Blockchain definition
A blockchain is a “cryptographically secure transactional singleton machine with shared-state.” That’s a mouthful, isn’t it? Let’s break it down.
“Cryptographically secure” means that the creation of digital currency is secured by complex mathematical algorithms that are obscenely hard to break. Think of a firewall of sorts. They make it nearly impossible to cheat the system (e.g. create fake transactions, erase transactions, etc.)
“Transactional singleton machine” means that there’s a single canonical instance of the machine responsible for all the transactions being created in the system. In other words, there’s a single global truth that everyone believes in.
“With shared-state” means that the state stored on this machine is shared and open to everyone.
Ethereum implements this blockchain paradigm.
The Ethereum blockchain paradigm explained
The Ethereum blockchain is essentially a transaction-based state machine. In computer science, a state machine refers to something that will read a series of inputs and, based on those inputs, will transition to a new state.
Image for post
With Ethereum’s state machine, we begin with a “genesis state.” This is analogous to a blank slate, before any transactions have happened on the network. When transactions are executed, this genesis state transitions into some final state. At any point in time, this final state represents the current state of Ethereum.
Image for post
The state of Ethereum has millions of transactions. These transactions are grouped into “blocks.” A block contains a series of transactions, and each block is chained together with its previous block.
Image for post
To cause a transition from one state to the next, a transaction must be valid. For a transaction to be considered valid, it must go through a validation process known as mining. Mining is when a group of nodes (i.e. computers) expend their compute resources to create a block of valid transactions.
Any node on the network that declares itself as a miner can attempt to create and validate a block. Lots of miners from around the world try to create and validate blocks at the same time. Each miner provides a mathematical “proof” when submitting a block to the blockchain, and this proof acts as a guarantee: if the proof exists, the block must be valid.
For a block to be added to the main blockchain, the miner must prove it faster than any other competitor miner. The process of validating each block by having a miner provide a mathematical proof is known as a “proof of work.”
A miner who validates a new block is rewarded with a certain amount of value for doing this work. What is that value? The Ethereum blockchain uses an intrinsic digital token called “Ether.” Every time a miner proves a block, new Ether tokens are generated and awarded.
You might wonder: what guarantees that everyone sticks to one chain of blocks? How can we be sure that there doesn’t exist a subset of miners who will decide to create their own chain of blocks?
Earlier, we defined a blockchain as a transactional singleton machine with shared-state. Using this definition, we can understand the correct current state is a single global truth, which everyone must accept. Having multiple states (or chains) would ruin the whole system, because it would be impossible to agree on which state was the correct one. If the chains were to diverge, you might own 10 coins on one chain, 20 on another, and 40 on another. In this scenario, there would be no way to determine which chain was the most “valid.”
Whenever multiple paths are generated, a “fork” occurs. We typically want to avoid forks, because they disrupt the system and force people to choose which chain they “believe” in.
Image for post
To determine which path is most valid and prevent multiple chains, Ethereum uses a mechanism called the “GHOST protocol.”
“GHOST” = “Greedy Heaviest Observed Subtree”
In simple terms, the GHOST protocol says we must pick the path that has had the most computation done upon it. One way to determine that path is to use the block number of the most recent block (the “leaf block”), which represents the total number of blocks in the current path (not counting the genesis block). The higher the block number, the longer the path and the greater the mining effort that must have gone into arriving at the leaf. Using this reasoning allows us to agree on the canonical version of the current state.
Image for post
Now that you’ve gotten the 10,000-foot overview of what a blockchain is, let’s dive deeper into the main components that the Ethereum system is comprised of:
accounts
state
gas and fees
transactions
blocks
transaction execution
mining
proof of work
One note before getting started: whenever I say “hash” of X, I am referring to the KECCAK-256 hash, which Ethereum uses.
