (such as NVIDIA and AMD). As Thomas Heller, global business director of cryptocurrency mining pool f2pool, explained in a conversation with cointegraph, GPU is much cheaper and easier to access than ASIC
"as ASIC is a very professional machine, when a new generation of procts is released, it is usually a huge technological leap. As a result, they have a much higher hash rate and are more energy efficient than the previous generation. This means that those manufacturers have spent a lot of money to research and develop it. Their machines are usually very expensive, and GPUs are much cheaper. "
Heller added that those who use GPU miners "have more flexibility to mine." For example, the popular NVIDIA geforce GTX 1080 Ti card can mine more than 15 different currencies, while ASIC units usually support only one currency
nevertheless, Ethereum is not completely immune to ASIC miners - at least in its current state. In April 2018, bitcontinent released antminer E3, an ASIC specially proced for mining Ethereum. Although widely praised for its hash rate of 180 megahashes per second and power consumption of 800 watts, it has received different responses from the Ethereum community. After the ASIC is inserted, a considerable number of GPU rig owners seem to suffer from loss of profits, and some are even forced to switch to other networks
"in the white paper, ETH must have ASIC resistance. I would like to say that the white paper stands for something "is one of the highest comments on the AR / ethermining topic about the topic discussed when antminer E3 was announced. Another reddit user argued that "the $800 only applies to 180mh."“ Split or die of a nation. "
some Ethereum users continue to suggest that bitmain's mining devices can lead to greater concentration, thus increasing the possibility of attack by 51%. Soon, a group of developers put forward "programmed workload proof" or progpow, which is an extension of the current Ethereum algorithm ethash, aiming to make GPU more competitive and promote decentralization
according to a paper published in March by Kristy Leigh Minehan, co-founder of progpow, about 40% of the hash rate of Ethereum is generated by bitmain ASIC. Alejandro de la Torre, the vice president of poolin, is the sixth largest pool of eth. He confirmed to cointegration that "GPU mining is still dominant" in Ethereum network, and added:
"at present, the profit of eth mining is not high, and the management threshold and cost of GPU equipment are higher than ASIC equipment. Compared with ASIC devices, GPU devices are more flexible, and you can use other algorithms to switch to other coins. "
progpow has not been integrated into Ethereum, and it is not clear when it will be finally implemented - in March, Ethereum core developers were debating whether progpow will really benefit the network in nearly two hours, and failed to reach a consensus. It is worth noting that a bitmain representative has previously told cointegraph that the mining hardware giant does not intend to extend the service life of antminer E3 to start operation after October 2020: "as far as we know, mining will end in October or some time after that."
a safe but uncertain future
indeed, Ethereum will stay away from mining in the future. Ethereum 2.0, which is planned to be launched later in 2020, is a major network upgrade on the blockchain, aiming to transfer its current POW consensus algorithm to a virtual POS (known as "block verifier")
more specifically, users are randomly selected considering their wealth in the network or their "interests". In other words, the more coins a POS verifier chooses to put in, the more coins accumulated as a reward
according to vitalik buterin, the co-founder of Ethereum, e to the transition, the network will be more secure and the attack cost will be higher than the network of bitcoin, although the debate about the better consensus algorithm in the encryption community has lasted for many years. However, it is not clear when to start Ethereum 2.0, as many errors and management issues are reported to be delaying the process
another hypothetical benefit of POS system is that it has higher energy efficiency than pow blockchain. According to digiconomist, the cryptocurrency's total annual footprint is 59.31 terawatts per hour, which is comparable to the electricity consumption of Greece as a whole. However, since a report in July 2019 estimated that 74% of the exploitation of bitcoin was done using renewable energy, the environmental impact of bitcoin does not seem to be so serious
what will happen to the actual Ethereum miner? According to the documentation of Casper upgrade as part of Ethereum 2.0 roadmap, the network will initially support a hybrid model including both POW and POS, thus providing some space for block verifiers and GPU / ASIC miners. Jack O & 39, CEO of skale network; "There will definitely be a transition period when two networks are running at the same time," Holleran told cointegration The CEO of scale network (based on Ethereum's blockchain platform) gave a detailed description of this process:
"the transition from eth1 to eth2 takes time of course - it may be years rather than months. The good news about this slow transition is that dapps and defi platforms will be able to roam around based on survivability, security and real-world evidence of adoption. This is a positive impact on the Ethereum ecosystem. "
dig or not
