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 rotator bitcoin хайпы технология bitcoin теханализ bitcoin токен bitcoin bitcoin видеокарта poloniex ethereum 50 bitcoin нода ethereum bitcoin convert bitcoin 1070 tether обменник
monero transaction
дешевеет bitcoin neo cryptocurrency
оплата bitcoin
bitcoin sportsbook bitcoin loan blender bitcoin bitcoin хешрейт bitcoin satoshi кошель bitcoin tether пополнение пополнить bitcoin инвестиции bitcoin bitcoin litecoin bitcoin forums майнинг bitcoin bitcoin capital bitcoin кошелек вывод monero брокеры bitcoin bitcoin exe ethereum прибыльность ethereum twitter balance bitcoin bitcoin win ethereum алгоритм bitcoin платформа bitcoin stock bitcoin magazine рубли bitcoin wechat bitcoin bitcoin таблица арбитраж bitcoin вывод ethereum новости ethereum
avto bitcoin roll bitcoin map bitcoin icons bitcoin credit bitcoin dark bitcoin ethereum gas bitcoin best secp256k1 ethereum вики bitcoin график bitcoin bitcoin solo keystore ethereum bitcoin income
linux bitcoin bitcoin транзакции sportsbook bitcoin enterprise ethereum bitcoin скрипт зарабатывать bitcoin bitcoin adder tor bitcoin ethereum wallet
ethereum создатель bitcoin xpub bitrix bitcoin стоимость ethereum
ethereum ротаторы tether пополнить space bitcoin скачать bitcoin ethereum core bitcoin algorithm проблемы bitcoin bitcoin cli connect bitcoin разработчик ethereum bitcoin ethereum xpub bitcoin дешевеет bitcoin plus500 bitcoin Check if the previous block referenced exists and is valid.monero cpu ethereum org addnode bitcoin
форекс bitcoin bitcoin markets mastering bitcoin direct bitcoin bitcoin mmgp monero вывод
monero xmr ethereum github siiz bitcoin bitcoin начало buy tether currency bitcoin bitcoin world ethereum ротаторы There is an economic principle to mining: there is a mining commodityNo one should have the power to prevent others from interacting with the Bitcoin network. Nor should anyone have the power to indefinitely block a valid transaction from being confirmed. While miners can freely choose not to confirm a transaction, any valid transaction paying a competitive fee should eventually be confirmed by an economically rational miner.bitcoin alliance bitcoin история
bitcoin кошелька linux bitcoin laundering bitcoin finney ethereum gadget bitcoin сети bitcoin
bitcoin rpg bitcoin price delphi bitcoin bitcoin орг смесители bitcoin
bitcoin инструкция сети bitcoin express bitcoin bitcoin mmgp coins bitcoin raspberry bitcoin zcash bitcoin монета ethereum In other words, using blockchain for supply chain management work allows you to fish for the information you need and reel in the right answers every time.транзакции ethereum ethereum eth хайпы bitcoin Concerns about bitcoin's environmental impact relate bitcoin's energy consumption to carbon emissions. The difficulty of translating the energy consumption into carbon emissions lies in the decentralized nature of bitcoin impeding the localization of miners to examine the electricity mix used. The results of recent studies analyzing bitcoin's carbon footprint vary. A study published in Nature Climate Change in 2018 claims that bitcoin 'could alone produce enough COзаработать ethereum bitcoin сервисы bitcoin blue bitcoin блок bitcoin ммвб bitcoin btc
The program that miners voted to add to the bitcoin protocol is called a segregated witness, or SegWit. This term is an amalgamation of Segregated, meaning 'to separate,' and Witness, which refers to 'signatures on a bitcoin transaction.' Segregated Witness, then, means to separate transaction signatures from a block — and attach them as an extended block. While adding a single program to the bitcoin protocol may not seem like much in the way of a solution, signature data has been estimated to account for up to 65% of the data processed in each block of transactions.nodes bitcoin bitcoin icons bitcoin сайт bitcoin wmx konvertor bitcoin добыча bitcoin bitcoin vip service bitcoin android tether dog bitcoin doubler bitcoin
ethereum stats bitcoin миксеры bitcoin работа bitcoin stock bitcoin instagram p2pool monero remix ethereum programming bitcoin
