Q: What is a block chain?
A: a block chain (blockchain) is a technical scheme for collectively maintaining a reliable database by centering and trusting. In layman's terms, block-chain technology refers to a way for people to participate in bookkeeping. There is a database behind all the systems, and you can think of the database as a big ledger. Then it becomes important to remember the ledger. At present is who's system who to account, micro-letter is Tencent in the ledger, Taobao's ledger is Ali in mind. But now in the block chain system, everyone in the system can have the opportunity to participate in bookkeeping. If there is any data change within a certain period of time, everyone in the system can be accounted for, the system will judge this time the fastest book the best person, the contents of his records written to the ledger, and this time the book content to all the other people in the system to backup. So everyone in the system has a complete ledger.
In this way, we call it the block chain technology.
Q: What are the benefits of such a National Journal block chain? A: It can be found that this is a great security at the expense of a little efficiency. First of all, there is no central Big book, so can not be destroyed. Each node is just a part of the system, and each node has equal rights, with an identical ledger. Destroying some of the nodes has no effect on the system at all. Second, you can't cheat, because unless you can control most people's computers in the system to make changes, the system will decide what the real results are based on the majority's opinion, and the result will be that it doesn't make sense to revise your own books (because people don't admit it). Second, because there is no central intermediary agencies exist, so that all things through the pre-set procedures for automatic operation, not only can greatly reduce costs, but also improve efficiency.
And since everyone has the same ledger, it ensures that the bookkeeping process is open and transparent.
Q: Does the block chain solve any problems? A: The most important thing in the block chain is to solve the intermediary credit problem. In the past, it was difficult for two of people who did not know and trust to work together, and had to rely on third parties. such as payment behavior, in the past any kind of transfer, must have a bank or alipay such institutions exist. But through the block-chain technology, Bitcoin is the first time for mankind to achieve mutual trust between the two parties without the participation of any intermediary agencies.
This is a major breakthrough in the block chain. Q: Is the chunk chain a bit currency?
Or is bitcoin the block chain? A: block-chain technology is the underlying technology of Bitcoin, and not many people noticed the underlying technology of Bitcoin in the early days. But when Bitcoin was operating and managed without any central organization, it worked very stably over the years and had no problems. So many people note that the underlying technology may have a very large mechanism, and not only can be used in Bitcoin, perhaps in many areas can be applied to this technology. So the bit-currency technology abstraction, called Block chain technology, or distributed ledger technology.
So from a certain point of view, Bitcoin can be seen as the first application of block chain, and the block chain is more similar to TCP/IP as the underlying technology, will be extended to more and more industries.
Q: Block chain technology can be used mainly in which industries? A: The main advantage of the block chain is the need for intermediary participation, process efficiency and transparency, low cost and high data security.
So if there are any one demand in these three areas, there is a chance to use block chain technology. Q: Why use block chain technology in the financial sector?
What are the substantial benefits?
A: Block chain technology in the financial field of the main advantages to mediate and greatly reduce costs. Firstly, in order to prevent single point of failure and systemic risk, the financial industry needs to carry out layer audit to control financial risk, but it also causes high internal cost. And as a result of increasing regulations, especially the 2008 financial crisis, which led to a rise in the threshold of financial regulation, the scope and depth of anti-money-laundering and counter-terrorism financing that led to the war on terrorism have led to an increase in the regulatory costs of the entire financial system. In this case, block-chain technology can greatly reduce the cost of the whole financial system through tamper-proof and high transparency. According to a report issued by Santander, Spain's largest bank, about 2020 years or so, if block-chain technology is used within the world's banks, it could cost about $20 billion a year.
Such data are sufficient to illustrate the huge changes and breakthroughs that the "block chain" has brought to the traditional financial sector. In addition, due to historical reasons, traditional financial institutions in the settlement and liquidation of the central clearing House to complete, and the resulting problem is inefficient. The traditional Cross-border settlement is due to the adoption of institutions like Swift, so cross-border wire transfers are often calculated on a per-day basis. However, when using block-chain technology, Bitcoin has been running perfectly for seven years without any centralized operation, and has not only been able to realize real-time settlement and liquidation, but has not seen any accounting errors.
