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.
tracker bitcoin bitcoin trade bitcoin оборудование korbit bitcoin bitcoin iq bitcoin игры bitcoin etherium segwit bitcoin bitcoin paypal
акции bitcoin
bitcoin 1000 bitcoin обсуждение ethereum бесплатно
'Spurious 'technological' developments... are those which are encapsulated by a ceremonial power system whose main concern is to control the use, direction, and consequences of that development while simultaneously serving as the institutional vehicle for defining the limits and boundaries upon that technology through special domination efforts of the legal system, the property system, and the information system. These limits and boundaries are generally set to best serve the institutions seeking such control.... This is the way the ruling and dominant institutions of society maintain and try to extend their hegemony over the lives of people.'flash bitcoin bitcoin ixbt bitcoin ads bitcoin life
charts bitcoin prune bitcoin source bitcoin
bitcoin analytics bitcoin инструкция
moto bitcoin bitcoin продажа monero btc
майнинга bitcoin auction bitcoin купить ethereum проекты bitcoin
bitcoin ставки sgminer monero algorithm bitcoin bitcoin акции
bitcoin fork project ethereum mail bitcoin
mt5 bitcoin shot bitcoin bitcoin перевод скачать bitcoin bitcoin информация bitcoin лотерея обвал bitcoin bitcoin cms зарегистрировать bitcoin cryptocurrency wikipedia bitcoin aliexpress комиссия bitcoin talk bitcoin
ethereum github top tether bitcoin проблемы bitcoin puzzle bitcoin eth
tether обзор fee bitcoin finex bitcoin акции ethereum miningpoolhub monero steam bitcoin котировки bitcoin bitcoin cash bitcoin доллар bitcoin double bitcoin ico bitcoin abc yota tether bitcoin slots инвестирование bitcoin
bitcoin joker bitcoin команды tether wallet bitcoin etf nodes bitcoin x2 bitcoin спекуляция bitcoin stock bitcoin Bitcoin changed the way people think about money. Hundreds of other cryptocurrencies have been created since and they all want to change the world!bitcoin world 16 bitcoin bitcoin scripting bitcoin weekly bitcoin usa microsoft ethereum bear bitcoin криптовалюту monero wei ethereum перевод ethereum разработчик ethereum кошелек tether bitcoin stealer bitcoin 999 ethereum pools bitcoin что bitcoin кэш ethereum картинки взломать bitcoin
global bitcoin bitcoin free tether yota ico monero bitcoin scanner bounty bitcoin monero hardware kupit bitcoin майнить bitcoin bitcoin бонусы bitcoin отследить
monero cryptonight проблемы bitcoin bitcoin блокчейн
ethereum mine circle bitcoin space bitcoin bitcoin asics bitcoin автоматически wechat bitcoin locate bitcoin кран monero Bitcoin value: what is the value of a bitcoin in U.S. dollars or other official currency?bitcoin free описание bitcoin виталик ethereum Installing Ethereum softwareсборщик bitcoin doge bitcoin bitcoin in monero алгоритм
проблемы bitcoin bitcoin lurk avatrade bitcoin clockworkmod tether cgminer ethereum bitcoin пример зарегистрироваться bitcoin ethereum io bitcoin plus monero cpu конвертер bitcoin atm bitcoin top cryptocurrency bitcoin exchanges bitcoin machine компания bitcoin бизнес bitcoin исходники bitcoin monero 1060 купить bitcoin cryptocurrency wikipedia ico monero bitcoin poloniex bitcoin hash работа bitcoin кран bitcoin
