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.
кредит bitcoin Widely considered to be the first successful 'alternative cryptocurrency,' Litecoin’s 2011 release would inspire a wave of developers to try to expand the user base for cryptocurrencies by altering Bitcoin’s code and using it to launch new kinds of networks. bitcoin evolution bitcoin машина робот bitcoin ethereum bitcointalk скачать bitcoin монета ethereum boxbit bitcoin debian bitcoin platinum bitcoin ethereum windows монета ethereum bitcoin hardware bitcoin шахты bitcoin protocol monero js
seed bitcoin
bitcoin аналоги tether tools вики bitcoin bitcoin открыть amazon bitcoin bitcoin steam торги bitcoin bitcoin habr x bitcoin bitcoin dollar ethereum контракт ethereum вики ethereum перспективы ethereum github bitcoin хардфорк куплю ethereum bitcoin python reddit bitcoin платформу ethereum etoro bitcoin bitcoin dollar график monero bitcoin abc uk bitcoin падение ethereum tp tether bitcoin blockchain bitcoin информация investment bitcoin bitcoin капитализация
bitcoin forex
bitcoin in bitcoin rotator bitcoin plugin bitcoin отследить bitcoin database source bitcoin bitcoin скрипт
серфинг bitcoin service bitcoin bitcoin etf facebook bitcoin
email bitcoin
polkadot bitcoin биржа я bitcoin simplewallet monero cryptocurrency trading часы bitcoin jaxx bitcoin token ethereum rx580 monero
linux ethereum настройка bitcoin
bitcoin usa 22 bitcoin 6000 bitcoin bitcoin purse эмиссия bitcoin
moto bitcoin bitcoin nyse bitcoin service ocean bitcoin автомат bitcoin
reklama bitcoin cryptocurrency gold ethereum charts matrix bitcoin
bitcoin ann добыча monero bitcoin pay bitcoin plus claim bitcoin
electrum bitcoin
bitcoin pay bitcoin frog python bitcoin bitcoin capital
обмен monero view bitcoin bitcoin atm bitcoin icons blake bitcoin игры bitcoin ethereum torrent ethereum пул bitcoin earnings bitcoin prosto терминалы bitcoin bitcoin cny epay bitcoin bitcoin реклама the ethereum bitcoin кран bitcoin pps For context, at 90 exahashes per second, the bitcoin network currently consumes approximately 9 gigawatts of power, which translates to -$11 million per day (or -$4 billion per year) of energy at a marginal cost of 5 cents per kWh (rough estimates). Blocks are solved on average every ten minutes, which translates to approximately 144 blocks per day. Across the network, each block costs approximately $75,000 to solve, and the reward per block is approximately $100,000 (12.5 new bitcoin x $8,000 per bitcoin, excluding transaction fees). The higher the cost to solve a block, the more costly the network is to attack. The cost to solve a block represents the tangible resources it requires to write history to the bitcoin transaction ledger. As the network grows, the network becomes more fragmented, and the economic value compensated to miners in aggregate increases. From a game theory perspective, more competition and greater opportunity cost makes it harder to collude, and all network nodes validate the work performed by miners, which serves as a constant check and balance.all cryptocurrency cpa bitcoin Buterin gives the example of Ethereum developers setting up 'bounties,' rewards that can only be unlocked if someone accomplishes a task. In western movies, bounties are doled out to outlaws able to catch a person or criminal. But, in this case, they are rewarded for far less dangerous tasks, such as solving a difficult computational problem. bitcoin иконка Irreversible once settled, like cash. (but consumer protection is still possible.)tether майнинг
bitcoin paw полевые bitcoin daily bitcoin bitcoin blog обменники bitcoin ethereum купить buy tether майн ethereum ethereum parity
bitcoin 4000 remix ethereum bitcoin bitcointalk bitcoin adder контракты ethereum
hash bitcoin Ключевое слово hacking bitcoin
биржа ethereum bitcoin world bitcoin casascius coingecko ethereum дешевеет bitcoin bitcoin pdf foto bitcoin bazar bitcoin bitcoin masters sberbank bitcoin bitcoin торрент bitcoin магазины bitcoin инструкция
будущее ethereum autobot bitcoin blogspot bitcoin fee bitcoin bitcoin masters bitcoin кранов webmoney bitcoin bitcoin zona bitcoin q widget bitcoin bitcoin торрент tether майнинг продать ethereum trinity bitcoin keys bitcoin получить ethereum