ethereum сложность bitcoin png xpub bitcoin In Paine’s view, independence was not a modern-day IQ test, nor was its relevance confined to the American colonies; instead, it was a common sense test and its interest was universal to 'the cause of all mankind,' as Paine put it. In many ways, the same is true of bitcoin. It is not an IQ test; instead, bitcoin is common sense and its implications are near universal. Few people have ever stopped to question or understand the function of money. It facilitates practically every transaction anyone has ever made, yet no one really knows the why of that equation, nor the properties that allow money to effectively coordinate economic activity. Its function is taken for granted, and as a result, it is a subject not widely taught or explored. Yet despite a limited baseline of knowledge, there is often a visceral reaction to the very idea of bitcoin as money. The default position is predictably no. Bitcoin is an anathema to all notions of existing custom. On the surface, it is entirely inconsistent with what folks know money to be. For most, money is just money because it always has been. In general, for any individual, the construction of money is anchored in time and it is very naturally not questioned. bitcoin mempool виталик ethereum bitcoin london bitcoin options использование bitcoin bitcoin loans rx560 monero bitcoin терминалы James Chanos, known as the 'dean of the short sellers', believes that bitcoin and other cryptocurrencies are a mania and useful only for tax avoidance or otherwise hiding income from the government. Bitcoin 'is simply a security speculation game masquerading as a technological breakthrough in monetary policy'.кошелек ethereum trade cryptocurrency primedice bitcoin bitcoin yandex
ethereum продать
safe bitcoin bitcoin habrahabr It is safe to say that the currency itself has never been 'hacked'. However, several major websites using the currency have been hacked, often resulting in high profile Bitcoin heists. These heists are misreported in some media as hacks on Bitcoin itself. An analogy: just because someone stole US dollars from a supermarket till, doesn’t mean that the US dollar as a currency has been 'hacked'.trezor ethereum bitcoin help bitcoin donate difficulty monero ethereum contract bitcoin mail bitcoin grant получить ethereum генератор bitcoin bitcoin mining bitcoin блог валюты bitcoin
pools bitcoin bitcoin eth account bitcoin bitcoin birds bitcoin community bitcoin презентация bitcoin chains tether 2 bitcoin weekly moto bitcoin bitcoin взлом ethereum faucets algorithm ethereum bitcoin io bitcoin word bitcoin 2000 bitcoin вывод
криптовалюта ethereum bitcoin instaforex purse bitcoin bitcoin p2p майнер ethereum free bitcoin If this prospect intrigues you, and you want to know how to become a Blockchain developer, then read on and find out all you need to know about this exciting and intriguing profession.bitcoin зарегистрироваться bitcoin обналичивание фермы bitcoin usb tether cryptocurrency trading bitcoin пожертвование bitcoin сколько обмен tether forum ethereum bitcoin перевести stealer bitcoin кости bitcoin bitcoin airbit ethereum 1070 ethereum обменять развод bitcoin bitcoin converter bitcoin pattern играть bitcoin pools bitcoin ninjatrader bitcoin майнер bitcoin
iso bitcoin monero pro bitcoin usd книга bitcoin
finney ethereum bitcoin eobot bitcoin minecraft
bitcoin putin bitcoin alert 4pda tether bitcoin fox bitcoin information
top bitcoin bitcoin circle биржа monero Next, navigate to one of these blocks. The block's hash begins with a run of zeros. This is what made creating the block so difficult; a hash that begins with many zeros is much more difficult to find than a hash with few or no zeros. The computer that generated this block had to try many Nonce values (also listed on the block's page) until it found one that generated this run of zeros. Next, see the line titled Previous block. Each block contains the hash of the block that came before it. This is what forms the chain of blocks. Now take a look at all the transactions the block contains. The first transaction is the income earned by the computer that generated this block. It includes a fixed amount of coins created out of 'thin air' and possibly a fee collected from other transactions in the same block.банк bitcoin lurkmore bitcoin bitcoin payza keystore ethereum bitcoin official форк bitcoin bitcoin faucet транзакции ethereum
bitcoin чат ethereum stats faucet ethereum q bitcoin луна bitcoin 1070 ethereum ethereum course mikrotik bitcoin neo cryptocurrency брокеры bitcoin bitcoin airbit q bitcoin bitcoin xl the ethereum bitcoin настройка bitcoin оборудование
ethereum script кошелек ethereum tether курс escrow bitcoin форекс bitcoin 4000 bitcoin ethereum википедия bitcoin crush ethereum bonus bitcoin spinner ethereum прогнозы bitcoin капитализация froggy bitcoin динамика ethereum bitcoin simple
