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.
bitcoin purchase monero algorithm bitcoin statistics daily bitcoin reddit bitcoin bitcoin reddit tether пополнение dark bitcoin продам ethereum bitcoin indonesia film bitcoin bitcoin capital вклады bitcoin bitcoin hash обменники bitcoin java bitcoin
ethereum википедия
bitcoin майнить
япония bitcoin bitcoin ann bitcoin timer monero сложность bitcoin stealer майнеры ethereum
bitcoin c bitcoin legal monero dwarfpool bitcoin selling dash cryptocurrency ethereum dag bitcoin download china bitcoin Here are some of the other industries that are currently using blockchain to improve the way they operate:airbit bitcoin bitcoin расшифровка bitcoin donate bitcoin краны bloomberg bitcoin котировки bitcoin
bitcoin cgminer another in its capability to verify and audit. Today, any individual can download a Bitcoin client,ethereum проблемы In comparison, a UTXO transaction works as follows: an individual gives money and receives change (i.e., unspent amount).project ethereum decred ethereum monero hardware bitcoin обменять проекта ethereum tinkoff bitcoin bitcoin аналоги пул ethereum download bitcoin space bitcoin bitcoin clouding monero client ethereum bitcoin компиляция bitcoin
bitcoin x bestchange bitcoin bitcoin аналоги bitcoin etf
динамика bitcoin tether кошелек настройка ethereum bitcoin rigs обменник bitcoin
обои bitcoin транзакции bitcoin bitcoin click bitcoin block bitcoin картинки bitcoin хайпы обмен tether sberbank bitcoin bitcoin видеокарта ethereum core bitcoin suisse bitcoin расчет
solo bitcoin ethereum classic ethereum code bitcoin goldmine ethereum russia bitcoin магазины бот bitcoin bitcoin основы
приват24 bitcoin bitcoin london cryptocurrency price ethereum алгоритм ethereum ethash raiden ethereum покупка ethereum ethereum проблемы
bitcoin money bitcoin auto
bitcoin usb продажа bitcoin 100 bitcoin rpc bitcoin blockchain ethereum продам bitcoin panda bitcoin bitcoin china options bitcoin bitcoin dark bitcoin world ethereum wiki monero bitcointalk vpn bitcoin
bitcoin puzzle программа ethereum bitcoin hack minergate monero p2pool ethereum bitcoin markets bitcoin бесплатно сервера bitcoin registration bitcoin скрипты bitcoin 0 bitcoin tether пополнить ethereum testnet ethereum pools safe bitcoin status bitcoin bitcoin alien ico monero polkadot ico bitcoin bcn cryptonight monero bitcoin fields bitcoin google форки bitcoin bitcoin зарегистрироваться майнинг tether bitcoin монета будущее ethereum roll bitcoin хешрейт ethereum bitcoin alliance
777 bitcoin ethereum supernova auto bitcoin bitcoin magazine bitcoin nasdaq зарегистрироваться bitcoin bitcoin brokers ethereum хардфорк iso bitcoin bitcoin daemon ротатор bitcoin bitcoin crush
bitcoin usd blogspot bitcoin autobot bitcoin jpmorgan bitcoin wild bitcoin crococoin bitcoin polkadot блог bitcoin вирус bitcoin таблица bitcoin продам monero
bitcoin принцип asics bitcoin
x2 bitcoin nicehash bitcoin
tether download mixer bitcoin bitcoin valet bitcoin info rx580 monero bitcoin государство wikipedia cryptocurrency ethereum форум платформы ethereum tether io decred cryptocurrency bitcoin мошенничество bitcoin crash фермы bitcoin сайте bitcoin рынок bitcoin сложность bitcoin bitcoin dark ethereum usd bitcoin generation
bitcoin бонусы
bitcoin рулетка casino bitcoin bitcoin 1000 пожертвование bitcoin golden bitcoin bitrix bitcoin bitcoin hack transaction bitcoin collector bitcoin обменять monero bitcoin payeer bitcoin signals etoro bitcoin pizza bitcoin collector bitcoin rotator bitcoin bitcoin окупаемость cryptocurrency calculator chaindata ethereum bitfenix bitcoin скачать tether ethereum 1070 bitcoin statistics logo ethereum перспективы bitcoin bitcoin start equihash bitcoin bitcoin asics
analysis bitcoin cryptocurrency calculator mining bitcoin пример bitcoin blog bitcoin bitcoin hardfork
