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What you need to know about the China Bloc

BingMag.com What you need to know about the China Bloc

A blockchain to which some sources have distributed Distributed Ledger technology Technology) is said to be a technology that, through the use of decentralization and hash encryption, makes the history of any digital asset transparent and unchangeable.

If we want to use a simple example to understand the Chinese blockchain, Google Docs is a good choice. When we create a document and share it with different people, in fact the document is neither copied nor transferred, but we just distribute the document. This can create a decentralized distribution chain, and anyone added to the chain will have access to the document.

Document available Everyone is and everyone sees the changes that everyone makes in the document. Although blockchain technology is more complex than sharing a document, it is a good analogy because it could explain the idea behind the technology. In fact, the Chinese blockchain is a revolutionary technology for reducing risk, eliminating the possibility of fraud and enabling transparency on a large scale.

BingMag.com What you need to know about the China Bloc

How does blockchain work?

Three concepts There is something important in explaining this technology:

  • Block

Block

Each chain consists of several blocks, and each block has three main elements:

  • The data in the block.
  • An integer 32 A bit called nonce. When each block is created, a random 32-bit number called nonce is generated. This number then generates the hash of the block.
  • A 256-bit number called a hash that is generated through nonce. This number must be a small number, ie a large number of zeros are placed at the beginning. By creating the first block in the nonce chain, it generates a hash and the data in the signed block is considered.
  • Miner h3>

    Miners add new blocks to the chain through a process called extraction. Each block in the Chinese block has its own nonce and hash, but these numbers also refer to previous blocks. This makes it difficult to extract a particular block, especially in large chains.

    Miners use special software to solve a complex mathematical problem. They use it to generate accepted hashes. Given that the nonce is 32 characters but the hash is 256 characters, something like four billion combinations can be generated for the hash. When a miner can generate this hash, the so-called miner is said to have extracted the non-gold miner and the block is added to the chain.

    You might think that someone wants to make a change in the previous blocks, the fact is that in order to do this, not only the desired block must be re-extracted by applying changes, but all subsequent blocks also change and must be extracted. This process has made it virtually impossible to manipulate the Chinese bloc and make it a secure system. When a new block is successfully extracted, all network nodes accept the change, and the miner receives its own reward.

    BingMag.com What you need to know about the China Bloc

    One of the main concepts in the Chinese blockchain is decentralization. This means that no computers or organizations can claim ownership of the Chinese blockchain. Blockchain is, in fact, a distributed general office that is owned by all nodes. A node or node can be any electronic device that holds a copy of the blockchain and maintains its network function.

    Any node or node It has its own copy of the blockchain, and the network checks, updates, and validates each newly extracted block in terms of algorithms. The transparency of the Chinese blockchain is that these changes are seen in all versions, and in fact all versions are the original version. An alphabetical identification number is provided for anyone involved in blockchain transactions to identify the transactions they have made.

    A combination of information Publicity of the issue, together with a control and balancing system, helps the Chinese blockchain gain user trust. In fact, the Chinese block can be considered a large-scale expansion of trust with the help of technology.

    BingMag.com What you need to know about the China Bloc

    Encrypted currencies: China blockchain technology begins to emerge

    The most popular use of blockchain is in cryptocurrencies. Currency ciphers or digital currencies such as Bitcoin, Atrium or Light Coin can be used to purchase goods and services. Just like you have digital cash, passwords can be used to buy everything from food for your lunch to the house you want to trade. Unlike cash, whose circulation information is not widely available, currency cryptocurrencies use the Chinese blockchain. The technology will serve as both a general office for the general public and an advanced security system. For this reason, the transactions that take place in this system are secure and have been registered forever.

    To date, approximately 7,000 currency codes have been registered in the world. And the total value of this market is about $ 1.6 trillion. Most of the value of this market belongs to bitcoin. Currency cryptocurrencies have become very popular in recent years, and the price of bitcoins has reached $ 60,000 at some point. One of these reasons is the high security of the Chinese bloc. Since each currency code has an unchangeable identification number that belongs to a specific owner, theft in the Chinese block is very difficult. These currencies reduce the need for separate currencies in the world and thus the central bank system, and there will be no more currency exchange difficulties.

    Large Businesses They have moved on to these currencies, although criticisms such as market irregularities and bizarre price changes, inconsistencies or lack of labor laws with these currencies in different countries have left some still reluctant to use them.


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