Bitcoin and basic principles of blockchain

Although many investors know nothing about bitcoin mining, they still can't help the temptation of bitcoin price and plan to put into the mining camp. So if you also want to mine, I believe there must be a question in your mind: "what is a bitcoin miner? What is the principle of the bitcoin digger? " To solve this problem, let's remember some popular science today!_ DJMINER The origin of bitcoin To fully understand the origin of bitcoin, we have to mention the existing financial system. Bitcoin As we all know, money itself has no value. At first, people used barter to trade, but there are many inconveniences, it is difficult to change to the goods they need. As a result, the currency came into being. Through the intermediary of currency, different goods can be priced according to the rarity and the transaction process can be simplified. Although there are many advantages in currency trading, there is also a fatal disadvantage, that is, centralization. 100% o...

The technical index of stock is relative to the basic analysis. The basic analysis method focuses on the analysis of general economic situation, operation and management status of each company, industry dynamics and other factors to measure the level of stock price. Technical analysis, on the other hand, studies market behavior responses through charts or technical indicators to speculate on price trends. The emerging white papers on digital currencies can also be interpreted in the same way. Having analyzed the fundamentals of the bitcoin white paper before, let's talk about technology today._ DJMINER Project Description: what is this project for? It is such an electronic payment system, which is based on the principle of cryptography rather than credit, so that any agreed parties can pay directly without the participation of a third-party intermediary. Eliminating the possibility of rolling back payment transactions can protect specific sellers from fraud, and for those who ...

Since bitcoin, the decentralization of blockchain technology and the fact that data cannot be tampered with are increasingly considered to subvert the transaction foundation of human beings for thousands of years. Although the current bitcoin's network computing power is suspected to be monopolized by a few people, blockchain technology has become a growing branch of fintech (Financial Technology) under the active embrace of new start-ups and banks in various countries As a decentralized database in a new era, the application imagination space and development potential of blockchain are huge, which can be seen from the financial field to the Internet of things and cloud computing._ DJMINER What is bitcoin? Speaking of blockchain, we need to start with bitcoin. Bitcoin is a new type of digital asset and transaction mode, which was invented by Satoshi Nakamoto. He put forward this concept in the cryptography discussion group on November 1, 2011. The most important thing is to s...

Newton once said: If I see farther than others, That's because I stand on the shoulders of giants If this sentence is put in the world of bitcoin Stop and stop You think I'm going to talk about Nakamoto again, don't you Wrong guess. I'm talking about Hal Finney Born in California in 1956, graduated from Caltech He's a Cryptologist It is also the participant of the earliest PGP encryption work More importantly, it is the creator of reusable workload proving mechanism Whether it's cryptography or bitcoin He's been connected with technology all his life After graduating from Caltech, fini went to work for a game company Yes... He didn't follow the path of cryptography Fortunately, the world didn't bury the cryptographer Activist Phil Zimmerman announced on the Internet The first free encryption software PGP will be released soon This rekindled Fanny's interest in cryptography_ DJMINER Finney got in touch wi...

Private key, public key, address I. Wallet The wallets in blockchain are different from those used in our daily life. The wallets we usually use are used to hold money. In blockchain, our assets are various tokens or tokens like BTC and eth. The wallets in blockchain are not used to hold these assets, but as key management tools. Some people may disagree here. I see all kinds of tokens in my wallet. How can I say that they are not used to hold money? I have to tell you first, your token is put in the secret key. Even if your wallet can't be used, as long as you know your secret key, you can continue to manage your assets in other places, and you can calculate the public key and the address indirectly according to the private key. When you create a wallet, a pair of public and private keys will be generated. After a certain algorithm, the public key will get your wallet address, which is the address used for the transaction when others give you money; and the private key is t...

What determines the benefits of mining If we want to do good things first, we must first make use of the tools. To get the bitcoin income through mining, we need to understand what determines the mining income._ DJMINER 1. Calculation difficulty What is the difficulty of computing power? This starts with bitcoin system. Blockchain is the underlying technology of bitcoin. In short, blockchain is an open account book. Bitcoin is obtained by competing for the right of account keeping. Scramble for the right to keep accounts is also to solve a super difficult and super complex mathematical problem in the whole network, that is, hash operation. Through hash value collision, in 10 minutes, calculate the correct answer, even if scramble for the right to keep accounts, get bitcoin. Since Nakamoto dug out the first 50 bitcoins, bitcoin production has halved every four years, from 50 to 25, to 12.5 now. With the halving of bitcoin production and the rising of currency price, there ...

Block timestamp protection rules of bitcoin Absrtact: we examine two little-known rules of bitcoin, which are used to prevent illegal miners from manipulating block timestamps to obtain unfair and high mining rewards. We discussed why it is possible to choose a constant such as the 2-hour max? Function? Block? Time value, and what specific impact that value has on the special currency cash. We conclude that bitcoin's time protection rules seem to be quite effective and admirable considering the lack of functional networks in implementing the rules._ DJMINER Time problem of bitcoin People may think that time is not an important consideration for bitcoin network, because each block references the hash value of the previous block, so these blocks have already been sequenced. The bitcoin block also contains transactions (inputs, outputs, and values), the Merkle tree of the derivation block head, and the block hash value itself, which are used to prove the workload. On the surfac...