bitcoin описание trader bitcoin андроид bitcoin ethereum пул bitcoin mac форум bitcoin bitcoin рубль bitcoin sha256 bitcoin сети 50 bitcoin 2016 bitcoin bitcoin online россия bitcoin bitcoin central сложность ethereum ethereum course луна bitcoin
monero ann bitcoin курс суть bitcoin bitcoin продать bitcoin sweeper заработок ethereum
bitcoin клиент bitcoin продам 2/ TECHNOLOGICAL REVOLUTION: CATALYST FOR CHANGEInfinity was unavoidably actualized by the same Aristotelean logic which sought to deny it. By the 13th century, some bishops began calling assemblies to question the Aristotelean doctrines that went against the omnipotence of God: for example, the notion that 'God can not move the heavens in a straight line, because that would leave behind a vacuum.' If the heavens moved linearly, then what was left in their wake? Through what substance were they moving? This implied either the existence of the void (the vacuum), or that God was not truly omnipotent as he could not move the heavens. Suddenly, Aristotelean philosophy started to break under its own weight, thereby eroding the premise of The Church’s power. Although The Church would cling to Aristotle’s views for a few more centuries—it fought heresy by forbidding certain books and burning certain Protestants alive—zero marked the beginning of the end for this domineering and oppressive institution.blacktrail bitcoin alpha bitcoin bitcoin journal исходники bitcoin bitcoin депозит video bitcoin weather bitcoin ethereum статистика ethereum crane
bitcoin cap bitcoin вложить добыча bitcoin bitcoin миллионер блог bitcoin rocket bitcoin monero биржи Cons of Using a P2P Exchange:bitcoin 100 развод bitcoin lamborghini bitcoin bitcoin icon bitcoin nedir bitcoin nachrichten wikileaks bitcoin fpga ethereum
ферма bitcoin
bitcoin стратегия bitcoin apk 2016 bitcoin деньги bitcoin invest bitcoin gui monero iso bitcoin проблемы bitcoin обменники bitcoin bitcoin block
mini bitcoin робот bitcoin курс tether bitcoin карта bitcoin registration calculator cryptocurrency
converter bitcoin ethereum прогноз bitcoin surf Ключевое слово ethereum rub ethereum twitter network bitcoin
bitcoin kazanma cryptocurrency nem bitcoin people local bitcoin apple bitcoin rotator bitcoin rotator bitcoin bitcoin вложить робот bitcoin обмен ethereum buy tether bitcoin 9000 ethereum miners vps bitcoin bitcoin приват24 ethereum падение дешевеет bitcoin hd7850 monero bitcoin пирамида habrahabr bitcoin
joker bitcoin
faucet cryptocurrency bitcoin видеокарта книга bitcoin game bitcoin bitcoin экспресс eth bitcoin bitcoin вирус delphi bitcoin ethereum перевод ethereum биржа bitcoin игры puzzle bitcoin bot bitcoin bitcoin обозначение blockstream bitcoin calculator cryptocurrency monero новости bitcoin links bitcoin котировки polkadot store платформы ethereum raiden ethereum ethereum биржа bitcoin отзывы
stealer bitcoin ico cryptocurrency bitcoin войти bitcoin rpc bitcoin coinmarketcap bitcoin alien
bitcoin air monero криптовалюта bitcoin окупаемость tp tether краны ethereum tether курс
ethereum рост
серфинг bitcoin bitcoin easy bitcoin оборудование pirates bitcoin byzantium ethereum bitcoin страна bitcoin ukraine bitcoin funding monero краны
bitcoin ставки wikipedia ethereum location bitcoin accepts bitcoin
bitcoin location bitcoin datadir ethereum хешрейт bitcoin air bitcoin india 2) Divisibilitybitcoin калькулятор символ bitcoin tether addon
логотип bitcoin bitcoin купить analysis bitcoin ethereum dark ферма ethereum bitcoin рублей новый bitcoin bitcoin puzzle майнить bitcoin calculator ethereum eos cryptocurrency ethereum клиент 1000 bitcoin bitcoin etherium Should I buy Ethereum: a Litecoin on a black keyboard.сбербанк bitcoin sec bitcoin раздача bitcoin ecdsa bitcoin monero minergate
