1 mins Blockchain

Some key blockchain entry vocabulary selected here to share that you should be aware of

Digital currency

The first application built from blockchian is digital currency. Cryptocurrency bitcoin is one of the digital substitution of fiat currency. However, it cannot be totally equal to virtual coin used in the virtual world, as it is often used to buy goods in the real world, not limited to the virtual world like online games.

PoW

Proof of work, Bitcoin use PoW to generate block. One hash of block is consisted of N 0, count of 0 is decided from the mining difficulty.

Public Key and Private Key:

This key pair is called asymmetric encryption

In Bitcoin trading system, private key is an array of 32 bytes. All the public key created from private key, therefore we are able to spend the bitcoin on that public address.

Public chain / Private chain

Public chain: Open to everyone; Private Chain: Participants need to obtain an invitation or permission to join.

Block and Chain

Block refers to information block. Each block includes three elements: Block ID; transactions; Previous block ID; Approximately every 10 mins one new block created in bitcoin, as each block contains the block id of previous one which enable every block could find its previous mode, therefore a complete trading chain formed and there should be only one main chain in each blockchain system.

Smart Contract

Smart Contracts are self-executing contractual states, stored on the blockchain, which nobody controls and therefore everyone can trust.

Reference:

[1]http://tech.hexun.com/2016–04–25/183507891.525566985.html.

[2]http://it.dataguru.cn/article-3986-1.html.

[3]http://www.fx361.com/page/2017/0303/922619.shtml.

[4]http://blog.csdn.net/autumn84/article/details/18782533.

[5]http://product.pconline.com.cn/itbk/software/dnwt/1504/6325876.html.

[6]http://www.weiyangxhurdhii.com/199778.html.

[7]http://www.8btc.com/ what-are-smart-contracts-in-search-of-a-consensus.