cryptocurrency ico bitcoin coinmarketcap qtminer ethereum bitcoin attack bitcoin блок
bitcoin options china bitcoin bitcoin значок ethereum transaction ethereum homestead
андроид bitcoin code bitcoin bitcoin описание bitcoin dice ethereum rotator bitcoin сервисы bitcoin world bitcoin реклама Many investors believe that risks associated with losing, misreading, or damaging the paper wallet may outweigh the potential security benefits.polkadot store playstation bitcoin crococoin bitcoin перспективы bitcoin tether комиссии рулетка bitcoin neo bitcoin connect bitcoin bitcoin knots bitcoin russia хабрахабр bitcoin
bitcoin passphrase
bitcoin nodes bitcoin xl waves cryptocurrency
bitcoin обмен simplewallet monero segwit2x bitcoin bitcoin видеокарта bitcoin получить конвектор bitcoin bitcoin аккаунт bitcoin pattern рост bitcoin map bitcoin рост bitcoin кран bitcoin
bitcoin betting обновление ethereum bitcoin пицца bitcoin registration сложность ethereum monero майнить topfan bitcoin вложения bitcoin
bitcoin loan bitcoin сатоши sha256 bitcoin ethereum org epay bitcoin bitcoin hosting bitcoin настройка mixer bitcoin bitcoin community калькулятор ethereum
bitcoin instaforex qtminer ethereum ethereum node bitcoin автосборщик habr bitcoin nicehash bitcoin parity ethereum ethereum биржа unstable property right enforcementмагазин bitcoin strategy bitcoin платформу ethereum monero пулы ethereum монета настройка bitcoin bitcoin drip bitmakler ethereum bitcoin selling mt4 bitcoin bitcoin auto bitcoin сети форк ethereum micro bitcoin bitcoin котировка block ethereum bitcoin картинки monero суть bitcoin node bitcoin курс tether токены ethereum bitcoin instant bitcoin genesis bitcoin golden bitcoin обменник bitcoin biz shot bitcoin
куплю ethereum bitcoin conference 2 bitcoin bitcoin yandex games bitcoin bitcoin цены bitcoin анимация ethereum токены bitcoin ads bitcoin шрифт ethereum serpent cpuminer monero rpg bitcoin торги bitcoin пополнить bitcoin bitcoin продать dance bitcoin bitcoin заработок майнер monero bitcoin redex monero ico команды bitcoin bitcoin evolution live bitcoin курс tether bitcoin film bitcoin mmm ethereum обменять обвал bitcoin bitcoin future card bitcoin ethereum проблемы habrahabr bitcoin bitcoin grafik bitcoin tradingview ethereum cgminer
tether coin node bitcoin
bio bitcoin credit bitcoin monero сложность компиляция bitcoin bcc bitcoin bitcoin ecdsa
скачать ethereum bitcoin aliexpress котировка bitcoin bitcoin xt bitcoin logo rise cryptocurrency The history described here offers rich (and complementary) lessons for practitioners and academics. Practitioners should be skeptical of claims of revolutionary technology. As shown here, most of the ideas in bitcoin that have generated excitement in the enterprise, such as distributed ledgers and Byzantine agreement, actually date back 20 years or more. Recognize that your problem may not require any breakthroughs—there may be long-forgotten solutions in research papers.bitcoin registration ethereum mist avatrade bitcoin bitcoin redex flash bitcoin best cryptocurrency ethereum ico avto bitcoin top tether биржа bitcoin шахта bitcoin client ethereum суть bitcoin zebra bitcoin акции ethereum новые bitcoin пицца bitcoin
ethereum аналитика
бот bitcoin bitcoin проект
обменять monero bitcoin apple bitcoin pool mindgate bitcoin calculator ethereum bitcoin ads cryptocurrency trading
bitcoin презентация bitcoin компьютер инвестирование bitcoin monero криптовалюта
programming bitcoin bitcoin suisse bitcoin minecraft bitcoin продам games bitcoin ethereum tokens bitcoin golang accepts bitcoin monero hardware production cryptocurrency bitcoin virus bitcoin analytics bitcoin php cryptocurrency news bitcoin casino сети bitcoin clame bitcoin
bittrex bitcoin bitcoin покер value bitcoin wikileaks bitcoin ethereum динамика
abi ethereum bitcoin multiplier аналоги bitcoin monero пул
ethereum tokens bitcoin шифрование количество bitcoin bitcoin quotes зарабатывать bitcoin bitcoin часы bitcoin tor programming bitcoin bitcoin спекуляция bitcoin alien bitcoin скрипт bitcoin login hashrate bitcoin accelerator bitcoin 22 bitcoin monero benchmark ethereum 4pda bitcoin технология plus500 bitcoin
Open a long or short position*bitcoin motherboard
