What if you have a strong technical advance? Could it change the basic fundamentals of our society? These technologies are our economic, governance systems and business functions Can we change our conceptual understanding of transaction ownership and trust? This technology already exists, This is called encrypted currency
People often think of Bitcoin as a virtual currency or trading system But if you look at the bit coin more closely, you can see that the currency function is just the tip of the iceberg Because Bitcoin is an innovative Internet technology The currency function is just one of the many features of the beat coin There is money for trading For centuries, transactions have become incredibly complicated
Everyone is doing business all over the world All transactions record transaction details in the ledger This information is usually not disclosed to the public For this reason, we have to trust our third parties and brokers Prove and approve each transaction Government, bank, accountant, notary public And the paper money in your wallet
We call it a third-person who trusts This leads us to the essence of Bitcoin Bitcoin software uses a computer network and maintains a collective ledger over the Internet This ledger can not be modified or controlled by any one group, It is rather open to the public Bitcoin can use one digital ledger that is fully distributed over the network
We call this a block chain The block chain stores all transaction details Transaction date, time, trader, transaction amount and all transaction details Each node on the network owns a full copy of the block chain This is based on a very complex and sophisticated mathematical principle Verifies all transactions by Bitcoin Minor and manages the ledger These nodes (minor) Consensus process is automatic and continuous
For the current status of the ledger and all transactions in it If someone tries to corrupt a ledger or transaction, the node rejects it in the consensus process Therefore, it refuses to incorporate the transaction into the block chain So all transactions are open Thousands of nodes will only be completed if they agree that the transaction occurred unanimously (The date is recorded in X and the time in Y is recorded) This is like having a notarial for each transaction This allows everyone to maintain one shared ledger that is not upheld or tampered with
This is why we can always trust the block chain