once Ethereum is fully in the POS orbit, miners will have two options. One is to sell the equipment and use the money to accumulate more Eth and start mortgage. The other is the choice for GPU miners, which is simply switching to other ethash networks and mining counterfeit money. Nick foster, a representative of kabombacks, a US mining equipment dealer, told cointegration that most eth miners would choose the latter:
"what I want to say is that most of the miners have not really entered Ethereum or the mining of specific tokens. Yes, there is a certain amount of mineral deposits and holds, but I oppose the view that a large number of Shanzhai coin miners hold their coins at any time. "<
foster then described how he used 3gb GPU units to mine ethash's point-to-point blockchain asset ravencoin (RVN). Once it was unable to mine eth, he said, "this is the reason for mining crows. I immediately sold stability to BTC, and then sold it to US dollars to pay for my rights. I would say that a lot of people are adopting this strategy. "
as foster concludes, he wants eth miners to jump out of the network, and new players - those who don't invest in power infrastructure or drilling rigs - will take a stake in eth. He described the following:
"I can't imagine if I found a five-year lease with $0.04 of electricity and I was mining eth, I decided to sell everything and then continue to pay the rent so that I could hold eth as a share. Substitute. "
Marc fresa, founder of asic.to, a mining firmware company, agreed in a conversation with cointegraph: "if you invest in mining, you won't bet because you have enough room to grow."
one of the main counterfeit coins that may benefit from POW miners leaving Ethereum is Ethereum classic (etc), which is a more conservative version of the blockchain. It is reported that there is no POS related plan. As it also runs on the ethash algorithm, the startup of Ethereum 2.0 may lead to the migration of miners, so its hash rate may have a significant peak
eth's larger pools have similar options. When asked about the company's plans for Ethereum after pow, Heller told cointegraph that after the announcement of Ethereum's POS upgrade, f2pool launched a sister company called story.fish in early 2018. Story.fish has started to provide mortgage services for other POS and delegated POS projects, such as tezos (xtz), Cosmos (atom) and Cardano (ADA), e to numerous handover delays. For prin, e to the transition to POS, it "may temporarily give up supporting eth mining," de la Torre told cointegraph
other top eth pools, namely nanopool, ethermine, pool center, sparkpool and spiderpool, did not respond to requests for comment from cointegraph.
after Ethereum is upgraded to version 2.0 POS mechanism, miners may switch mining machines to other networks
as Ethereum is finally ready to start its Ethereum 2.0 upgrade later this year, thus eliminating the long-term delay, the network will start to move towards the proof of rights model
therefore, the network will give up the workload proof consensus algorithm, so that eth miners have little choice. As their equipment will become obsolete, they will be forced to start mining counterfeit coins or re qualify as eth mortgagors. So, what is the current situation of Ethereum mining? With the coming transition, what will happen to the whole instry< At present, Ethereum consensus is based on POW system, which is similar to bitcoin (BTC). As a result, Ethereum's mining process is almost the same, as miners use their computing resources to earn rewards for each block they try to complete< However, there are still major differences between these processes. Although bitcoin mining has relied almost entirely on ASIC (large, loud machines designed specifically for cryptocurrency mining, most of which are concentrated in areas with low electricity prices), Ethereum's pow hash algorithm ethash is designed to support global chip manufacturers (such as NVIDIA and AMD). As Thomas Heller, global business director of cryptocurrency mining pool f2pool, explained in a conversation with cointegraph, GPU is much cheaper and easier to access than ASIC
"as ASIC is a very professional machine, when a new generation of procts is released, it is usually a huge technological leap. As a result, they have a much higher hash rate and are more energy efficient than the previous generation. This means that those manufacturers have spent a lot of money to research and develop it. Their machines are usually very expensive, and GPUs are much cheaper. "
Heller added that those who use GPU miners "have more flexibility to mine." For example, the popular NVIDIA geforce GTX 1080 Ti card can mine more than 15 different currencies, while ASIC units usually support only one currency
nevertheless, Ethereum is not completely immune to ASIC miners - at least in its current state. In April 2018, bitcontinent released antminer E3, an ASIC specially proced for mining Ethereum. Although widely praised for its hash rate of 180 megahashes per second and power consumption of 800 watts, it has received different responses from the Ethereum community. After the ASIC is inserted, a considerable number of GPU rig owners seem to suffer from loss of profits, and some are even forced to switch to other networks
"in the white paper, ETH must have ASIC resistance. I would like to say that the white paper stands for something "is one of the highest comments on the AR / ethermining topic about the topic discussed when antminer E3 was announced. Another reddit user argued that "the $800 only applies to 180mh."“ Split or die of a nation. "
