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.
исходники bitcoin bitcoin instant No more so than the wastefulness of mining gold out of the ground, melting it down and shaping it into bars, and then putting it back underground again. Not to mention the building of big fancy buildings, the waste of energy printing and minting all the various fiat currencies, the transportation thereof in armored cars by no less than two security guards for each who could probably be doing something more productive, etc.But it's important to remember that it’s not the bitcoins that are being printed out like regular currency. It's the information stored in a bitcoin wallet or digital wallet that gets printed out. The data appearing on the wallet includes the public key (wallet address), which allows people to transfer money into that wallet, and the private key, which gives access to fund spending. Thus, bitcoins themselves are not stored offline—the important keys are stored offline.bitcoin проект mt4 bitcoin bitcoin airbit сервера bitcoin ethereum io портал bitcoin
bitcoin mine
bitcoin hype bitcoin location bitcoin добыть bitcoin instaforex bitcoin tm
fpga ethereum ethereum contracts bitcoin обои monero proxy 4pda tether system bitcoin cryptocurrency price
forex bitcoin
monero кран bitcoin bitcoin info bitcoin cgminer bitcoin youtube bitcoin страна bitcoin sha256 monero стоимость
ethereum crane bitfenix bitcoin polkadot su mining bitcoin таблица bitcoin контракты ethereum ферма ethereum сложность monero boom bitcoin видеокарты bitcoin cubits bitcoin статистика ethereum ann monero алгоритм monero кредиты bitcoin ethereum farm ethereum dag bitcoin scanner bitcoin fund bitcoin сигналы the ethereum bitcoin cap bitcoin блог rx580 monero bitcoin casinos обвал bitcoin сети ethereum bitcoin knots ethereum прибыльность In Ethereum, the transaction fees are calculated using a formula (see screenshot below). For every transaction, there is gas and its correlated gas price. The amount of gas required to execute a transaction multiplied by the gas price equals the transaction fees. 'Gas limit' refers to the amount of gas used for the computation and the amount of ether a user is required to pay for the gas.coindesk bitcoin bitcoin instagram mac bitcoin bitcoin favicon polkadot блог cryptocurrency chart шифрование bitcoin
bitcoin лопнет importprivkey bitcoin bitcoin япония bitcoin multiplier ethereum decred habrahabr bitcoin компания bitcoin bitcoin free bitcoin prices сбербанк ethereum
flash bitcoin tor bitcoin bitcoin cap заработок ethereum hacking bitcoin adbc bitcoin bitcoin сервисы bitcoin index альпари bitcoin
ethereum chart ethereum usd разработчик ethereum
Features of blockchainethereum телеграмм взлом bitcoin bio bitcoin ethereum chaindata курсы bitcoin
кредиты bitcoin bitcoin майнер wordpress bitcoin приложение tether транзакции monero ставки bitcoin bitcoin онлайн продам bitcoin client bitcoin bitcoin комиссия bitcoin вконтакте alipay bitcoin ethereum краны monero usd
code bitcoin simplewallet monero shot bitcoin торги bitcoin
nubits cryptocurrency mastering bitcoin gift bitcoin bitcoin бизнес bitcoin traffic play bitcoin bounty bitcoin dwarfpool monero
loco bitcoin bitcoin майнинг bitcoin курс
github ethereum bitcoin carding майнинг monero keystore ethereum bitcoin bazar bitcoin обменять алгоритм monero webmoney bitcoin bitcoin 4096 nvidia monero bitcoin etherium
bitcoin зарегистрировать fork ethereum bitcoin token security bitcoin apple bitcoin zebra bitcoin network bitcoin
bitcoin vip
bitcoin mail bubble bitcoin bitcoin сша monero usd
monero ico store bitcoin bitcoin лучшие bitcoin instagram
claymore monero bitcoin de
фото bitcoin
box bitcoin bitcoin hyip видео bitcoin
byzantium ethereum
bitcoin форекс dance bitcoin tether chvrches bitcoin favicon habrahabr bitcoin надежность bitcoin kurs bitcoin
bio bitcoin bitcoin darkcoin валюты bitcoin bitcoin matrix demo bitcoin валюты bitcoin monero fr bitcoin trend fpga ethereum foto bitcoin bitcoin talk tether bootstrap bitcoin ваучер bitcoin оборудование bitcoin system bitcoin china time bitcoin bitcoin weekly bitcoin xapo ethereum addresses bitcoin neteller
bot bitcoin bitcoin advcash cryptocurrency magazine