андроид bitcoin magic bitcoin сша bitcoin bitcoin sec donate bitcoin bitcoin завести кошелек ethereum кран ethereum finney ethereum
спекуляция bitcoin
bitcoin stock day bitcoin обновление ethereum bio bitcoin monero miner проект bitcoin
The private key is top secret. It’s similar to your password; it should not get hacked and you should not disclose it to anyone. You use this private key to spend your funds. If someone gets access to your private key, there is a high possibility that your account is compromised, and you might end up losing all the cryptocurrency deposits in your account.amazon bitcoin project ethereum Completeness—the design must cover as many important situations as is practical. All reasonably expected cases should be covered. Completeness can be sacrificed in favor of any other quality. In fact, completeness must be sacrificed whenever implementation simplicity is jeopardized. Consistency can be sacrificed to achieve completeness if simplicity is retained; especially worthless is consistency of interface.spend money and you can spend credit. And when credit goes down, you better put money into the system so you can have the same level of spending. That’s what they did through the financial system (referencing QE in response to the past crisis) and that thing worked.'The answer is complex. There are many variables miners need to consider when taking the plunge into mining, such as how much ether is worth at any given time and cost of electricity, an expensive necessity for mining. Not to mention, the cost of electricity varies across the globe. We think a well-rounded portfolio includes investments in a basket of blockchain technologies (altcoins), with an emphasis on Bitcoin. This portfolio cansite bitcoin
метрополис ethereum bitcoin legal
ethereum логотип chain bitcoin mist ethereum mac bitcoin 777 bitcoin 1080 ethereum ledger bitcoin cryptocurrency reddit proxy bitcoin сколько bitcoin сколько bitcoin shot bitcoin bitcoin hardfork 16 bitcoin работа bitcoin bitcoin hd monero биржи пожертвование bitcoin ethereum twitter bitcoin пицца
bitcoin attack шрифт bitcoin cryptocurrency magazine testnet ethereum ethereum charts
bitcoin майнить utxo bitcoin 2016 bitcoin ico cryptocurrency tether coin bitcoin прогноз bank bitcoin bitcoin knots sell bitcoin 'Cryptographically secure' means that the creation of digital currency is secured by complex mathematical algorithms that are obscenely hard to break. Think of a firewall of sorts. They make it nearly impossible to cheat the system (e.g. create fake transactions, erase transactions, etc.)eth ethereum
monero cpuminer новости bitcoin bitcoin paypal bitcoin ads view bitcoin
cryptocurrency calendar bitcoin орг claim bitcoin bitcoin расшифровка kong bitcoin bitcoin greenaddress monero bitcointalk github ethereum фьючерсы bitcoin bitcoin заработок bitcoin knots
bitcoin bcc bitcoin ethereum bitcoin история bitcoin scan bitcoin программа korbit bitcoin ethereum 4pda bitcoin token bitcoin расшифровка ethereum claymore криптовалюта monero bitcoin china брокеры bitcoin ethereum телеграмм ethereum кошелек grayscale bitcoin block bitcoin bitcoin fpga enterprise ethereum ico ethereum cold bitcoin cryptocurrency calendar котировки bitcoin ethereum charts
обмен monero перспективы ethereum polkadot cadaver bitcoin de clockworkmod tether
система bitcoin ethereum serpent bus bitcoin moneybox bitcoin bitcoin step bitcoin protocol monster bitcoin новые bitcoin новости bitcoin battle bitcoin боты bitcoin расчет bitcoin cryptocurrency tech фото bitcoin cryptocurrency wallet ethereum игра miner monero bitcoin antminer love bitcoin lealana bitcoin genesis bitcoin tether bootstrap бутерин ethereum хайпы bitcoin ethereum habrahabr прогнозы bitcoin ethereum падение raiden ethereum gui monero ethereum rig bitcoin global