some Ethereum users continue to suggest that bitmain's mining devices can lead to greater concentration, thus increasing the possibility of attack by 51%. Soon, a group of developers put forward "programmed workload proof" or progpow, which is an extension of the current Ethereum algorithm ethash, aiming to make GPU more competitive and promote decentralization
according to a paper published in March by Kristy Leigh Minehan, co-founder of progpow, about 40% of the hash rate of Ethereum is generated by bitmain ASIC. Alejandro de la Torre, the vice president of poolin, is the sixth largest pool of eth. He confirmed to cointegration that "GPU mining is still dominant" in Ethereum network, and added:
"at present, the profit of eth mining is not high, and the management threshold and cost of GPU equipment are higher than ASIC equipment. Compared with ASIC devices, GPU devices are more flexible, and you can use other algorithms to switch to other coins. "
progpow has not been integrated into Ethereum, and it is not clear when it will be finally implemented - in March, Ethereum core developers were debating whether progpow will really benefit the network in nearly two hours, and failed to reach a consensus. It is worth noting that a bitmain representative has previously told cointegraph that the mining hardware giant does not intend to extend the service life of antminer E3 to start operation after October 2020: "as far as we know, mining will end in October or some time after that."
a safe but uncertain future
indeed, Ethereum will stay away from mining in the future. Ethereum 2.0, which is planned to be launched later in 2020, is a major network upgrade on the blockchain, aiming to transfer its current POW consensus algorithm to a virtual POS (known as "block verifier")
more specifically, users are randomly selected considering their wealth in the network or their "interests". In other words, the more coins a POS verifier chooses to put in, the more coins accumulated as a reward
according to vitalik buterin, the co-founder of Ethereum, e to the transition, the network will be more secure and the attack cost will be higher than the network of bitcoin, although the debate about the better consensus algorithm in the encryption community has lasted for many years. However, it is not clear when to start Ethereum 2.0, as many errors and management issues are reported to be delaying the process
another hypothetical benefit of POS system is that it has higher energy efficiency than pow blockchain. According to digiconomist, the cryptocurrency's total annual footprint is 59.31 terawatts per hour, which is comparable to the electricity consumption of Greece as a whole. However, since a report in July 2019 estimated that 74% of the exploitation of bitcoin was done using renewable energy, the environmental impact of bitcoin does not seem to be so serious
what will happen to the actual Ethereum miner? According to the documentation of Casper upgrade as part of Ethereum 2.0 roadmap, the network will initially support a hybrid model including both POW and POS, thus providing some space for block verifiers and GPU / ASIC miners. Jack O & 39, CEO of skale network; "There will definitely be a transition period when two networks are running at the same time," Holleran told cointegration The CEO of scale network (based on Ethereum's blockchain platform) gave a detailed description of this process:
"the transition from eth1 to eth2 takes time of course - it may be years rather than months. The good news about this slow transition is that dapps and defi platforms will be able to roam around based on survivability, security and real-world evidence of adoption. This is a positive impact on the Ethereum ecosystem. "
dig or not
once Ethereum is fully in the POS orbit, miners will have two options. One is to sell the equipment and use the money to accumulate more Eth and start mortgage. The other is the choice for GPU miners, which is simply switching to other ethash networks and mining counterfeit money. Nick foster, a representative of kabombacks, a US mining equipment dealer, told cointegration that most eth miners would choose the latter:
"what I want to say is that most of the miners have not really entered Ethereum or the mining of specific tokens. Yes, there is a certain amount of mineral deposits and holds, but I oppose the view that a large number of Shanzhai coin miners hold their coins at any time. "<
foster then described how he used 3gb GPU units to mine ethash's point-to-point blockchain asset ravencoin (RVN). Once it was unable to mine eth, he said, "this is the reason for mining crows. I immediately sold stability to BTC, and then sold it to US dollars to pay for my rights. I would say that a lot of people are adopting this strategy. "
as foster concludes, he wants eth miners to jump out of the network, and new players - those who don't invest in power infrastructure or drilling rigs - will take a stake in eth. He described the following:
"I can't imagine if I found a five-year lease with $0.04 of electricity and I was mining eth, I decided to sell everything and then continue to pay the rent so that I could hold eth as a share. Substitute. "
Marc fresa, founder of asic.to, a mining firmware company, agreed in a conversation with cointegraph: "if you invest in mining, you won't bet because you have enough room to grow."