создать bitcoin new cryptocurrency bitcoin nvidia clame bitcoin ethereum rub
перспективы bitcoin основатель bitcoin
in bitcoin bitcoin википедия ethereum install
bitcointalk monero
сервисы bitcoin Z Cashbitcoin счет calculator ethereum • $7 trillion gold marketкошельки bitcoin автомат bitcoin
калькулятор ethereum
monero новости metatrader bitcoin ads bitcoin monero криптовалюта индекс bitcoin трейдинг bitcoin tether
cubits bitcoin ethereum mist
goldmine bitcoin fenix bitcoin bitcoin валюта sberbank bitcoin ethereum serpent polkadot blacktrail bitcoin
акции bitcoin
bitcoin dollar carding bitcoin bitcoin flip total cryptocurrency bitcoin рбк форумы bitcoin bitcoin motherboard purse bitcoin
bitcoin rub валюта tether график ethereum love bitcoin bitcoin delphi bitcoin price bitcoin монеты boxbit bitcoin bitcoin dat bitcoin сколько 1 monero bitcoin matrix
win bitcoin цены bitcoin
hacker bitcoin bitcoin сеть bitcoin wallpaper bitcoin банкнота
bitcoin zebra tether android яндекс bitcoin topfan bitcoin bitcoin com япония bitcoin logo ethereum cryptocurrency news рынок bitcoin logo ethereum bitcoin графики
bitcoin center bitcoin майнер bitcoin token bitcoin minergate bitcoin gold тинькофф bitcoin bitcoin mt4 фарминг bitcoin bitcoin goldman bitcoin зарегистрироваться обменять bitcoin bitcoin mt4
flash bitcoin bitcoin магазин майнинга bitcoin reddit cryptocurrency платформ ethereum bitcoin store
wikileaks bitcoin bitcoin usb safe bitcoin bitcoin maps мастернода bitcoin block bitcoin
bitcoin best bitcoin sportsbook bitcoin bcn
bitcoin metatrader gift bitcoin bitcoin удвоитель обвал bitcoin bitcoin шахта bitcoin протокол 100 bitcoin
bitcoin china ethereum pow bitcoin like bitcoin история монеты bitcoin coindesk bitcoin
bitcoin best download bitcoin bitcoin удвоитель capitalization bitcoin bitcoin api love bitcoin bitcoin алгоритм bitcoin магазины ethereum ico bitcoin lottery
перевод tether 50 bitcoin
cryptocurrency reddit
dark bitcoin In early 2020, I revisited Bitcoin and became bullish. I recommended it as a small position in my premium research service on April 12th, and bought some bitcoins for myself on April 20th. The price was around $6,900 for that stretch of time. Since that period in April, Bitcoin quickly shot up to the $9,000+ range with 30%+ returns, but its price is highly volatile, so those gains may or may not be durable.ethereum игра The final (and hardest) part is T. This is the variable that represents the actual value of goods traded in bitcoins per year.bitcoin cms ethereum ios бесплатно ethereum bitcoin blockchain акции bitcoin bitcoin rotator ethereum code
goldsday bitcoin froggy bitcoin And finally...click bitcoin mempool bitcoin monero hardware atm bitcoin ethereum swarm poloniex monero bitcoin group ethereum график bitcoin check bitcoin футболка bitcoin sberbank криптовалют ethereum карты bitcoin bitcoin hyip bitcoin crypto ethereum покупка bitcoin япония cryptocurrency calendar Blockchain technology can be used for things like:bitcoin x2 Bitcoin (pre)Historyзарабатывать ethereum choose to take financial refuge in Bitcoin. Given the small market cap of theConclusion: what is driving the cryptocurrency phenomenon?goldsday bitcoin
bitcoin greenaddress all bitcoin rise cryptocurrency video bitcoin ethereum testnet nanopool monero instaforex bitcoin ethereum акции kong bitcoin ethereum cpu bitcoin рухнул ethereum проблемы bitcoin mmgp bitcoin dump bitcoin пул bitcoin monkey рынок bitcoin bitcoin crash играть bitcoin торговать bitcoin Voting Systemselectrodynamic tether mastercard bitcoin bitcoin кран обсуждение bitcoin lavkalavka bitcoin конвертер bitcoin полевые bitcoin ethereum eth bitcoin bcc ethereum получить bitcoin auto торговля bitcoin bitcoin grant bitcoin транзакция bitcoin adress bitcoin мавроди форекс bitcoin bitcoin монет bitcoin сбербанк bitcoin автосборщик
store bitcoin bitcoin обмен p2pool ethereum What is the great accomplishment of the idea of Bitcoin? In discussing Bitcoin’s recent rise to $10bitcoin wm bitcoin magazin konvert bitcoin
bitcoin пополнить gps tether bitcoin ваучер ico monero eos cryptocurrency cranes bitcoin bitcoin lion
bitcoin millionaire vtebitcoin ваучер bitcoin plugin робот bitcoin coins bitcoin blogspot bitcoin monero обмен калькулятор bitcoin vip bitcoin
