What Is Blockchain Technology
Blockchain is a mathematically designed structure to store data in a way which is almost impossible to hack or fake it out. And the technology which is used to do so, is called Blockchain Technology. The wide range of use cases of Blockchain to store all kind of valuable data in almost each & every industrial sector made this topic extremely hot nowadays. It’s difficult to explain Blockchain Technology without going in details, but here, I’ll try to make it as simple as possible, I Promise!
How was it born?
We cannot begin to discuss blockchain stocks without first giving a brief nod to Satoshi Nakamoto, the acknowledged inventor of the technology. On October 31 of 2008, Satoshi Nakamoto released a white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System.” The document issued to the subscribers of the cryptography mailing list described a revolutionary technology that created the world’s first genuine peer-to-peer and decentralized monetary system.
在讨论区块链技术股的行情之前，我们先来简单认识下公认的区块链技术发明者中本聪。2008 年 10 月 31 日，中本聪发布了一篇白皮书，题为《比特币：一种点对点电子现金系统》。这篇论文被发送给密码学邮件组论坛的所有成员，文中描述了一项具有革命性的技术，由此诞生了世界上第一个真正点对点、去中心化的货币系统。
Then, on 9th Jan, 2009, Satoshi started mining the first Bitcoins with GenesisBlock, and that’s how the Age of Cryptocurrency started, and the technology that made it happen, is what we now recognize with the word “Blockchain”. By combining Cryptography with Blockchain, Nakamoto solved the problem of double spending which was on the edge for decades to create digital cash. It also eliminates the need for central authority or third party to mediate electronic exchange of a currency.
Satoshi Nakamoto is an enigma, and to this day it is not known whether this is the name of a single individual or a group effort, but what’s known is that blockchain technology changed the way money is handled in 2008 when it first hit the market as bitcoin. It continues to allow innovation today. So, what is a blockchain? You don’t need a ton of information about how it works to understand that you are investing in the future of data as we know it. That means everything from bank transfers (AKA money) to personal information. In essence, a blockchain is a data recording system where every link in the chain has its own data and information from the block both before and after it.
中本聪一直是一个谜，他究竟是一个人，还是一个团队，至今尚未可知。但我们知道的是，2008 年，区块链技术以比特币的形式首次进入市场，就改变了货币的流通方式。如今，这项技术仍然在不断创新。那么，区块链到底是什么？即使不用通过大量的信息了解它的运作方式，你也能够明白，你是在投资数据的未来，这是 我们所知道的。这涵盖了从银行转账（也就是货币）到个人信息等所有数据。从本质上讲，区块链就是一个数据记录系统。在这个系统中，链条上的每个区块都有自己的数据和信息，这些数据和信息来自它前面和后面的区块。
To change the data would change the entire block so it would no longer fit in the chain. To change the chain you need a whole lot of information, and there’s additional protection. Eachblockchain is verified many times overby independent “miners” who view and verify the information so that any changed block no longer matches every other copy of that block. In short, a blockchain is an unprecedented level of data security. Think of it as a letter (the data) that you might put in the post and send anywhere (the transfer of data). That letter goes in a clear box, and that clear box goes in a truck full of cameras run by different people, using various sources of electricity, and all those people can see the letter. If anyone messes with the message, everyone can see it has changed.
What does blockchain do?
Almost each & every cryptocurren-cy-blockchains consist of five stages ina block generation process:
1. Transaction signing by a user
2. Transaction broadcasting to the network
3. Block creation by the miners
4. Block broadcasting to the network
5. Validating and adding this new block by the network-nodes to the blockchain
How secure is blockchain?
This and that, everything is correct, but is it really secure? Specifically stating, can blockchain offer trustless environment to record private and tamperproof blocks? The short answer is no. 100% pure and perfect immutability does not exist, blockchain like any other web software or network, is theoretically and technically vulnerable to modify.
So, is it not any secure at all? Again, the answer is no. As all of the nodes on a blockchain are decentrally distributed, to alter a chain, one would need to take control of more than 51% of total mathematical computing power4 and alter all of the transactional records in a distributed ledger within a very short space of time (e.g. Average Block Time for Bitcoin–10 minutes, Ethereum–14seconds). Modification is nearly impossible, which makes the network 99.99% immutable and secure. So, it is till now, this has never happened secure.
那么，它一点也不安全吗？当然，答案也是否定的。区块链上所有节点都是去中心化分布的，要想更改区块链，须掌控全网数学算力的 51% 以上，在极短的时间内（比如，比特币平均每个区块生成时间是 10 分钟，以太坊为 14 秒）篡改分布式账本上所有交易数据。这几乎是不可能实现的，也就是说，网络 99.99% 是不可变且安全的。所以，区块链很安全，起码到现在为止，从没出过什么事。
Types of blockchains
1. Public blockchains
A public blockchain, which has absolutely no access restrictions, uses Proof of Stake or Proof of Work algorithm to secure the network. Some of the popular public blockchains are Bitcoin and Ethereum.
2. Private blockchains
A private blockchain is also called “Permissioned” blockchain, as any- one can’t read/write or review/audit the source code data unless one has the permission(s)/right(s) from the network administrators to do so. Usually, single organization controls this type of blockchain for their personal use. Example of popular private blockchain is Ripple.
私有区块链也被称为“许可”区块链。除非获得网络管理员的许可 / 权限,否则任何人都不能读 / 写或检查 / 审计 源代码数据。通常，私有区块链由某个组织控制，仅供内部使用。瑞波币就是一种私有区块链。
3. Consortium blockchains
A consortium blockchain is also called “Semi-Decentralized” or “Federated” blockchain, as instead of a single organization controlling it, a number of organizations control the blockchain according to their nodes’ permission(s)/right(s).