one of the main counterfeit coins that may benefit from POW miners leaving Ethereum is Ethereum classic (etc), which is a more conservative version of the blockchain. It is reported that there is no POS related plan. As it also runs on the ethash algorithm, the startup of Ethereum 2.0 may lead to the migration of miners, so its hash rate may have a significant peak
eth's larger pools have similar options. When asked about the company's plans for Ethereum after pow, Heller told cointegraph that after the announcement of Ethereum's POS upgrade, f2pool launched a sister company called story.fish in early 2018. Story.fish has started to provide mortgage services for other POS and delegated POS projects, such as tezos (xtz), Cosmos (atom) and Cardano (ADA), e to numerous handover delays. For prin, e to the transition to POS, it "may temporarily give up supporting eth mining," de la Torre told cointegraph
other top eth pools, namely nanopool, ethermine, pool center, sparkpool and spiderpool, did not respond to requests for comment from cointegraph.
5. 1. digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in English. It is an alternative currency in the form of electronic currency. Both digital gold coin and cryptocurrency belong to digiccy
2. Digital currency is a kind of unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of specific virtual communities. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
response time: January 4, 2021. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
2. Digital currency is a kind of unregulated and digital currency, which is usually issued and managed by developers and accepted and used by members of specific virtual communities. The European Banking authority defines virtual currency as a digital representation of value, which is not issued by the central bank or authorities, nor linked with legal currency. However, because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded in electronic form
response time: January 4, 2021. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html
6. POW: proof of work (POW), a simple explanation is a proof to confirm that you have done a certain amount of work. Because the whole process of monitoring work is usually extremely inefficient, and it is a very efficient way to prove that the corresponding workload has been completed through the certification of the work results. For example, in real life, graation certificate, driver's license and so on, are obtained by means of test results. That is to say, how much money you get depends on your effective contribution to mining. Simply understand, the better your computer performance, the more revenue you will get. This is to allocate money according to your workload. Most digital currencies, such as bitcoin, lightcoin, etc., are virtual currencies based on POW mode (the higher the computing power, the longer the mining time, the more coins you get)
pos: POS is a consensus algorithm in the public chain, which can be used as a replacement of pow algorithm. POW is a mechanism to ensure the security of bitcoin, Ethereum and many other blockchains, but POW algorithm is criticized for destroying the environment and wasting power in the process of mining. POS tries to solve these problems by replacing the concept of mining with a different mechanism
POS mechanism can be described as a kind of virtual mining. POS mainly relies on the token in the blockchain itself. In pow, a user may buy a computer for 1000 dollars, join the network to mine and proce new blocks, and get a reward. In POS, users can buy tokens of equal value with us $1000 and put them into the POS mechanism as deposit, so that users have the opportunity to generate new blocks and get rewards. In pow, if users spend $2000 on hardware equipment, they will of course get twice the computing power to mine, thus getting twice the reward. Similarly, if you invest twice as much token as the deposit in the POS mechanism, you have twice as much chance to get the right to generate new blocks.
pos: POS is a consensus algorithm in the public chain, which can be used as a replacement of pow algorithm. POW is a mechanism to ensure the security of bitcoin, Ethereum and many other blockchains, but POW algorithm is criticized for destroying the environment and wasting power in the process of mining. POS tries to solve these problems by replacing the concept of mining with a different mechanism
POS mechanism can be described as a kind of virtual mining. POS mainly relies on the token in the blockchain itself. In pow, a user may buy a computer for 1000 dollars, join the network to mine and proce new blocks, and get a reward. In POS, users can buy tokens of equal value with us $1000 and put them into the POS mechanism as deposit, so that users have the opportunity to generate new blocks and get rewards. In pow, if users spend $2000 on hardware equipment, they will of course get twice the computing power to mine, thus getting twice the reward. Similarly, if you invest twice as much token as the deposit in the POS mechanism, you have twice as much chance to get the right to generate new blocks.
