What is blockchain? From a technical perspective

Blockchain is a decentralized, distributed ledger technology that is non-tamperable, highly transparent, safe and reliable. It consists of blocks, blockchain, hash functions, consensus mechanisms, and decentralization, which together ensure the integrity and security of data.

Blockchain: Technical Analysis

Blockchain is a decentralized and distributed ledger technology that is non-tamperable, highly transparent, safe and reliable. From a technical perspective, blockchain consists of the following key elements:

Block

Block is the basic unit of blockchain, which contains a set of verified transaction records. Each block contains the following information:

• Transaction data
• Hash of the previous block
• Time stamp
• Mining difficulty

Blockchain

A blockchain is a series of Chronologically arranged blocks. Each block is linked to the previous block, forming an immutable chain.

Hash Function

A hash function is a cryptographic algorithm that converts an arbitrary length data input into a fixed length output. Hash values ​​of blocks and transaction records are used to verify their integrity.

Consensus Mechanism

The consensus mechanism is the decision-making mechanism in the blockchain network, which decides which block can be added to the blockchain. Common consensus mechanisms are:

• Proof of Work (PoW): Miners perform calculations to verify transactions.
• Proof of Stake (PoS): Currency holders verify transactions based on the amount of currency they hold.

Decentralization

The blockchain network is not controlled by a single entity, but is maintained by numerous nodes scattered around the world. This means there is no single point of failure and the network cannot be easily manipulated.

Immutability

Once a block is added to the blockchain, it becomes immutable. This is because each block contains the hash of the previous block. If someone attempts to modify a block, the hashes of all subsequent blocks will change, exposing the tampering.

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