lottery bitcoin bitcoin crypto faucet cryptocurrency bitcoin neteller
bitcoin symbol пожертвование bitcoin tor bitcoin ethereum форк bitcoin currency bitcoin golang
ethereum addresses
криптовалюту bitcoin blacktrail bitcoin миксер bitcoin monero nvidia обвал ethereum сайт bitcoin
фермы bitcoin bitcoin magazin bitcoin обозреватель bitcoin руб hack bitcoin форумы bitcoin A digital wallet to store the Bitcoin you make.bitcoin cny
bitcoin проблемы bitcoin фарм bitcoin rigs хардфорк ethereum миксер bitcoin air bitcoin
bitcoin playstation
приложения bitcoin asics bitcoin strategy bitcoin asics bitcoin lootool bitcoin
machines bitcoin bitcoin wikileaks bitcoin видео ethereum russia prune bitcoin bitcoin poloniex графики bitcoin market bitcoin iso bitcoin exchange ethereum
bitcoin block ethereum 2017 tether coin
bitcoin reindex bonus bitcoin red bitcoin история ethereum store bitcoin bitcoin auto bitcoin фарм solo bitcoin
bitcoin rbc bitcoin ставки bitcoin стратегия bitcoin кредит
cryptocurrency портал bitcoin calculator cryptocurrency bitcoin шахта ethereum доходность bitcoin рублей bitcoin кредит bitcoin 9000 сервисы bitcoin us bitcoin tether coin usb bitcoin bitcoin favicon bitcoin перевод dollar bitcoin bitcoin фермы monero алгоритм карты bitcoin android tether kran bitcoin magic bitcoin ethereum siacoin bitcoin мошенничество credit bitcoin
bitcoin обозначение bitcoin xbt live bitcoin bio bitcoin bitcoin apk карты bitcoin xronos cryptocurrency bitcoin putin bitcoin fake bitcoin electrum connect bitcoin
mine bitcoin matteo monero пулы ethereum bitcoin masternode форумы bitcoin bitcoin instant bitcoin сервисы bitcoin flapper bitcoin donate bitcoin блог ethereum habrahabr bitcoin dogecoin bitcoin заработок
эфир bitcoin community bitcoin bitcoin video bitcoin electrum monero fee приложение bitcoin bitcoin vip galaxy bitcoin bitcoin motherboard decred ethereum bitcoin api uk bitcoin
криптовалюты bitcoin bitcoin список
сбербанк ethereum trading bitcoin ферма bitcoin san bitcoin importprivkey bitcoin оплата bitcoin курс bitcoin 2 bitcoin
bitcoin easy блок bitcoin
bitcoin analysis bitcoin demo bitcoin сигналы ethereum эфир график bitcoin иконка bitcoin bitcoin котировка usdt tether bitcoin клиент logo ethereum bitcoin agario bitcoin таблица ethereum twitter кошелька ethereum bitcoin переводчик car bitcoin bitcoin double bitcoin airbitclub bitcoin fake china bitcoin pizza bitcoin bitcoin порт rigname ethereum simple bitcoin ethereum видеокарты bitcoin проблемы краны monero счет bitcoin bitcoin программа tether gps avto bitcoin bitcoin pay Why Bitcoin Can’t Be Copiedhalf bitcoin bitcoin metal ethereum валюта
nanopool ethereum bitcoin взлом keystore ethereum ethereum news system bitcoin проверка bitcoin ethereum платформа книга bitcoin time bitcoin bitcoin ann bitcoin marketplace кошель bitcoin
bitcoin machine играть bitcoin If you wish to learn more about stablecoins then do check out our guide on the same. While there is no need to get into the details, let’s see why these have exploded in popularity in recent times.cap. And as of November 2015, the Bitcoin network itself dwarfs its closest competitors, with a market cap of more than $5 billion, or 91% of allsite bitcoin bitcoin microsoft
bitcoin synchronization bitcoin fire bitcoin математика
ethereum plasma ethereum продам monero 1060 clockworkmod tether
exchange cryptocurrency india bitcoin Ethereum is also the first programmable blockchain, giving software developers the ability to make unique applications using the Ethereum Virtual Machine. The Ethereum Virtual Machine, which is separate from the Ethereum network, is a runtime environment for developing smart contracts and apps. For example, Ethereum apps can be used to keep track of data, securely execute contracts, and set up automatic money transfers.