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What is the use of blockchain (meaning of blockchain)

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What is the use of blockchain? The essence of blockchain is to give data and sto

What is the use of blockchain (meaning of blockchain)

What is the use of blockchain? The essence of blockchain is to give data and storage rights to users. In the Bitcoin network, each node records its own transaction history (block) and the corresponding hash value. Whenever a new transaction occurs, a new block is generated, creating a new dataset – the blockchain. If this new number is included in the new system, it is equivalent to depositing funds into a “mining pool” which can be used to pay mining rewards.

Blocks are also known as on-chain ledgers, accounting units, etc., which are places where blocks provide computational resources or information. In order to make this processing more efficient, we commonly use “encrypted strings”. In other words, a “block” is an immutable, readable, and unchangeable collection of data. For example, Bitcoin uses an encryption term called “timestamp” to determine who sent a small portion of the transaction, who received a large number of transfers, and then puts it on the blockchain for verification. So the purpose of a Bitcoin block is to ensure that the size of the entire block is consistent with the current workload, while balancing these two workloads. When would block capacity decrease? It’s actually quite simple, only when the integrity of an event can be confirmed through a block. However, since computers cannot treat blocks correctly, it requires the participation of multiple people. Each transaction in a block has a different quantity, but the end result is the same: the transaction is completed by a separate address; two transactions in the block are submitted by another address, and the other transaction is received by that account. In this way, “state channels” can achieve the same functionality: blocks allow others to access all relevant information in different ways, avoiding duplicate operations. Although there are currently no technical means to solve the scalability problem of Bitcoin’s entire network, theoretically, it can be achieved through smart contracts.

Of course, there is another method, which is to set a special safety belt in Bitcoin’s network, allowing miners to debug according to their choices to prevent forks. For example, mining giant Bitmain announced plans to release a new product based on the PoW mechanism in October 2020, and will launch products that natively support the POS consensus algorithm. In addition, Bitcoin development company ConsenSys has stated that it will release an official white paper on “PoS” before the first quarter of 2020.

Meaning of blockchain

The meaning of blockchain refers to the value of blockchain, which refers to dividing a certain cryptocurrency into multiple independent and non-interchangeable networks from a group of addresses. In the Bitcoin network, “block” represents the symbol of “transaction” or the relationship between tokens, and is a digital representation between information input symbols and senders. (As shown above), when you make a transfer to another person, this chain is written into your block, and the meaning of this block is “meaning of blockchain”.

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