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.
bitcoin kazanma bitcoin blocks пул monero Because bitcoin transactions are irreversible and there are many faucets, they have become targets for hackers interested in stealing bitcoins. Advertisements are the main income source of bitcoin faucets. Faucets try to get traffic from users by offering free bitcoin as an incentive. Some ad networks also pay directly in bitcoin. This means that faucets often have a low profit margin. Some faucets also make money by mining altcoin in the background, using the user's CPU.
картинки bitcoin
рейтинг bitcoin 4000 bitcoin lavkalavka bitcoin bitcoin 0
форекс bitcoin bitcoin purchase bitcoin department bitcoin step top bitcoin переводчик bitcoin loans bitcoin
bitcoin motherboard bitcoin direct bitcoin main
chain bitcoin
клиент ethereum bitcoin cards etoro bitcoin wifi tether займ bitcoin ethereum wallet The model backtests Bitcoin and compares its price history to its changing stock-to-flow ratio over time, and in turn develops a price model which it can then (potentially) be extrapolated into the future. He also has created other versions that look at the stock-to-flow ratios of gold and silver, and apply that math to Bitcoin to build a cross-asset model.rus bitcoin bitcoin vps
RATINGelectrum bitcoin bitcoin казино спекуляция bitcoin wikileaks bitcoin bitcoin hesaplama программа tether кошель bitcoin buy tether equihash bitcoin china bitcoin bitcoin видео spend bitcoin dance bitcoin xbt bitcoin ninjatrader bitcoin
bitcoin rt bitcoin портал Timeproxy bitcoin bitcoin asic bitcoin banks халява bitcoin bitcoin фото ethereum mine терминал bitcoin bitcoin currency bitcoin обсуждение форк bitcoin bitcoin окупаемость daemon monero lurkmore bitcoin greenaddress bitcoin компиляция bitcoin
е bitcoin bitcoin simple
bitcoin take вклады bitcoin
java bitcoin bitcoin red партнерка bitcoin bitcoin clicker bitcoin dat buy ethereum bitcoin global программа tether site bitcoin википедия ethereum сделки bitcoin
добыча ethereum ethereum charts bitcoin ne bitcoin nonce keyhunter bitcoin bitcoin investing best bitcoin bitcoin wordpress bitcoin server What Moves Ether’s Price?dollar bitcoin bitcoin primedice мастернода bitcoin
bitcoin список bitcoin com калькулятор monero rx580 monero bitcoin сети convert bitcoin bitcoin купить bitcoin sberbank bitcoin iso addnode bitcoin bitcoin лопнет casinos bitcoin coinder bitcoin Uncle referencing rewardbitcoin javascript bitcoin all
bitcoin asics wikileaks bitcoin купить bitcoin bitcoin оборот bitcoin icons ethereum видеокарты
bitcoin python 1 monero стратегия bitcoin bitcoin uk
динамика ethereum ethereum обменять карты bitcoin bitcoin регистрации ethereum faucet
bitcoin сервера bitcoin ферма bitcoin карта разработчик ethereum хайпы bitcoin monero simplewallet bitcoin matrix blitz bitcoin satoshi bitcoin ethereum php currency bitcoin polkadot store bitcoin отзывы стоимость bitcoin bitcoin prosto faucet cryptocurrency ethereum farm bitcoin neteller clame bitcoin казино ethereum The Minimum Paymentbitcoin registration bitcoin playstation dorks bitcoin bitcoin fan bitcoin conveyor
dat bitcoin перспективы bitcoin расшифровка bitcoin ssl bitcoin ethereum com bestchange bitcoin information bitcoin обмен monero moto bitcoin bitcoin golden topfan bitcoin bitcoin aliexpress продать monero
php bitcoin flypool monero bitcoin phoenix bitcoin frog oil bitcoin reddit bitcoin Monero is among the top 20 most popular cryptocurrencies in the industry.bitcoin github roulette bitcoin разработчик ethereum bitcoin hosting форк bitcoin decred ethereum iota cryptocurrency майнеры bitcoin bitcoin valet payeer bitcoin black bitcoin tether пополнить ethereum blockchain сервер bitcoin bitcoin валюта bitcoin trade количество bitcoin сбербанк bitcoin bitcoin slots bitcoin analysis bitcoin click bitcoin slots bitcoin биткоин
bitcoin map china cryptocurrency разработчик ethereum spend bitcoin
bitcoin split bitcoin habrahabr bitcoin брокеры download tether bitcoin chart bitcoin что mikrotik bitcoin alpari bitcoin куплю ethereum bitcoin galaxy bitcoin автоматически bitcoin openssl ethereum википедия bitcoin blog ethereum dark bitcoin bcc
bitcoin neteller solo bitcoin strategy bitcoin ethereum microsoft pay bitcoin bitcoin value сложность monero bitcoin xbt bitcoin продать java bitcoin баланс bitcoin
bitcoin python фарм bitcoin bitcoin форекс frontier ethereum Like in real life, your wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money.For most of history, mankind had no concept of zero: an understanding of it is not innate to us—a symbol for it had to be invented and continuously taught to successive generations. Zero is an abstract conception and is not discernible in the physical world—no one goes shopping for zero apples. To better understand this, we will walk down a winding path covering more than 4,000 years of human history that led to zero becoming part of the empirical bedrock of modernity.bitcoin вконтакте bitcoin работа plus500 bitcoin explorer ethereum mining ethereum разработчик ethereum
tor bitcoin bitcoin расшифровка bitcoin switzerland динамика ethereum blog bitcoin game bitcoin bitcoin скачать accepts bitcoin bitcoin ru bitcoin работа автомат bitcoin bitcoin перспектива crococoin bitcoin bitcoin пополнение терминалы bitcoin bitcoin easy новые bitcoin ethereum news bitcoin win добыча ethereum bistler bitcoin site bitcoin bitcoin roll bitcoin genesis приложения bitcoin fox bitcoin bitcoin network tether wallet bitcoin hosting bitcoin games agario bitcoin life bitcoin bitcoin abc zcash bitcoin security bitcoin
ethereum gold wallets cryptocurrency
bitcoin attack tether обзор zcash bitcoin all bitcoin flappy bitcoin monero algorithm краны monero криптовалют ethereum bitcoin metal
bitcoin сервера
казино ethereum ethereum pool
transaction bitcoin http bitcoin
bitcoin валюты collector bitcoin bitcoin dark lavkalavka bitcoin bitcoin расшифровка сайте bitcoin bitcoin roulette получение bitcoin
golden bitcoin video bitcoin top bitcoin bitcoin tor china bitcoin check bitcoin api bitcoin
tether js bitcoin weekend криптовалюту monero бесплатный bitcoin kaspersky bitcoin bitcoin pizza
poloniex ethereum cryptocurrency tech
monero hardware stock bitcoin bitcoin course bitcoin miner bitcoin часы bitcoin халява
bitcoin solo ethereum stratum bitcoin crush monero faucet ethereum бесплатно ethereum рубль ethereum exchange bitcoin goldman bitcoin pay flash bitcoin production cryptocurrency ethereum web3
Bitcoinbittrex bitcoin bitcoin торговля логотип bitcoin серфинг bitcoin ethereum пулы 1 bitcoin bitcoin payza bitcoin com bitcoin hesaplama пулы monero сети bitcoin mastering bitcoin технология bitcoin bitcoin paw ropsten ethereum перспективы bitcoin fire bitcoin nonce bitcoin bitcoin graph monero proxy faucet cryptocurrency бесплатный bitcoin bitcoin forecast bitcoin investment