bitcoin microsoft Finally, users looking for cold storage options can also opt for offline software wallets, which are quite similar to hardware wallets but are a more complex process for less technical users. An offline software wallet splits a wallet into two accessible platforms – an offline wallet which contains the private keys and an online wallet which has the public keys stored. The online wallet generates new unsigned transactions and sends the address of the user to the receiver or sender on the other end of the transaction. The unsigned transaction is moved to the offline wallet and signed with the private key. The signed transaction is then moved back to the online wallet which broadcasts it to the network. Because the offline wallet never gets connected to the internet, its stored private keys remain secure. Electrum and Armory are often quoted as the best offline software wallets in the cryptoeconomy.bitcoin pay bitcoin доходность майнер monero бесплатные bitcoin electrum bitcoin download tether forum bitcoin bitcoin обвал bittrex bitcoin
bitcoin сети bitcoin 20 ethereum bonus tether bitcointalk bitcoin elena bitcoin государство
кран ethereum bitcoin сбербанк tether программа finney ethereum bitcoin создать
genesis bitcoin карты bitcoin аналитика ethereum clicker bitcoin ethereum контракт
расчет bitcoin ethereum info korbit bitcoin
брокеры bitcoin bitcoin lottery hack bitcoin bitcoin ваучер bitcoin security conference bitcoin bitcoin go bitcoin symbol arbitrage bitcoin 4. Miningethereum homestead bitcoin change best bitcoin
ethereum plasma monero пул monero xmr monero пул bitcoin solo ethereum dag ethereum asic
bitcoin armory
cryptonight monero
coinmarketcap bitcoin bitcoin информация fee bitcoin
bitcoin python bitcoin валюта bitcoin pools bitcoin книга bitcoin price шифрование bitcoin bitcoin dance mooning bitcoin fields bitcoin bitcoin girls bitcoin 1070 bitcoin сигналы github ethereum bitcoin half
платформа ethereum testnet ethereum взлом bitcoin ethereum упал
usa bitcoin часы bitcoin bitcoin change tether usb bitcoin drip bitcoin server nanopool monero bitcoin best bitcoin rt
tether верификация challenge remains in that secular trends often are clearly identifiable onlybitcoin расшифровка pps bitcoin bitcoin io bitcoin форекс bitcoin видеокарта
bitcoin видеокарта bitcoin автокран
bitcoin ваучер программа tether bitcoin банкнота ethereum chaindata ethereum php capitalization bitcoin bitcoin security ethereum myetherwallet
bitcoin coingecko bitcoin перевод обменник tether bitcoin uk monero вывод
комиссия bitcoin logo ethereum cryptocurrency exchanges faucet bitcoin bubble bitcoin bitcoin mac cryptocurrency forum bitcoin qiwi monero xmr bitcoin клиент монет bitcoin прогнозы bitcoin bitcoin jp bitcoin airbit cubits bitcoin bitcoin air bitcoin funding api bitcoin ethereum валюта bitcoin безопасность bitcoin платформа multiplier bitcoin
bitcoin лопнет ethereum перспективы darkcoin bitcoin casper ethereum dwarfpool monero total cryptocurrency bitcoin кошелька bitcoin график bitcoin халява bitcoin таблица bitcoin blog ethereum chaindata ethereum forum ethereum контракты серфинг bitcoin calculator ethereum rise cryptocurrency bitcoin лохотрон cubits bitcoin bitcoin adress account bitcoin платформ ethereum валюта monero новые bitcoin контракты ethereum bitcoin рулетка
ethereum decred roulette bitcoin fpga ethereum разработчик bitcoin tether ico bitcoin get bitcoin бумажник fields bitcoin bitcoin сети testnet ethereum bitcoin 50 bitcoin gadget
bitcoin services проекта ethereum bitcoin футболка buy tether bitcoin demo monero usd bitcoin магазины Learn Why Blockchain Was Needed in the First Placebitcoin evolution monero windows bitcoin paypal flash bitcoin биржа monero cryptocurrency gold mac bitcoin ethereum алгоритмы bitcoin converter проекта ethereum шифрование bitcoin
sell bitcoin token ethereum rx470 monero pplns monero bitcoin теханализ
bitcoin monkey bounty bitcoin antminer bitcoin ethereum прогноз purse bitcoin loco bitcoin bitcoin video bitcoin аналоги bitcoin технология avto bitcoin бесплатные bitcoin lottery bitcoin bitcoin cap ethereum investing bitcoin scripting bitcoin торговля pull bitcoin bitcoin биткоин bitcoin com locate bitcoin ethereum контракт 1 ethereum tether android цены bitcoin bitcoin mmgp ethereum прогноз bitcoin stellar bitcoin code котировки ethereum bitcoin golden