monero hardfork перспектива bitcoin In his original white paper, Nakamoto does not cite this literature or use its language. He uses some concepts, referring to his protocol as a consensus mechanism and considering faults both in the form of attackers, as well as nodes joining and leaving the network. This is in contrast to his explicit reliance on the literature in linked time-stamping (and proof of work, as we will discuss). When asked in a mailing-list discussion about bitcoin's relation to the Byzantine Generals' Problem (a thought experiment requiring BFT to solve), Nakamoto asserts the proof-of-work chain solves this problem.35bitcoin trojan bitcoin datadir monero пул ethereum farm bitcoin blue bitcoin multiplier bitcoin зарегистрироваться It is transportable, because it has a high value-to-weight ratiommm bitcoin bitcoin растет
bitcoin coinmarketcap bitcoin download bitcoin xt bitcoin dat aliexpress bitcoin ethereum обозначение новости monero обменники bitcoin индекс bitcoin monero bitcointalk nicehash monero ethereum fork bitcoin dance bitcoin технология ethereum аналитика bitcoin surf cryptocurrency price unconfirmed monero datadir bitcoin криптовалюта tether
mac bitcoin ethereum rig bitcoin вконтакте
bitcoin fire
bitcoin коды разделение ethereum ethereum forum ethereum miners xronos cryptocurrency forum ethereum покупка ethereum ethereum курсы криптовалюта tether xpub bitcoin bitcoin картинка the ethereum сделки bitcoin bitcoin книга bitcoin продам ethereum цена book bitcoin
txid ethereum 22 bitcoin trezor ethereum In January 2015, noting that the bitcoin price had dropped to its lowest level since spring 2013 – around US$224 – The New York Times suggested that 'ith no signs of a rally in the offing, the industry is bracing for the effects of a prolonged decline in prices. In particular, bitcoin mining companies, which are essential to the currency's underlying technology, are flashing warning signs.' Also in January 2015, Business Insider reported that deep web drug dealers were 'freaking out' as they lost profits through being unable to convert bitcoin revenue to cash quickly enough as the price declined – and that there was a danger that dealers selling reserves to stay in business might force the bitcoin price down further.обвал ethereum bitcoin phoenix difficulty bitcoin
bitcoin earnings community bitcoin bitcoin бонусы зарегистрировать bitcoin перспективы ethereum основатель bitcoin india bitcoin ethereum вики amd bitcoin bitcoin traffic monero fr direct bitcoin mac bitcoin bitcoin darkcoin
bitcoin инструкция phoenix bitcoin strategy bitcoin bitcoin торговля ethereum chaindata bitcoin 99 ethereum btc bitcoin хешрейт компиляция bitcoin инструкция bitcoin bitcoin friday bitcoin usa bitcoin play форекс bitcoin bitcoin рбк bitcoin swiss
bitcoin 3
hd7850 monero bitcoin команды bitcoin novosti testnet ethereum bitcoin icons ethereum mist
dat bitcoin обменники bitcoin bitcoin hd bitcoin script mastercard bitcoin bitcoin scripting bitcoin golden bitcoin генератор stock bitcoin
bitcoin click free bitcoin bloomberg bitcoin особенности ethereum cms bitcoin bitcoin 3 bitcoin up майнер ethereum
bitcoin перевести bitcoin сервера jax bitcoin nonce bitcoin 33 bitcoin forum ethereum ethereum bitcoin bitcoin online
ethereum 1070 local bitcoin bitcoinwisdom ethereum exmo bitcoin bitcoin оборот
mercado bitcoin
bitcoin vps сети bitcoin
email bitcoin bitcoin rpc bitcoin flapper блокчейна ethereum рынок bitcoin polkadot ico bitcoin goldman
скачать bitcoin
antminer ethereum green bitcoin bitcoin деньги график bitcoin bitcoin conf bitcoin dance пулы monero raiden ethereum bitcoin bounty ann monero
пополнить bitcoin mac bitcoin bitcoin оплатить bitcoin forbes dwarfpool monero bitcoin security
ethereum видеокарты bio bitcoin куплю ethereum 50 bitcoin bitcoin nyse инструкция bitcoin surf bitcoin bitcoin froggy ethereum project monero fr ethereum прогноз лотереи bitcoin вклады bitcoin bitcoin double bitcoin развод bitcoin магазин index bitcoin mine monero hacking bitcoin bitcoin carding