Therefore, if all financial systems can achieve the centralized clearing and clearing, not only will greatly improve the global financial efficiency, and thus can change the global financial structure.
Q: What is Bitcoin's "mining"? A: The "digging" in Bitcoin is actually the process of bookkeeping, the operation of bitcoin uses a mechanism called "work proof (Proof of Work,pow)", in order to find out who has more powerful computing power, each time a math problem, only the fastest way to solve the problem of the computer can be accounted for. And the computer that grabs the right to account will get a reward of 25 Bitcoin.
This behavior is often referred to as "digging", and the obtained bitcoin is regarded as a reward for successful mining.
Q: Do all the block chains need to be dug? A: Not all block-chain projects will use a "work proof" approach like Bitcoin, which is more in the early block chain projects.
If other certification mechanisms are adopted, such as "proof of interest" (Proof of Stake,pos), and "Share authorization mechanism (dpos,delegate Proof of Stake)" are not required to take such a mining approach. Q: What is the relationship between block chains and large data?
Block chains replace large data? A: block chains and large data relationships are not very big. Large data is mainly for the management of massive data, and the core of the block chain is to achieve high security and high reliability of data without centralized intermediary.
Therefore, the block chain and large data does not conflict with each other, and will not be replaced, completely in the face of different scenarios for the data of different solutions. Q: What is the relationship between block chains and cloud cloud storage?
Is the chunk chain cloud or cloud storage? A: cloud computing is often defined as providing dynamically scalable and often virtualized resources over the Internet, but the cloud computing platform is often a central institution. And the network of block chain is generally no specific mechanism, so the block chain is closer to the definition of distributed computing system, which belongs to a distributed computing. However, the block chain is able to achieve cloud storage, different from the current central to provide cloud storage space, the block chain has some provide to the centralized cloud storage solution.
Such projects include Storj,sia,maidsafe. Q: Is the block chain software?
What program is written? A: Block chain is not a specific software, as the "database" This three words, it is a specific technology design idea. It can be implemented in most languages, and there are many ways to implement it.
and the block chain technology is still in rapid development, relatively, the current block chain technology design idea is relatively simple, perhaps in the future will become increasingly complex. Q: What is a public link? What is a private chain?
What is a union chain? A: The public chain is any node is open to anyone, everyone can participate in the block chain to participate in the calculation, and anyone can download access to complete block chain data (all ledger). But in some block-chain scenarios, you don't want anyone in the system to participate, anyone can view all the data, and only the licensed nodes can participate and view all the data.
So this block chain structure we call the private chain.
Alliance chain refers to the right to participate in each node is completely equal, we do not need full trust in the case can realize the credibility of the exchange of data, R3 composed of the Bank block chain Alliance to build a typical alliance chain. However, with the rapid development of the block chain technology, the boundary between the public chain and the private chain will become blurred.
Because each node can have more complex read and write permissions, perhaps some of the permissions of the node will be developed to all, and the partial accounting or core permissions of the node can only open to the permitted node, it will no longer be a pure public chain or private chain.
Q: The main problems in the development of block chain technology at present? A: At present, the block chain technology is still in a very early stage, not only has not yet formed a unified technical standards, but also a variety of technical solutions in the rapid development. But it used to be thought that systems based on block-chain technology would be very expensive (similar to bitcoin), or that the system of block-chain technology could handle the data with limited technology.
However, the scalability of block chain technology has not been tested by large-scale practice, and now mainly in the prototype design stage. The financial industry will remain relatively cautious in the short term without quantitative analysis of the real benefits that can be brought to us by using block-chain technology, including the amount of money that can be saved and the value created. After all, with more than trillions of of global financial infrastructure in place, there is a need for real data to build a new financial architecture and underlying operating systems. It is difficult to determine the total amount that can be saved if the existing technology is not yet deployed and the use case is available.
