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What is the nature of blockchain?

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I'm sure for those in the cryptocurrency world, blockchain is a term you hear a lot, but how many of you know what it means? Today, my sister is going to talk to you about what exactly is blockchain?

First of all, don't think of blockchain in a complicated way. In fact, blockchain is quite simple; it is essentially a database storage system that is distributed across the globe and is capable of functioning in concert.

However, unlike other database storage systems, this one can be run by anyone who has the ability to set up a server.

In the past, traditional database storage systems could only be operated centrally by one company or one center, exhibiting a centralized character.

Blockchain is the exact opposite of this and has a decentralized character.

Around the world, any "gold digger" who sets up a server and connects to the blockchain network becomes a node in the grid of the system, and all nodes have the same rights and obligations and can write and read to any node of the database system.

What's in a blockchain?

A blockchain is a string of blocks connected to each other. What we call a block is a data carrier that is set up to record information about a transaction when it is created. Blocks are actually database records, and each time you enter data, you are creating a block.

All blocks have two parts, a block header and a block body. The block header is used to burn meta-information about the current block, to describe the structure, semantics, usage and usage of the information, etc. The block body is the actual data that is recorded as written, which is an important part of the block.

How does the block make up the chain?

Now, we know what the block is. Next we will talk about how blocks operate in the blockchain thereby generating the blockchain.

We treat each piece of information as a record of account transactions, and each block carries these records, that is, the account transactions are filled in the bills, and these bills are linked to each other in order to form a big ledger, that is, a blockchain.

We use the example of Bitcoin, where miners need to compute a new hash and random number based on the hash of a previous block, the new transaction block, and the random number when producing a new block, a mechanism that ensures that the data is unique.

Because hash values are derived from very sensitive and complex algorithms, a small change in any one record can cause a huge change in the hash result. For this same reason, miners have no way to cheat when mining for arithmetic competition, preserving the fairness of mining.

When a miner solves the operation in the fastest and best way possible, the address that was left in the system in advance is automatically recorded on the block. To reward the miner, the system sends a certain amount of bitcoins to his address.

Finally, all the blocks that record the best and fastest information are connected together to produce the blockchain.

Well, after a series of combing, we can know that the blockchain is actually the big ledger in essence, and the blocks are the individual bills that make up this big ledger, and these bills are connected to each other in a net chain according to a certain order, which is the blockchain.

And that's it for today.

Does everyone get it?


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