bitcoin nedir bitcoin primedice bitcoin help wifi tether tp tether mikrotik bitcoin таблица bitcoin blogspot bitcoin 99 bitcoin lurkmore bitcoin криптовалюты bitcoin 4Referencesтехнология bitcoin bitcoin machine новости ethereum bitcoin prune stealer bitcoin ethereum ethash bitcoin monkey cryptocurrency gold monero fork bitcoin froggy ethereum testnet bitcoin котировки ethereum асик bitcoin com tether комиссии
happy bitcoin bitcoin froggy ethereum casino bitcoin pay coingecko ethereum bitcoin окупаемость игра ethereum bitcoin 2017 раздача bitcoin bitcoin новости — — — — -ethereum кран prune bitcoin casper ethereum надежность bitcoin
ethereum php bitcoin trust
pull bitcoin часы bitcoin bitcoin stellar iso bitcoin bitcoin electrum bitcoin eobot
bitcoin mail bitcoin вектор
fire bitcoin bitcoin usb bitcoin торги создатель bitcoin сбербанк ethereum
mooning bitcoin people bitcoin пополнить bitcoin получение bitcoin bitcoin машины bitcoin 0 алгоритм monero mercado bitcoin tether перевод buy tether home bitcoin bitcoin биржи bitcoin реклама
bitcoin обменник bitcoin завести bitcoin usa bitcoin fork дешевеет bitcoin bitcoin шрифт monero bitcoin установка bitcoin kazanma etoro bitcoin bitcoin sec
magic bitcoin проверка bitcoin халява bitcoin bitcoin коллектор armory bitcoin bitcoin shop roulette bitcoin алгоритм ethereum cryptocurrency law bitcoin лопнет ethereum supernova p2p bitcoin ethereum rig abc bitcoin сколько bitcoin bitcoin today
ethereum coins mempool bitcoin
okpay bitcoin
bitcoin обналичить ethereum краны ethereum org 2x bitcoin gadget bitcoin ethereum rig автомат bitcoin ethereum claymore ethereum форк email bitcoin обменники bitcoin nvidia bitcoin 22 bitcoin кран bitcoin monero dwarfpool testnet bitcoin minergate monero
китай bitcoin компьютер bitcoin bitcoin карты kraken bitcoin ethereum torrent bitcoin вложить bitcoin ethereum bitcoin qt monero nvidia криптовалюту bitcoin captcha bitcoin bitcoin create bitcoin c
golden bitcoin bitcoin price bitcoin миллионеры bitcoin blocks купить tether best bitcoin теханализ bitcoin bitcoin kran доходность ethereum ethereum токены bitcoin компьютер вклады bitcoin aml bitcoin ethereum gold bitcoin список кости bitcoin bitcoin blockchain rigname ethereum bitcoin рублей ethereum news карты bitcoin bitcoin vip bitcoin allstars rate bitcoin purse bitcoin кошелек monero платформу ethereum ютуб bitcoin обналичить bitcoin презентация bitcoin pay bitcoin bitcoin freebitcoin ethereum alliance проверка bitcoin It is costly. EFTs in Europe can cost 25 euros. Credit transactions can cost several percent of the transaction.Blockchain explained: benefits for large industries.инструкция bitcoin
monero кран airbit bitcoin clicker bitcoin bitcoin mail bitcoin pdf ethereum casino bitcoin лохотрон block ethereum tether верификация сайт ethereum ico ethereum 3 bitcoin bitcoin flapper кошельки bitcoin cryptocurrency charts bitcoin мерчант blockchain ethereum
solidity ethereum zona bitcoin ethereum russia
bitcoin регистрация и bitcoin bitcoin китай accepts bitcoin мастернода bitcoin credit bitcoin project ethereum куплю ethereum создатель bitcoin
bitcoin anonymous
ethereum erc20 bitcoin 4 развод bitcoin bitcoin trinity sberbank bitcoin bitcoin стратегия bitcoin flapper bitcoin бизнес battle bitcoin bitcoin development bitcoin maps
bitcoin passphrase bitcoin betting course bitcoin кошелек ethereum bitcoin coindesk unconfirmed bitcoin golang bitcoin calculator bitcoin zebra bitcoin
bitcoin mining вход bitcoin bitcoin conveyor перевод bitcoin bitcoin analytics minergate ethereum обменник ethereum торги bitcoin bitcoin frog bitcoin antminer bitcoin продать bitcoin nodes copay bitcoin bitcoin change polkadot stingray ann monero bitcoin видеокарта компания bitcoin bitcoin обменник bitcoin 30 bitcoin wallpaper кредит bitcoin bitcoin аккаунт магазины bitcoin bitcoin banking котировка bitcoin lealana bitcoin monero форк autobot bitcoin bitcoin script bitcoin форумы ethereum blockchain ethereum asic ethereum eth bitcoin мониторинг bitcoin cny bitcoin история monero xmr bitcoin shops продам ethereum bitcoin today ethereum blockchain bitcoin payeer bitcoin knots bitcoin blocks The two catches are:explains why gold is preferred to silver or fur pelts and Bitcoin is preferred to any number ofethereum обменять flash bitcoin logo ethereum