So far, there is a big question of how much money is needed to build a strong enough block chain to deal with the trillions of dollars that the capital market ecosystem needs to face every day. In addition, block chain industry is extremely lack of talent, lack of a large number of both to understand the block chain technology, but also understand the financial aspects of talent, the market is desperately looking for can connect two of the world's talent, need to be able to in the real world, the block chain technology can be realized in the capital
And the need to build a new system based on block chain technology, it is necessary for such a cross-border talent.
Q: What is a smart contract? A: Smart contracts are contracts that use computer language instead of legal language to record terms. Intelligent contracts can be performed automatically by a single computing system. If the block chain is a database, the intelligent contract is the application layer that can make the block chain technology apply to the reality. Contracts in the traditional sense are generally not directly related to the computer code that performs the contract content. Paper contracts are archived in most cases, and the software executes the contract terms written in the form of computer code.
The potential benefits of smart contracts include lower costs for contracts, enforcement and regulation, and therefore, for many low-value trading contracts, this is a significant reduction in human costs.
Q: How does a smart contract work? A: If the central bank is able to issue fiat money through a block chain, then it can also be embedded in the act of Fiat by the smart contract technology, which can be referred to as a "programmable currency". For example, if the central bank designates a certain amount of money to be issued to an agriculture-related account, then the funds can be written to the appropriate procedures to designate that part of the funds can only be entered into the agricultural-related accounts, then this part of the funds in any case can not be diverted to other accounts.
If most currencies become "programmable currencies", then we can imagine that their financial environment becomes "programmable finance".
Q: What does a block chain have to do with ordinary people? A: Basically, it doesn't matter, unless you're going to start a business in this area.
With the TCP/IP protocol and the relationship between ordinary people, the average person does not need to know what is the Internet at the bottom of the TCP/IP protocol, as long as the Internet to enjoy the services provided on the line.
Q: Does the block chain project necessarily need to have some kind of currency to appear? Answer: No. The bitcoin itself is a payment system, so it needs to have a value metric tool, so there must be a bitcoin to appear. In addition, in order to reward more people willing to contribute their own computer to provide computing for the system, so need to have bitcoin to reward.
And in some private chain of systems, you can design specialized assets for trading, and each node must participate in the calculation, which is their responsibility and their rights, so do not consider rewarding them to participate, so in such a system may no longer need to design a kind of currency. Q: Who invented the block chain/bitcoin?
Is it Japanese? A: Bitcoin was created by a self-proclaimed "smart" person or team, and was completely withdrawn from the project at the beginning of the Bitcoin project.
The possibility of a Japanese is very small, because his past emails can be used to measure that he should be a native speaker of English. In addition, the Bitcoin creator has absolutely no influence on the current Bitcoin project, so it is unlikely to be a product of a conspiracy.
Whether or not the "medium-smart" will appear later, or be physically eliminated will not affect the Bitcoin has too much impact.
Q: What is the difference between bitcoin and q? A: Q currency is a central electronic currency, including the total amount, the distribution is controlled by Tencent company. And the total amount of Bitcoin, distribution is by the program and encryption algorithm preset, in the world of multiple nodes running, no one and organizations can modify, not by any single person or organization to control. Q is generally called the electronic currency, or enterprise tokens.
Call Bitcoin a digital currency or encrypt a digital currency. Q: Is there a limit on the amount of Bitcoin?
How is it distributed? A: As mentioned earlier, miners ' participation in the struggle for bookkeeping is an opportunity to be rewarded. At the beginning it was every 10 minutes that the system would reward the fastest and the best 50 Bitcoin, and then the 50 would halve every four years, and there would be no new Bitcoin in almost 2140, and it would reach 21 million caps. After that, the miners will be rewarded with transaction fees.