7. Dpos: delegated proof of stake, certificate of rights and interests
PS: for details of this agreement, please refer to the latest blog "detailed explanation of [blockchain] dpos official consensus mechanism (BTS / EOS)"
the dpos mechanism of bitshares is called share authorization proof mechanism (also known as trustee mechanism) in Chinese, and its principle is to let everyone holding bitshares vote, Thus, 101 representatives are generated, which can be understood as 101 super nodes or ore pools, and the rights of these 101 super nodes are completely equal to each other. In a way, dpos is a bit like a parliamentary system or a people's Congress system. If the delegates can't perform their ties (when it's their turn, they can't generate blocks), they will be removed and the network will choose a new supernode to replace them. The emergence of dpos is mainly e to the proction of mining machines. A lot of computing power is on people who don't understand and care about bitcoin. Scalpers like concerts hoard a lot of tickets and don't care about the content of concerts at all.
PS: for details of this agreement, please refer to the latest blog "detailed explanation of [blockchain] dpos official consensus mechanism (BTS / EOS)"
the dpos mechanism of bitshares is called share authorization proof mechanism (also known as trustee mechanism) in Chinese, and its principle is to let everyone holding bitshares vote, Thus, 101 representatives are generated, which can be understood as 101 super nodes or ore pools, and the rights of these 101 super nodes are completely equal to each other. In a way, dpos is a bit like a parliamentary system or a people's Congress system. If the delegates can't perform their ties (when it's their turn, they can't generate blocks), they will be removed and the network will choose a new supernode to replace them. The emergence of dpos is mainly e to the proction of mining machines. A lot of computing power is on people who don't understand and care about bitcoin. Scalpers like concerts hoard a lot of tickets and don't care about the content of concerts at all.
8. This is a brand new era of blockchain
before the birth of bitcoin, global information transmission was realized through the Internet's TCP / IP (Transmission Control Protocol / Internet Interconnection Protocol) protocol to achieve high-speed and low-cost transmission. However, with the development of interconnection technology (Internet, Internet of things, VR / AR), the ways of interaction between people and objects, people and information are more diversified, More entities are digitized or token, just the sharing and transmission of information can not meet the economic and social development, so when the entity is digitized or token, people pay more and more attention to the value transfer and how to transfer these assets and values point to point
on October 31, 2008, Satoshi Nakamoto published bitcoin's white paper "bitcoin: an e-cash in peer-to-peer network" for the first time, and proposed to realize value transfer through decentralized bitcoin network. In the bitcoin system, all participants in the whole network are the supervisors of the transaction, and both parties can complete the transaction without establishing a trust relationship. Blockchain technology has changed the way we obtain and share information, creating a new distributed, point-to-point ecological society
before the emergence of bitcoin network, we have been unable to transfer and transmit the value of point-to-point through the Internet without the help of third-party trusted institutions. Bitcoin network is the first value transfer protocol (VTP) running on the information superhighway. At present, with the maturity of blockchain technology, the application scenarios of blockchain are not limited to bitcoin and Ethereum. Bitcoinpc tries to combine the above and below blockchain to form the ecological environment of the third blockchain, and further uses VTP protocol to realize point-to-point value transmission
since 2009, with the value of bitcoin being accepted by more and more people and the price rising, bitcoin market has graally become a mecca for global investors. The reason lies in the continuous improvement of investment threshold, continuous compression of investment profit margin and excessive policy intervention compared with other instries, The symbolic significance of blockchain technology and the low value of currency market have become the fundamental reasons for the continuous influx of funds
at present, the blockchain technology in the market is mainly divided into three times:
& #10146; The first era is a point-to-point e-cash system represented by BTC< br />
➢ The second era is the open smart contract complete solution represented by eth< br />
➢ The third era is to solve the problem of eth performance shortage and block congestion, and strive to achieve better commercial value of public chain cluster
it can be inferred that after nearly a decade of crazy speculation in the early stage of the currency market, the next decade will usher in the golden age of value investment. At this time, how to choose an undervalued and high-quality project has become the primary task, just as Bill Gates invested in Coca Cola
what is BPC
BPC, full name bitcoinpc, bit capacity, is a new cryptocurrency based on proof of capacity (hereinafter referred to as POC)