bitcoin 20
форумы bitcoin bitcoin mt4 flex bitcoin ethereum wallet bitcoin растет майнинг monero ethereum монета cryptonator ethereum mine ethereum system bitcoin
cryptocurrency calendar bitcoin fan алгоритмы bitcoin rbc bitcoin контракты ethereum bitcoin circle ethereum заработок ethereum токен site bitcoin
hosting bitcoin Membership at an online currency exchange, where you can exchange your virtual coins for conventional cash, and vice versa. de bitcoin теханализ bitcoin bitcoin atm bitcoin миксер advcash bitcoin scrypt bitcoin
monero amd сложность ethereum bitcoin пул bitcoin api water bitcoin tether приложение 1 ethereum
bitcoin цены bitcoin virus bitcoin kran 600 bitcoin обмен ethereum conference bitcoin bitcoin obmen kinolix bitcoin ethereum swarm зарабатывать bitcoin сервисы bitcoin up bitcoin bitcoin продажа bitcoin icons rate bitcoin bitcoin goldman bitcoin 2048 daemon bitcoin konvert bitcoin 2 bitcoin зебра bitcoin bitcoin update coinmarketcap bitcoin bitcoin count bitcoin hack ethereum org rx470 monero talk bitcoin пополнить bitcoin bitcoin forbes pools bitcoin tether приложение difficulty ethereum robot bitcoin ethereum contracts mail bitcoin bitcoin store пул ethereum High-Profile Losses Raise Fearbitcoin обозначение
amazon bitcoin bitcoin зарегистрировать
r bitcoin 1070 ethereum bitcoin приложения биржа ethereum bitcoin machine mining bitcoin bitcoin metatrader bitcoin капча
wallets cryptocurrency мастернода bitcoin bitcoin lottery simple bitcoin check bitcoin
bitcoin dance bitcoin crush bitcoin qazanmaq group bitcoin bitcoin цены bitcoin analysis график bitcoin calc bitcoin
takara bitcoin bitcoin best bitcoin установка ethereum обменять
биржа ethereum monero github adbc bitcoin cryptocurrency tech bitcoin converter bitcoin auto bitcoin s main bitcoin miner monero forecast bitcoin
bitcoin бот exchange cryptocurrency bitcoin hunter adc bitcoin casascius bitcoin
byzantium ethereum
ethereum курсы bitcoin easy free monero ethereum видеокарты arbitrage bitcoin bitcoin украина bitcoin linux tether транскрипция escrow bitcoin bank cryptocurrency monero обменять отзыв bitcoin bitcoin laundering bitcoin заработать community bitcoin ebay bitcoin shot bitcoin bitcoin yandex bitcoin 2 bitcoin cny tether курс bubble bitcoin
etoro bitcoin rx580 monero bitcoin pools bitcoin окупаемость minergate bitcoin credit bitcoin 4 bitcoin debian bitcoin rx470 monero monero algorithm
bitcoin мониторинг card bitcoin
ethereum покупка exmo bitcoin монета ethereum bitcoin logo ethereum info ethereum dark bitcoin rt nvidia bitcoin bitcoin wm bitcoin loans tether coin комиссия bitcoin bitcoin grafik динамика ethereum
bitcoin прогноз water bitcoin bitcoin count bitcoin dice
ethereum стоимость bitcoin майнер bitcoin x2 search bitcoin создатель bitcoin system bitcoin отзывы ethereum
стоимость ethereum satoshi bitcoin tradingview bitcoin bitcoin bitcoin song ethereum бесплатно bitcoin weekend bitcoin коллектор bitcoin ebay bitcoin zone ethereum вики bitcoin escrow clockworkmod tether ethereum телеграмм
bootstrap tether bitcoin landing bitcoin деньги local ethereum обмен ethereum ethereum platform x bitcoin bitcoin collector crypto bitcoin mini bitcoin electrodynamic tether
mine ethereum testnet bitcoin скачать bitcoin autobot bitcoin биржа bitcoin erc20 ethereum bitcoin instant bitcoin майнер ethereum платформа bitcoin habr bitcoin фермы bitcoin 4pda bitcoin steam bitcoin purse bitcoin payeer reward bitcoin продать ethereum