Many novice friends are asking bitcoin about halving once every four years. What should I do after digging it up? Where is the reward from and what is the currency? What if the total amount is not constant enough? Today we are going to talk about the total amount of bitcoin and the rewards for miners._ DJMINER accurate calculation of the total amount of bitcoin issued The rough description of the total number of issues is as follows: a certain amount of bitcoin is generated every 10 minutes, halved every four years, and the maximum number of issues is 21 million. Let's talk about the law of halving. In January 2009, the creation block of bitcoin was born. The so-called creation block is the 0th block on the bitcoin blockchain. The number of bitcoin generated in this block is 50. After 10 minutes, the next block will appear on the system, and the number of bitcoin generated is still 50. Bitcoin system stipulates that the output of bitcoin will be halved every four years, tha...

Why does bitcoin have the characteristics of decentralization, unforgeability and tamperability? Centralization requires a central institution similar to a bank to verify transactions. There is no center to verify the authenticity of transactions. Decentralization enables all nodes to verify the authenticity of the transaction. What does it rely on to verify? Asymmetric encryption technology is used. What is asymmetric encryption technology? It refers to the encryption algorithm using different keys when encrypting and decrypting. If encryption and decryption use the same key, we call it symmetric encryption. What's not safe about symmetric keys is that if you use the same key, it's not safe._ DJMINER For asymmetric encryption, the detailed description is that a sends information to B. A and B will produce a pair of public and private keys for encryption. A private key is like having a private key. Only the owner of the key can open it. It is used for encryption. A pu...

First of all, what's the point of falling in love? If all men don't chase after them, women will still marry. Anyway, they will stay together and spend so much energy. What's the point of not only pleasing in words, but also giving gifts?_ DJMINER If you think the question I'm talking about is absurd, then—— It is equally absurd to question the idea that bitcoin mining is a waste of power and resources. Recently, the computing power of bitcoin has soared to 92eh / s, and the number of mining machines running bitcoin programs around the world has reached 3-4 million, with a power consumption of 6 million kwh, equivalent to 17000 "Tianhe center No.1" supercomputers, accounting for nearly 1% of China's total power consumption, and the total power consumption is about the same as that of Shijiazhuang in the summer peak period. For a long time, those who insist that bitcoin is Ponzi's deception have a strong "logic" - bitcoin, a worthles...

I've read a lot of articles about bitcoin, and I think I know it well, but recently I saw some new ideas and new thoughts, and I don't think I know enough about it. For example, I used to worship computing power and think that the miner is the master of bitcoin. Now I think the holder is the master of bitcoin. Today, I'd like to share some knowledge about bitcoin and my thoughts._ DJMINER 1. Price voting and calculation voting For a long time, we may overemphasize the importance of bitcoin computing power. We always think that bitcoin is the bitcoin of miners and the bitcoin of computing power group. In fact, bitcoin should be the holder's bitcoin. The miner is just a worker, and the coin holder is the master. For example, a mining machine giant, I think he has the ability to make a coin's instant computing power exceed that of bitcoin, or even maintain it for a period of time. But will the market recognize a currency and make it more expensive than bitco...

Even the young bitcoin world is divided into the rich and the poor. More than 40% of bitcoin is owned by multimillionaires. Bitcoin is not just any digital currency. In the eyes of followers, the world's first and most important cryptocurrency is nothing more than a tool to break the power of traditional banks and financial industry. Ten years after its establishment, it is now clear that the real social conditions are also reflected in the so-called anarchic grassroots cryptocurrency world. This is obvious, for example, when looking at the distribution of bitcoin wealth. As a new study by kryptoszene.de, an industry portal based on bitinfocharts, a blockchain Analysis page, shows, inequality in the encryption world is particularly evident. Most important results: There are 13.5 million bitcoin accounts (addresses). According to the survey, less than 42% of them are 1000 bitcoin or more - equivalent to one million or even billions of dollars._ DJMINER Only three account h...

We all have a rough idea about bitcoin. Digital currency can't be controlled by any bank or government. Bitcoin sounds like Q coin, but in essence, it's not a species at all. First, bitcoin is much more serious than q-coin. Penguin may throw a bunch of q-coins to the world as soon as pony's father is happy, but bitcoin is more like metal. The total is a constant 21 million. It will only be issued in 2140, and it will be halved every four years. To get it, you have three options: 1. Through mining, rely on your own ability (calculation power) to mine 2. Become a packing Porter and earn a little transaction fee through his own diligence and wisdom 3. RMB players, spend money to buy Secondly, bitcoin is a decentralisation of people who are more equal to each other. It can't be tampered with or forged. Although the craze of digital currency has long passed, some people always ask what the value of bitcoin is. Even now, it's still tens of thousands of yuan, whi...

What is bitcoin? Different people have different understandings. Some people are hopeless for bitcoin love, while others are suffering from hatred._ DJMINER The more official and accurate definition comes from Wikipedia's Description: Bitcoin is a cryptocurrency as well as a global payment system. It is the first decentralized digital currency - the system works without a central repository or a single administrator. Bitcoin networks are point-to-point, and transactions between users are conducted directly without middlemen. These transactions are validated by network nodes and recorded in a public distributed ledger called blockchain. Bitcoin was invented by an unknown person or group of people in the name of Satoshi Nakamoto and released as open source software in 2009. " Do you hate bitcoin or like it? Let's follow solx to see what celebrities and media think of bitcoin~ Two different views of Nobel Prize winners On December 28, 2013, the famous New Yo...