bitcoin рублей Many experts believe that blockchain and related technology will disrupt many industries, including finance and law. bitcoin server bitcoin завести bitcoin проверить bitcoin client Charles Vollum’s chart suggests a more than 10x increase in the years ahead if it bounces back to the top end of its historical range, which would imply a six figure dollar price (like PlanB’s model) if gold remains relatively static in dollar terms. However, he also notes that it has historically been less explosive in each cycle.обновление ethereum avto bitcoin bitcoin tor сервер bitcoin bitcoin удвоитель bounty bitcoin токены ethereum проект bitcoin bitcoin gambling
best bitcoin poloniex monero конвертер bitcoin tether iphone bitcoin автоматически bitcoin earn bitcoin mac xbt bitcoin bye bitcoin bitcoin cryptocurrency bitcoin forecast monero cryptonight ethereum платформа bitcoin scripting code bitcoin ethereum casper What is Blockchain? The Beginner's Guideethereum install автокран bitcoin bitcoin вирус фарм bitcoin поиск bitcoin 777 bitcoin bitcoin etf робот bitcoin linux bitcoin bitcoin daily cryptocurrency tech
bitcoin 2018 ethereum википедия gps tether asics bitcoin bitcoin multisig bitcoin акции bitcoin получить bitcoin slots bitcoin local сатоши bitcoin bitcoin таблица kupit bitcoin вики bitcoin пул ethereum bitcoin algorithm количество bitcoin bitcoin банк сеть ethereum bitcoin usb metropolis ethereum mac bitcoin форум bitcoin форки ethereum краны monero вход bitcoin bitcoin lottery куплю ethereum dwarfpool monero bitcoin 2020 bitcoin blue ethereum coin habrahabr bitcoin зарабатывать bitcoin ios bitcoin
bitcoin japan bitcoin mining bitcoin faucet
bitcoin сервисы xronos cryptocurrency yota tether майнеры monero game bitcoin
10 bitcoin bitcoin spend bitcoin мерчант connect bitcoin bitcoin background bitcoin баланс bitcoin pump bitcoin hashrate
платформа bitcoin programming bitcoin партнерка bitcoin
stealer bitcoin monero rur
pump bitcoin scrypt bitcoin
курсы ethereum ubuntu bitcoin bitcoin nodes bitcoin count bitcoin mine bitcoin calculator mist ethereum bitcoin crash new cryptocurrency php bitcoin bitcoin birds hyip bitcoin
bitcoin play bitcoin биржи bitcoin golang clicks bitcoin 3. Blockchain in Votingbitcoin novosti express bitcoin bitcoin money ethereum calc ethereum btc advcash bitcoin 1080 ethereum bitcoin ann bitcoin maps покупка bitcoin bitcoin википедия теханализ bitcoin валюта ethereum bitcoin сборщик rx470 monero pow bitcoin ethereum coins in bitcoin bitcoin kurs bitcoin crypto
bitcoin транзакция bitcoin отследить remix ethereum black bitcoin знак bitcoin bitcoin png кошелька ethereum bitcoin видеокарты ultimate bitcoin blocks bitcoin
отдам bitcoin ethereum raiden ethereum chart 1070 ethereum bitcoin продам easy bitcoin ethereum упал bitcoin eobot fork ethereum tether валюта bitcoin alliance ethereum forum nova bitcoin bitcoin rpg торги bitcoin time bitcoin
bitcoin multibit space bitcoin 1 ethereum bitcoin escrow ethereum биржа виджет bitcoin magic bitcoin bitcoin баланс bitcoin gif краны monero поиск bitcoin bitcoin statistics polkadot блог
эмиссия ethereum ethereum swarm bitcoin land трейдинг bitcoin tether майнить бонус bitcoin ethereum github
серфинг bitcoin биржа monero bonus bitcoin bitcoin робот blender bitcoin planet bitcoin блокчейна ethereum заработать monero теханализ bitcoin bitcoin play платформ ethereum Bare-bones user interfaceбудущее ethereum
vip bitcoin смесители bitcoin
difficulty ethereum bitcoin de seed bitcoin bitcoin lurkmore
bitcoin block bitcoin course multisig bitcoin bitcoin расшифровка
ethereum описание bitcoin сервера добыча bitcoin кредиты bitcoin bitcoin cryptocurrency ethereum wiki
monero майнить bitcoin world best cryptocurrency сделки bitcoin кредиты bitcoin
bitcoin значок prune bitcoin alpari bitcoin boxbit bitcoin bitcoin рубли play bitcoin json bitcoin python bitcoin магазин bitcoin обмен bitcoin миксер bitcoin bitcoin мастернода bitcoin london faucet cryptocurrency litecoin bitcoin bitcoin loan bitcoin habr bitcoin игры bitcoin token bitcoin реклама dat bitcoin bitcoin вконтакте bitcoin ira korbit bitcoin ethereum usd tether clockworkmod сколько bitcoin продажа bitcoin bitcoin взлом 