BPC is a digital asset and application platform of blockchain. It provides a new proof of capacity, and provides bitcoinpcasset and bitcoinpcid functions at the bottom of the system, which makes it very convenient for people to carry out asset digitization business, not just to create native tokens on the blockchain
by taking the capacity of hard disk as the basis of consensus, BPC makes its proction more decentralized, makes it more secure and credible, and enables everyone to participate in the proction of cryptocurrency, and generates credit and value through mathematics
BPC's choice of computer hard disk mining is a disruptive innovation. There are CPU, GPU and hard disk as mining equipment in computer. CPU and GPU can not avoid becoming AISC mining machine in the end. At the same time, CPU and GPU will cause a lot of energy waste. The hard disk has the characteristics of anti AISC and power saving. The hard disk can keep its operation only by simple disk scanning. BPC chooses hard disk mining to avoid the defects of CPU and GPU perfectly. The maximum mining capacity of a single mining machine is 8t, avoiding some POC currencies, After a certain stage of development, small households can't enter the market, but big ones are playing. They are playing the same way as POW mining. Small capacity PC mining machine makes it easier to lay out the ecology, enter thousands of households, and realize the idea of Zhongben congren mining. The revolution of POC mining has already started, and the next wave of bull market will proce the leading currency of POC. We'll see< Deterministic: the behavior of the program is deterministic, and the consensus is reached, and the non deterministic factors are excluded in the design of the system
2. Time: Based on POC mechanism, BPC provides system call based on block time stamp, which can regard the whole blockchain as a time stamp server and obtain the time stamp when any block is constructed< Randomness: bitcoinpc runs in two ways to obtain random numbers:
(1) when each block is constructed, the consensus node will reach a consensus on a random number and fill it into the field of the block, and the mining program can read the word segments of any block
(2) the mining program can use the hash value of the block as a means of generating random numbers, Because the hash value of a block is random, a weak random number can be obtained by this method< Data source: bitcoinpc provides two kinds of deterministic data sources:
(1) blockchain ledger
the program can access all the data on the whole blockchain through interoperability services, including complete blocks and transactions, as well as each of their fields. The data on the block is deterministic and consistent, so it can be accessed safely
(2) contract storage space
every node deployed on bitcoinpc has a private storage area which can only be accessed by the node itself. The consensus mechanism of bitcoinpc ensures that the storage state of each node is consistent. Bitcoinpc does not provide a direct way to access the data outside the chain. It needs to send the data outside the chain to the inside of the chain through transaction, so as to convert it into the above two types of data sources before it can be accessed
5. Node call: bitcoinpc nodes have the ability to call each other, but cannot call recursively< High performance: bitcoin PC adopts lightweight VM (virtual machine) as its node's execution environment, which has fast startup speed and small resource occupation, so it is suitable for short programs like nodes. JIT (just in time compiler) technology can significantly improve the execution efficiency of virtual machine
7. Extensibility: the calling relationship between nodes of bitcoinpc is static, and the calling target cannot be specified at runtime
8. Low coupling: bitcoinpc system adopts low coupling design, and the block program communicates with the outside through the interoperability service layer when executing< High efficiency and energy saving: the mining economic model of POC makes miners become a community of ecological interests, and uses money as a new means of proction to replace the original power consumption resources, which makes the whole ecology of BPC expand automatically. Everyone in the world who can buy a hard disk can participate in mining<
BPC application scenarios
superconcting transaction: bitcoinpc will incubate blockchain superconcting transaction projects in the future<
smart Fund: bitcoinpc will increase investment in smart fund projects in the future. It is very similar to the Dao project based on Ethereum, but it tries to improve security through some methods to avoid repeating the mistakes of the Dao
cross chain interoperability: bitcoinpc provides support for the implementation of cross chain interoperability, which can not only realize cross chain asset exchange, but also run cross chain distributed transactions, run on different blockchains, and ensure their consistency<
BPC distribution mechanism
total number of BPCs issued: 42 million
4.2 million (10% of the total number): used to motivate bitcoinpc developers and bitcoinpc board members (pre excavation)
2.1 million (5% of the total number): used to encourage bitcoinpc community construction (output of each mining block)
35.7 million (85% of the total number): used for miners to mine
