Getting started with the blockchain | Luo Yonghao: Most people don't understand the blockchain, so can't talk to the blockchain with friends?

Some netizens sent Weibo to say that they can't talk to friends for three topics. One of them is the blockchain. Hammer Technology CEO Luo Yonghao forwarded Weibo and responded that " most people don't really understand what the blockchain is all about ."

Indeed, the blockchain is still a new concept that is very strange to many people. The only point of cognition comes from a variety of media reports and hearsays.

In fact, there are many misunderstandings about the blockchain. Today, we will simply count the most common misunderstandings.

• Nearly half of the UK and Americans don't believe in Facebook's Libra
• Blockchain Industry Weekly | Firecoin Hong Kong stock platform acquires Japanese IDC assets, Facebook hearing is not yet to be continued
• Mercedes-Benz parent company Daimler loves the blockchain and wants to develop an open car hardware wallet solution

01
Bitcoin = blockchain / blockchain = bitcoin

Mixing bitcoin and blockchain is a common mistake made by many laymen. In fact, there is a bitcoin first, followed by a blockchain.

In 2008, Nakamoto published a Bitcoin white paper, and Bitcoin was born in 2009. In 2011, when Wu Jihan translated the Bitcoin white paper, he translated the “chain of blocks” in the white paper into a “blockchain”. As Bitcoin continues to grow and develop, more and more people are beginning to study the underlying technology of Bitcoin. Later, people called the underlying technology of cryptocurrency such as Bitcoin "Blockchain", "Blockchain". The word ") is also popular in 2016.

Therefore, Bitcoin is the first application of the blockchain, and the blockchain is the underlying technology of Bitcoin. In the article "The blockchain has three meanings, the first layer comes from Bitcoin, " we used a metaphor to illustrate the relationship between the two:

If you compare the blockchain to flour, then bitcoin is the noodle made with flour. Flour can of course be used to make hoes and make rolls, but the first food made with flour is noodles.

02
Blockchain cannot be tampered to ensure the authenticity of the data

In many media articles, we often see descriptions of similar statements such as "blockchains cannot be tampered with to ensure the authenticity of data." This is actually a less rigorous description.

In fact, any blockchain has the potential for data to be tampered with.

For blockchains that use the PoW consensus mechanism , they use computing power to compete for billing rights, such as Bitcoin and Litecoin. If you master or control the computing power, occupying 51% of the block network's total computing power, you can tamper with historical data. This is called " 51% attack ."

For blockchains that use the PoS consensus mechanism, as long as more than two-thirds of the nodes are combined, they can do evil and tamper with historical data.

Therefore, it is not that the data on the blockchain cannot be tampered with, but it is difficult to tamper with. For Bitcoin, a very powerful currency, the likelihood of an individual launching a "51% attack" and achieving success is almost zero.

In addition, the blockchain can ensure that the data on the chain is not tamperable, but the data on the chain is not guaranteed to be true. For example, in a scenario where product chain tracing is used to trace the source of a product, if a farmer uncle fills the green fruit picked yesterday, it is picked today and the data is chained, the consumer or other in the supply chain. People trace the source through the blockchain and see today's date. The blockchain cannot judge the authenticity of the uplink data.

 

03
The main role of the blockchain is speculation, speculation of virtual currency

When it comes to the blockchain, many people’s first reaction is speculation and speculation about virtual currency. At present, blockchain technology is still in the early stage of development, coupled with imperfect policies, speculation, speculation of virtual currency behavior is very much, but this does not mean that the main role of the blockchain is speculation.

Any new technology, from generation, development, maturity to the final large-scale application, will take a long time, as is blockchain technology.

In fact, many technology giants are using blockchain technology to solve practical business problems, such as Alipay:

For new technologies, misunderstandings may be inevitable. What interesting terms do you know about the “blockchain”? Welcome to leave a message in the message area.

——End——

Author | JackyLHH
Produced|Baihua blockchain (ID: hellobtc)

『Declaration : This series of content is only for the introduction of blockchain science, and does not constitute any investment advice or advice. If there are any errors or omissions, please leave a message. 』

We will continue to update Blocking; if you have any questions or suggestions, please contact us!