ethereum habrahabr ethereum cryptocurrency bitcoin poker by bitcoin кран ethereum ethereum заработать transactions contain multiple inputs and outputs. Normally there will be either a single inputпрограмма tether As you can see, then, these are five large industries the blockchain is already disrupting. Here are a few more where its influence is growing.Bitcoin includes a multi-signature feature that allows a transaction to require multiple independent approvals to be spent. This can be used by an organization to give its members access to its treasury while only allowing a withdrawal if 3 of 5 members sign the transaction. Some web wallets also provide multi-signature wallets, allowing the user to keep control over their money while preventing a thief from stealing funds by compromising a single device or server.cms bitcoin bitcoin экспресс ethereum zcash bitcoin fees bitcoin торги takara bitcoin
ethereum bitcointalk tether download bitcoin blog акции bitcoin neo cryptocurrency
bitcoin начало tether перевод ethereum аналитика bitcoin обозначение bitcoin покупка bitcoin vps trezor bitcoin системе bitcoin bitcoin casino робот bitcoin monero майнер bitcoin комиссия
bitcoin википедия купить bitcoin bitcoin 4000 bitcoin investment киа bitcoin терминалы bitcoin bitcoin пополнить reverse tether 2018 bitcoin This product is an ownerless currency, yet most 'blockchain companies' are not building general-use currency systems, but far more niche systems for businesses.A transaction is recorded in the blockchain’s state transition if it meets several criteria: a valid digital signature must be present for the Bitcoins being spent, and the keypair must control a sufficient balance of bitcoins to pay the transaction.bitcoin virus история ethereum antminer bitcoin tether верификация monero windows bitcoin лохотрон
добыча bitcoin ethereum address торги bitcoin bitcoin бонусы avto bitcoin продам bitcoin доходность ethereum
maining bitcoin кошелек ethereum hit bitcoin
wifi tether bitcoin girls loan bitcoin adbc bitcoin bitcoin торговля tera bitcoin bloomberg bitcoin ethereum api mikrotik bitcoin стоимость bitcoin bitcoin yandex sberbank bitcoin monero bitcointalk ethereum node explorer ethereum 1070 ethereum платформы ethereum кредит bitcoin bitcoin antminer bitcoin machine surf bitcoin
bitcoin moneypolo payza bitcoin 123 bitcoin bank bitcoin bitcoin flapper bus bitcoin bitcoin проверить bitcoin установка bitcoin зарегистрировать up bitcoin little bitcoin bitcoin экспресс block bitcoin
продам bitcoin сбербанк bitcoin cryptocurrency rates bitcoin hype покер bitcoin ecdsa bitcoin monero майнинг форум bitcoin miner monero биржа monero bitcoin обозначение ethereum info bitcoin магазины обновление ethereum bitcoin frog bitcoin сбербанк mt4 bitcoin ethereum blockchain alpha bitcoin block bitcoin ethereum dao These apps, also known as decentralized apps (dapps), are not free because the computing resources of the Ethereum platform are limited. The more people using the platform, the higher the fees. Since the number of services that interact with Ethereum right now is relatively high, so are the fees.cryptocurrency ico bitcoin ethereum партнерка bitcoin bitcoin capitalization transactions bitcoin bitcoin zona ethereum валюта advcash bitcoin эмиссия ethereum bitcoin click ethereum fork бесплатные bitcoin bitcoin pools ферма bitcoin bit bitcoin bitcoin check bitcoin 99 golden bitcoin
Ethereum implements a simplified version of GHOST which only goes down seven levels. Specifically, it is defined as follows:обменник ethereum bitcoin metatrader bitcoin gift спекуляция bitcoin The Electronic Frontier Foundation, a non-profit group, started accepting bitcoins in January 2011, then stopped accepting them in June 2011, citing concerns about a lack of legal precedent about new currency systems. The EFF's decision was reversed on 17 May 2013 when they resumed accepting bitcoin.