< br />
block proction time: 10 minutes
initial block size: 100bpc / block
block capacity: 10M
half cycle: 4 years
initial TPS: 70 transactions / second
before the birth of bitcoin, global information transmission was realized through the Internet's TCP / IP (Transmission Control Protocol / Internet Interconnection Protocol) protocol to achieve high-speed and low-cost transmission. However, with the development of interconnection technology (Internet, Internet of things, VR / AR), the ways of interaction between people and objects, people and information are more diversified, More entities are digitized or token, just the sharing and transmission of information can not meet the economic and social development, so when the entity is digitized or token, people pay more and more attention to the value transfer and how to transfer these assets and values point to point
on October 31, 2008, Satoshi Nakamoto published bitcoin's white paper "bitcoin: an e-cash in peer-to-peer network" for the first time, and proposed to realize value transfer through decentralized bitcoin network. In the bitcoin system, all participants in the whole network are the supervisors of the transaction, and both parties can complete the transaction without establishing a trust relationship. Blockchain technology has changed the way we obtain and share information, creating a new distributed, point-to-point ecological society
before the emergence of bitcoin network, we have been unable to transfer and transmit the value of point-to-point through the Internet without the help of third-party trusted institutions. Bitcoin network is the first value transfer protocol (VTP) running on the information superhighway. At present, with the maturity of blockchain technology, the application scenarios of blockchain are not limited to bitcoin and Ethereum. Bitcoinpc tries to combine the above and below blockchain to form the ecological environment of the third blockchain, and further uses VTP protocol to realize point-to-point value transmission
since 2009, with the value of bitcoin being accepted by more and more people and the price rising, bitcoin market has graally become a mecca for global investors. The reason lies in the continuous improvement of investment threshold, continuous compression of investment profit margin and excessive policy intervention compared with other instries, The symbolic significance of blockchain technology and the low value of currency market have become the fundamental reasons for the continuous influx of funds
at present, the blockchain technology in the market is mainly divided into three times:
& #10146; The first era is a point-to-point e-cash system represented by BTC< br />
➢ The second era is the open smart contract complete solution represented by eth< br />
➢ The third era is to solve the problem of eth performance shortage and block congestion, and strive to achieve better commercial value of public chain cluster
it can be inferred that after nearly a decade of crazy speculation in the early stage of the currency market, the next decade will usher in the golden age of value investment. At this time, how to choose an undervalued and high-quality project has become the primary task, just as Bill Gates invested in Coca Cola
what is BPC
BPC, full name bitcoinpc, bit capacity, is a new cryptocurrency based on proof of capacity (hereinafter referred to as POC)
BPC is a digital asset and application platform of blockchain. It provides a new proof of capacity, and provides bitcoinpcasset and bitcoinpcid functions at the bottom of the system, which makes it very convenient for people to carry out asset digitization business, not just to create native tokens on the blockchain
by taking the capacity of hard disk as the basis of consensus, BPC makes its proction more decentralized, makes it more secure and credible, and enables everyone to participate in the proction of cryptocurrency, and generates credit and value through mathematics
BPC's choice of computer hard disk mining is a disruptive innovation. There are CPU, GPU and hard disk as mining equipment in computer. CPU and GPU can not avoid becoming AISC mining machine in the end. At the same time, CPU and GPU will cause a lot of energy waste. The hard disk has the characteristics of anti AISC and power saving. The hard disk can keep its operation only by simple disk scanning. BPC chooses hard disk mining to avoid the defects of CPU and GPU perfectly. The maximum mining capacity of a single mining machine is 8t, avoiding some POC currencies, After a certain stage of development, small households can't enter the market, but big ones are playing. They are playing the same way as POW mining. Small capacity PC mining machine makes it easier to lay out the ecology, enter thousands of households, and realize the idea of Zhongben congren mining. The revolution of POC mining has already started, and the next wave of bull market will proce the leading currency of POC. We'll see< Deterministic: the behavior of the program is deterministic, and the consensus is reached, and the non deterministic factors are excluded in the design of the system
2. Time: Based on POC mechanism, BPC provides system call based on block time stamp, which can regard the whole blockchain as a time stamp server and obtain the time stamp when any block is constructed< Randomness: bitcoinpc runs in two ways to obtain random numbers:
