- Basic concepts
Blockchain is a new application mode of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithm. The so-called consensus mechanism is a mathematical algorithm that realizes the establishment of trust between different nodes and the acquisition of rights and interests in the blockchain system.
Blockchain is an important concept of Bitcoin. It is essentially a decentralized database and also serves as the underlying technology of Bitcoin. Blockchain is a series of data blocks associated with cryptographic methods. Each data block contains information about a Bitcoin network transaction, which is used to verify the validity of the information (anti-counterfeiting) and generate the next block.
In a narrow sense, a blockchain is a chained data structure that combines data blocks in a sequential manner in a chronological order, and is a distributed ledger that cannot be tampered with and is guaranteed by cryptography.
Broadly speaking, blockchain technology uses blockchain data structures to verify and store data, uses distributed node consensus algorithms to generate and update data, uses cryptography to ensure the security of data transmission and access, and uses automated scripts. A new distributed infrastructure and calculation method for programming and operating data with smart contracts composed of codes.
- Working principle
The blockchain system is composed of data layer, network layer, consensus layer, incentive layer, contract layer and application layer. Among them, the data layer encapsulates the underlying data blocks and related data encryption and time stamping and other basic data and basic algorithms; the network layer includes distributed networking mechanisms, data propagation mechanisms, and data verification mechanisms; the consensus layer mainly encapsulates network nodes The incentive layer integrates economic factors into the blockchain technology system, including the issuance mechanism and distribution mechanism of economic incentives, etc.; the contract layer mainly encapsulates various scripts, algorithms and smart contracts, which is a blockchain The basis of programmable features; the application layer encapsulates various application scenarios and cases of blockchain. In this model, the chain block structure based on timestamp, the consensus mechanism of distributed nodes, the economic incentive based on consensus computing power and the flexible and programmable smart contract are the most representative innovations of blockchain technology.