What algorithm is blockchain (what technology is blockchain)

According to Mars Financial News, according to the latest data analysis of blockchain, more than 400 domestic enterprises have joined the blockchain alliance. Blockchain technology is still in its early stages of development globally, so many countries have adopted strict regulations and regulatory measures for the blockchain industry. And China is also actively researching how to use the most suitable blockchain to protect network security. So what exactly is blockchain and what algorithms? Let’s take a look at the issue of blockchain: what makes it easier to understand and accept Blockchain is a decentralized accounting protocol that records data in each block through encryption. After reaching a consensus on these transactions, the system will package them into a new block and broadcast these “new blocks” in sequence to all nodes for confirmation. This ensures the security of the entire system

II. The same is true of Cryptocurrency such as “Bitcoin” and “Ethereum”. They use Bitcoin (BTC) as the underlying asset, and they do not have any substantial value support, so they have formed a virtual cat game coin called Crypto Cat. But this encrypted cat is not a virtual cat

What is blockchain technology

According to the data platform of the chain tower, the blockchain has been launched in Bitcoin, Ethereum and other public chains. In the traditional financial field, traditional financial institutions provide custody services for digital currency exchanges, and these companies generally use third-party banks as nodes and use blockchain technology for asset management and trading; In decentralized economies, people prefer to use centralized servers to handle business activities related to funds. So what is blockchain? We know that blockchain is a technology of Distributed database, which enables people to interact more easily by recording all kinds of information to form an account book, while also ensuring user privacy and tamper resistance So why use blockchain technology to solve the above problems? Let’s explain in detail what this technology is. 1. What is blockchain? Blockchain is a peer-to-peer information transmission system that can help achieve mutual trust between different types of transactions The operating mode of blockchain technology is that anyone can view and remember their identity information, including letters, numbers, or other strings in password algorithms (such as SHA256), and can also query whether they have an account or an address to complete encrypted transactions. If this issue does not exist, users can access the content on the blockchain and forward it without worrying about being attacked maliciously and unable to verify their accounts or accounts. When you want to participate, you can choose to trust your partners for transactions. 3. The consensus mechanism of blockchain operates in a hierarchical manner, with each block being maintained by different miners, so each network upgrade will generate new blocks, thus achieving the goal of multi-party collaborative computing What are the advantages of blockchain? The characteristic of blockchain lies in its anonymity, transparency, and security, and it provides a new consensus method.