(1) when each block is constructed, the consensus node will reach a consensus on a random number and fill it into the field of the block, and the mining program can read the word segments of any block
(2) the mining program can use the hash value of the block as a means of generating random numbers, Because the hash value of a block is random, a weak random number can be obtained by this method< Data source: bitcoinpc provides two kinds of deterministic data sources:
(1) blockchain ledger
the program can access all the data on the whole blockchain through interoperability services, including complete blocks and transactions, as well as each of their fields. The data on the block is deterministic and consistent, so it can be accessed safely
(2) contract storage space
every node deployed on bitcoinpc has a private storage area which can only be accessed by the node itself. The consensus mechanism of bitcoinpc ensures that the storage state of each node is consistent. Bitcoinpc does not provide a direct way to access the data outside the chain. It needs to send the data outside the chain to the inside of the chain through transaction, so as to convert it into the above two types of data sources before it can be accessed
5. Node call: bitcoinpc nodes have the ability to call each other, but cannot call recursively< High performance: bitcoin PC adopts lightweight VM (virtual machine) as its node's execution environment, which has fast startup speed and small resource occupation, so it is suitable for short programs like nodes. JIT (just in time compiler) technology can significantly improve the execution efficiency of virtual machine
7. Extensibility: the calling relationship between nodes of bitcoinpc is static, and the calling target cannot be specified at runtime
8. Low coupling: bitcoinpc system adopts low coupling design, and the block program communicates with the outside through the interoperability service layer when executing< High efficiency and energy saving: the mining economic model of POC makes miners become a community of ecological interests, and uses money as a new means of proction to replace the original power consumption resources, which makes the whole ecology of BPC expand automatically. Everyone in the world who can buy a hard disk can participate in mining<
BPC application scenarios
superconcting transaction: bitcoinpc will incubate blockchain superconcting transaction projects in the future<
smart Fund: bitcoinpc will increase investment in smart fund projects in the future. It is very similar to the Dao project based on Ethereum, but it tries to improve security through some methods to avoid repeating the mistakes of the Dao
cross chain interoperability: bitcoinpc provides support for the implementation of cross chain interoperability, which can not only realize cross chain asset exchange, but also run cross chain distributed transactions, run on different blockchains, and ensure their consistency<
BPC distribution mechanism
total number of BPCs issued: 42 million
4.2 million (10% of the total number): used to motivate bitcoinpc developers and bitcoinpc board members (pre excavation)
2.1 million (5% of the total number): used to encourage bitcoinpc community construction (output of each mining block)
35.7 million (85% of the total number): used for miners to mine
< br />
block proction time: 10 minutes
initial block size: 100bpc / block
block capacity: 10M
half cycle: 4 years
initial TPS: 70 transactions / second
9. 1. POW is the proof of workload, which is familiar with mining. Through mathematical operation, we can calculate a random number that meets the rules, that is, we can obtain the bookkeeping right, send out the data that need to be recorded in this round, and store it together with other nodes in the whole network after verification. In a word, nineteen is one hundred and sixty; The more you do, the more you get, that is socialism, distribution according to work, more work, more gain
2. POS is the proof of rights and interests of POS, which is an upgrade consensus mechanism of pow; According to the token proportion and time of each node; It can rece the difficulty of mining in equal proportion, so as to speed up the speed of finding random numbers. In a word: the more you hold, the more you get. POS is capitalism, distributing according to money, money makes money
3. I read the news a few days ago that God V wanted to solve this problem. Pgpow algorithm is proposed by biut public chain. Polling group proof of work integrates the advantages of POS and POW consensus algorithm to realize decentralized POW mining.
2. POS is the proof of rights and interests of POS, which is an upgrade consensus mechanism of pow; According to the token proportion and time of each node; It can rece the difficulty of mining in equal proportion, so as to speed up the speed of finding random numbers. In a word: the more you hold, the more you get. POS is capitalism, distributing according to money, money makes money
3. I read the news a few days ago that God V wanted to solve this problem. Pgpow algorithm is proposed by biut public chain. Polling group proof of work integrates the advantages of POS and POW consensus algorithm to realize decentralized POW mining.
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