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why is any of this useful? imade a ton of money but why is blockchain a big deal
| Amber theatre | 01/19/18 |
| cracking gas station degenerate | 01/19/18 |
| Crawly dragon | 01/19/18 |
| Curious submissive orchestra pit jew | 01/19/18 |
| crystalline garrison clown | 01/19/18 |
| boyish turquoise community account | 01/19/18 |
Poast new message in this thread
Date: January 19th, 2018 1:16 AM Author: Amber theatre (https://autoadmit.com/thread.php?thread_id=3864287&forum_id=7#35187506) |
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Date: January 19th, 2018 7:29 AM Author: cracking gas station degenerate Right now is unhackable (https://autoadmit.com/thread.php?thread_id=3864287&forum_id=7#35187939) |
Date: January 19th, 2018 1:44 AM Author: Crawly dragon (https://autoadmit.com/thread.php?thread_id=3864287&forum_id=7#35187571) |
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Date: January 19th, 2018 2:37 AM Author: Curious submissive orchestra pit jew (https://autoadmit.com/thread.php?thread_id=3864287&forum_id=7#35187655) |
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Date: January 19th, 2018 6:12 AM Author: crystalline garrison clown well, there's this chain. and it has, like, blocks... (https://autoadmit.com/thread.php?thread_id=3864287&forum_id=7#35187858) |
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Date: January 19th, 2018 6:28 AM Author: boyish turquoise community account It's a fault-tolerant distributed ledger where transaction records are grouped together into "blocks" that contain a reference to the previous block. New blocks are added to the chain when the output of a one-way cryptographic function applied to the proposed new block's "metadata" is smaller than some target value shared among all clients.
Bitcoin refers to its block metadata as the block header, which comprises the block version number, the previous block's hash, a hash of all transactions in the block, the current timestamp, the current target, and a nonce value selected so that the integer value of the hash generated by the cryptographic method is less than the current target. Because miners are competing to determine the correct nonce value, it's possible for forks to occur. Thus, miners will only build onto the longest chain (where "length" is calculated as the total combined difficulty of that chain rather than number of constituent blocks).
Blockchain technology is truly innovative because it combines distributed computing principles with an overlapping protocol to make it possible to generate a trusted ledger of irreversible transactions which anyone can verify using provably secure cryptographic methods. Additionally, blockchain technology makes it possible to set rules for a transaction and ensure that those rules remain associated with that transaction while operating in a low-trust environment. Nevertheless, consensus is a fundamental problem in distributed computing, and reaching consensus in a low-trust, unreliable, multi-agent network is the biggest challenge facing blockchain technologies. Because of the enormous difficulty of reaching a consensus in a low-trust, distributed system, blockchain technologies have employed a variety of heuristics for trust, such as proofs-of-work, proofs-of-stake, and proofs-of-capacity.
That said, you can analogize blockchain technology to free software (copyleft) licenses, like the GPL: Just as the GPL ensures that recipients of derivative works retain the same freedoms granted by the author of the original work to the developer of the derivative work, blockchain technology ensures that transactions recorded on the blockchain remain irreversible, verifiable, and accountable by requiring participants to publicly broadcast their transactions to the network. In other words, you're free to transact using blockchain technology so long as you record the transactions you make on the blockchain. If you don't understand why this is a benefit, read the following: https://en.wikisource.org/wiki/Free_and_Open_Software:_Paradigm_for_a_New_Intellectual_Commons (https://autoadmit.com/thread.php?thread_id=3864287&forum_id=7#35187864) |