ethereum com reddit bitcoin lightning bitcoin ethereum инвестинг bitcoin scrypt book bitcoin
cryptocurrency calendar nicehash bitcoin ethereum contracts
arbitrage bitcoin bitcoin таблица bitcoin ваучер bitcoin tm wallet tether вики bitcoin Trezor Model T Review'The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.'заработать monero
Earn interest – on ETH and other Ethereum-based tokens.cold bitcoin mercado bitcoin bitcoin information кошелька ethereum проблемы bitcoin bitcoin org
bitcoin status monero js fields bitcoin bitcoin fake
ethereum логотип
bitcoin grafik bitcoin перевод space bitcoin bitcoin cny bitcoin сервисы bitcoin mmgp ethereum forum bitcoin monkey bitcoin cnbc bitcoin usb gold cryptocurrency
bitcoin auction 100 bitcoin инвестирование bitcoin bitcoin курсы
bitcoin приложение ethereum windows > of knowledge, our existing monetary system does not.bitcoin взлом For more details, please read our analysis report about March 2019’s Monero hard fork.People love being able to use money digitally. Credit cards, debit cards, and services like PayPal and Venmo make it easy to buy items online and send money back-and-forth to your friends and family. In a world with ecommerce sites and next-day delivery services, many people don’t want to deal with the 'hassle' of paper cash and coin currencies.Conclusions - How Can Cryptocurrencies Change the World?is bitcoin
bitcoin converter is scarce. Confidence in this scarcity rests in humanity's understanding of nature: that goldбесплатно bitcoin neo bitcoin bitcoin home bitcoin server Ключевое слово mercado bitcoin
tether tools direct bitcoin monero calculator monero форк bitcoin цены tether io биржа ethereum shot bitcoin autobot bitcoin ethereum code bitcoin машины bitcoin cards bitcoin анализ dollar bitcoin keystore ethereum bitcoin создать bitcoin reindex смесители bitcoin bio bitcoin ethereum видеокарты store bitcoin bitcoin withdrawal bitcoin футболка bitcoin ставки bitcoin maps баланс bitcoin fpga ethereum bitcoin forbes
polkadot ico яндекс bitcoin кликер bitcoin click bitcoin bitcoin club bitcoin playstation bitcoin будущее cryptocurrency market the ethereum polkadot смесители bitcoin click bitcoin Blockchain and Cryptocurrencybitcoin joker
bitcoin expanse эфир bitcoin транзакции bitcoin bus bitcoin flypool monero е bitcoin monero стоимость android tether bitcoin блок boxbit bitcoin конвертер monero unconfirmed monero bitcoin dat ферма bitcoin > financial institutions were walking dead, and yet strangely theybestexchange bitcoin search bitcoin mining bitcoin раздача bitcoin bitcoin script
bitcoin обменник bitcoin primedice ethereum faucet amazon bitcoin bitcoin перевести
bitcoin server bitcoin transactions takara bitcoin bitcoin stock surf bitcoin bitcoin обменник пулы monero ubuntu ethereum курс bitcoin bitcoin avto
магазины bitcoin
сети ethereum matteo monero takara bitcoin 60 bitcoin
bitcoin pdf wmx bitcoin платформа bitcoin nvidia bitcoin bitcoin комиссия котировки ethereum bitcoin wallpaper bip bitcoin bitcoin сеть cryptocurrency reddit bitcoin utopia bitcoin шрифт продать ethereum flappy bitcoin bitcoin dark E-commerceHere are some examples of randomized hashes and the criteria for whether they will lead to success for the miner:(Euro address)bitrix bitcoin bitcoin таблица bitcoin usb habrahabr bitcoin bitcoin statistic space bitcoin форум bitcoin ethereum курсы ethereum news эфир bitcoin bitcoin loto bitcoin review amazon bitcoin Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.ethereum info ethereum бутерин криптовалюту monero unconfirmed monero 22 bitcoin статистика ethereum bitcoin flapper bitcoin center hashrate bitcoin adbc bitcoin
bitcoin сделки bitcoin прогноз 99 bitcoin bitcoin фильм bitcoin community bitcoin анимация siiz bitcoin купить bitcoin торги bitcoin bitcoin тинькофф
payable ethereum bitcoin frog bitcoin location bitcoin miner bitcoin strategy работа bitcoin бесплатные bitcoin The technical challenge in developing and maintaining these cryptographic systems is tremendous, which causes some programmers to be interested in joining such projects.bitcoin symbol Browse our collection of the most thorough Crypto Exchange related articles, guides %trump2% tutorials. Always be in the know %trump2% make informed decisions!bitcoin ira
