Blockchain applications mainly consist of computer network technology and information encryption algorithms, combined with appropriate rules and mechanisms, to form a reliable system infrastructure. Here the infrastructure can be interpreted as the Internet environment, so what exactly is the meaning of reliability?

Take WeChat application as an example. In mine box the process of using WeChat, people generally do not easily allow people they do not know offline to become your WeChat friends, because their identity cannot be confirmed. People are able to transfer money to borrow money to a WeChat friend through WeChat, but there is no guarantee that he will repay it in the agreed period by the specified method. As an application that mainly promotes social interaction, WeChat may not necessarily be made into a reliable system either. However, if it is to provide lending and borrowing services, it becomes important to build a reliable system that can be both efficient and cost effective. Blockchain applications therefore bring a unique approach to processing, specifically encryption algorithms, distributed networks and consensus mechanisms.

The approaches to data encryption can be divided into symmetric and asymmetric encryption, with asymmetric encryption being more secure but slower to resolve. The elliptic curve encryption algorithm used in blockchain is the fastest way among the asymmetric encryption algorithms. Therefore, the encryption algorithm of blockchain is very strong and it ensures the uniqueness of the customer's identity. Moreover, the data in the blockchain is also maintained by encryption which is difficult to be forged.

But only the encryption method is not enough, as the Internet is by nature an untrustworthy network. There are two ways to go from untrustworthy to trustworthy, one is to strengthen the centralization of the network and to control the system comprehensively and strictly; the other is to decentralize the network by adopting a distributed structure to achieve network autonomy. Blockchain has chosen the latter. The vast majority of systems are currently centralized. Take WeChat as an example, when receiving a message, both antminer s19 pro alibaba parties feel like they are in a direct conversation, but in fact one or more WeChat system servers are sharing the information between the two parties. If something goes wrong with the WeChat system, you cannot use WeChat chat even if your phone is properly connected. In the same way, email systems, e-commerce systems and office systems are all similar.

As mentioned earlier, once the core node of the centralized system is abnormal, the whole system or part of it cannot work properly even if all the nodes are normal. To improve the stability of the central node, one or more backup systems for the central node, called disaster recovery centers, must be built. As the scale of the system and business grows, it is essential to continuously upgrade the hardware and software investment in the central and disaster recovery nodes, and the operating costs increase. In addition, because of the profit motive, the central node may intentionally violate the principle to carry out malicious operations, such as the big data "killing" problem.

The decentralized system avoids the above three problems, each node's actions are independent of other nodes, and the node's behavior is stipulated by the program beforehand, and the encryption algorithm guarantees that each node cannot violate the rules, which is the connotation of system autonomy.

Blockchain applications are generally used to build a buying and selling system, and to ensure that the information of buying and selling is real and valid, traceable and untamperable. The information of each transaction is confirmed and stored in a block, which is encrypted according to hashing technology to ensure that the information cannot be forged. These blocks form a chain in chronological order. Each node keeps the complete blockchain information, and the destruction of information in some nodes does not affect the blockchain information. This type of information recording method is called a distributed ledger.

In such a decentralized distributed ledger, adding a new record and synchronizing it to all nodes must be done according to certain rules, otherwise there is no way to say that anything is true and valid. This standard is the consensus mechanism of the blockchain.

Theoretically, a fair and just consensus mechanism should allow all nodes to raise blocks. When the contents of the boosted blocks differ, they should be negotiated according to some criteria until a certain block is accepted and then all nodes copy the block. The equivalent approach is that instead of all nodes being able to raise a block, a node eligible to raise a new block is elected based on some criteria and copies the information of the enlarged block by that node. Blockchains use the latter, and since the election rules gtx 1080 ethereum hashrate are open and transparent, the election ceremony becomes a competitive process.

In fact, all currently known consensus mechanisms have shortcomings and are somewhat limited in terms of application scenarios, each dealing with specific challenges in a certain domain. The blockchain consensus algorithm regime is still evolving on the fly.