What technologies are needed for blockchain

The core technology of blockchain includes: distributed ledger, which stores transaction records; consensus mechanism (PoW, PoS) to ensure ledger consistency; cryptography (hash function, digital signature, public key encryption) to ensure data security; decentralization network to achieve decentralization; smart contracts to store executable code; virtual machines to provide an execution environment.

The core technology of blockchain technology

Blockchain is a distributed ledger technology, which is essentially a safe, reliable, tamper-proof method of data storage and transmission. Its operation requires the following core technologies:

1. Distributed ledger

Distributed ledger is the core component of the blockchain. It is a public ledger that stores all transaction records. The ledger is distributed across all nodes in the network, with each node maintaining a complete copy.

2. Consensus mechanism

The consensus mechanism is a method to ensure that all nodes in the network agree on the ledger status. The most common consensus mechanisms include:

• Proof of Work (PoW) : Miners verify transactions by solving complex mathematical problems, consuming large amounts of computing power.
• Proof-of-Stake (PoS): Nodes holding more cryptocurrencies have a higher chance of participating in validating transactions.

3. Cryptography

Blockchain uses cryptography technology to ensure the security and integrity of data. Common cryptography techniques include:

• Hash function: Convert input data into a fixed-size output.
• Digital Signature: Digital certificate used to verify the origin of transactions and messages.
• Public Key Encryption: Use a pair of public and private keys for encryption and decryption.

4. Decentralized Network

A blockchain network is decentralized, which means it has no central point of control. The network consists of many nodes distributed in different geographical locations.

5. Smart Contracts

Smart contracts are executable codes stored on the blockchain. They allow developers to create applications and protocols that automatically enforce specific conditions.

6. Virtual machine

A virtual machine is a software environment that runs smart contracts on blockchain nodes. It provides a hardware-independent execution environment, allowing contracts to run on different computers.

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