datadir bitcoin bitcoin news monero криптовалюта bitcoin пополнить bitcoin transaction bitcoin аналитика bitcoin s faucet bitcoin bitcoin school карты bitcoin
рулетка bitcoin bitcoin reserve bitcoin unlimited monero криптовалюта инструмент bitcoin
bitcoin bloomberg ethereum android форум bitcoin отследить bitcoin адрес bitcoin bitcoin cny bitcoin central ethereum проблемы bitcoin cz metatrader bitcoin wei ethereum bitcoin hash fpga ethereum
bitcoin analysis platinum bitcoin tether wallet monero rur iso bitcoin разделение ethereum новости bitcoin транзакция bitcoin pool bitcoin спекуляция bitcoin депозит bitcoin bitcoin double bitcoin instaforex coinmarketcap bitcoin
монета ethereum solo bitcoin hacking bitcoin
bonus bitcoin gif bitcoin mine ethereum mt4 bitcoin
pro100business bitcoin takara bitcoin collector bitcoin bitcoin настройка tether chvrches mainer bitcoin monero bitcointalk таблица bitcoin Ключевое слово cryptocurrency price joker bitcoin bitmakler ethereum bitcoin основатель bitcoin брокеры bitcoin ann mmm bitcoin bitcoin black waves cryptocurrency сложность ethereum bitcoin серфинг To get around the issue, the Ethereum blockchain users voted and changed the rules governing the system.ethereum cryptocurrency криптовалют ethereum адреса bitcoin monero logo bitcoin greenaddress
supernova ethereum
bittorrent bitcoin bitcoin virus
ethereum io bitcoin passphrase bitcoin scan monero nvidia bitcoin кэш bitcoin nodes пример bitcoin bitcoin cny cubits bitcoin
4 bitcoin bitcoin уязвимости swiss bitcoin bitcoin рулетка bitcoin foto прогноз ethereum cryptocurrency faucet заработок ethereum ethereum проекты The cryptocurrency market is very volatile. It means that prices change quickly, often by significant amounts. A great short-term investor can make a lot of money quickly. Or lose a lot of money quickly.ethereum купить gif bitcoin bitcoin xyz ledger bitcoin flypool ethereum bitcoin keys bitcoin coingecko
bitcoin neteller bitcoin 100 auction bitcoin bitcoin аналоги mine monero cpa bitcoin картинки bitcoin bitcoin игры bitcoin карта контракты ethereum bitcoin matrix moneypolo bitcoin x2 bitcoin bitcoin segwit bitcoin nachrichten hardware bitcoin bitcoin information pull bitcoin sportsbook bitcoin
сервисы bitcoin bitcoin кошелька bittorrent bitcoin bitcoin security bitcoin widget 2016 bitcoin вход bitcoin bitcoin запрет bitcoin прогноз bitcoin поиск litecoin bitcoin ethereum stratum txid ethereum bitcoin flapper ethereum обменники bitcoin 4096 bitcoin pools Their model currently breaks attackers into several categories:bitcoin save видео bitcoin autobot bitcoin bitcoin sha256 bitcoin mt5 ethereum client ethereum chart bitcoin vip bitcoin торги cryptocurrency law bitcoin forum bitcoin tor bitcoin millionaire playstation bitcoin ethereum перспективы котировки bitcoin rx580 monero importprivkey bitcoin пример bitcoin bitcoin обои ethereum перспективы direct bitcoin gadget bitcoin bitcoin metal live bitcoin
blue bitcoin putin bitcoin bitcoin bcc san bitcoin roboforex bitcoin ultimate bitcoin alpha bitcoin ethereum сайт pow ethereum bitcoin bloomberg bitcoin buying capitalization cryptocurrency api bitcoin usb tether bitcoin usb bear bitcoin добыча ethereum приложения bitcoin ethereum testnet bitcoin pay bitcoin multisig bitcoin uk ethereum продать monero usd bitcoin timer security bitcoin
проверить bitcoin партнерка bitcoin asus bitcoin ccminer monero вывод monero bitcoin me
вложения bitcoin
мастернода ethereum
monero client space bitcoin раздача bitcoin tether wallet ethereum coin bitcoin зарегистрироваться
bitcoin казахстан jax bitcoin
bitcoin криптовалюта steam bitcoin ethereum динамика bitcoin gif bitcoin комбайн avto bitcoin bitcoin click ethereum wikipedia bitcoin магазин monero proxy bitcoin click
bitcoin suisse rates bitcoin ethereum проблемы обменять monero bitcoin blue шрифт bitcoin дешевеет bitcoin 20 bitcoin
moneypolo bitcoin bitcoin 2020 inside bitcoin aliexpress bitcoin hourly bitcoin fpga ethereum bitcoin grafik адрес bitcoin xpub bitcoin bitcoin blockchain bitcoin tor tether криптовалюта лото bitcoin minergate ethereum tether обменник bitcoin торги transaction bitcoin статистика ethereum tether майнить captcha bitcoin hosting bitcoin купить ethereum
bitcoin conference bitcoin take bitcoin telegram график monero tether android пулы ethereum etoro bitcoin bitcoin инвестиции проекта ethereum mine monero bitcoin кэш сложность ethereum debian bitcoin ubuntu ethereum хешрейт ethereum create bitcoin bitcoin world bitcoin майнить
