Last time, we discussed what Bitcoin is. Today, we're diving into blockchain technology. While the terms "blockchain" and "blockchain technology" are often used interchangeably, they actually refer to different concepts. A block can be thought of as a storage unit, similar to a locker at a supermarket. In Bitcoin, each block stores transaction data. When there are too many transactions, new blocks need to be created, which is commonly referred to as "mining." Each new block contains a hash of the previous block, acting like a unique identifier or block number, thereby linking them together in a chain. Technically, a blockchain can be stored as a flat file or a simple database, making it relatively easy to implement. However, what makes Bitcoin's blockchain special is its decentralized nature—this is where the real innovation lies. One of the key features of blockchain is its decentralization, which relies on a peer-to-peer (P2P) network and multiple nodes across the network. In the Bitcoin network, every node performs four main functions: routing, wallet management, mining, and maintaining the blockchain database. Each node keeps a full copy of the blockchain. These nodes typically communicate using the TCP protocol over port 8333. Full nodes maintain the entire blockchain, while pruning nodes only keep a portion of it. There are also lightweight nodes, such as mobile wallets, known as SPV (Simplified Payment Verification) nodes. Think of an SPV node like carrying just one small suitcase while storing two large ones elsewhere. You can access the other two when needed, ensuring convenience without sacrificing security. The SPV mechanism includes additional safeguards to verify that the stored data hasn't been tampered with. With tens of thousands of nodes on the Bitcoin network, how do new nodes discover existing ones? Bitcoin clients maintain a list of stable, long-running nodes called "seed nodes," which help new nodes quickly join the network. If a node doesn’t respond for 90 consecutive minutes, it’s considered offline, and the node must restart and reconnect to rejoin the network. As the network grows, a consensus mechanism is essential to ensure all nodes agree on the state of the blockchain. Common mechanisms include Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), and traditional algorithms like PBFT, Paxos, and Raft. Bitcoin uses PoW, Ethereum uses a mix of PoW and PoS, EOS uses DPoS, and Hyperledger Fabric uses PBFT. We’ll explore these in more detail in the next section. The P2P network, consensus mechanism, and blockchain database form the foundation of blockchain technology. As I mentioned last time, another crucial element is the incentive system. Most blockchain applications use tokens to reward participants. Tokens are not just digital assets—they represent value, much like money does in the real world. Bookkeeping is essential for creating value, and only through exchange can individual efforts gain worth. In the real world, many things are hard to quantify or trade efficiently, such as property or personal assets. Blockchain tokens solve this by allowing any physical or digital asset to be tokenized, traded, and secured. Mining rewards, transaction fees, real estate, livestock, blogs, game items, songs, and more can all be represented as tokens. Combined with encryption and private key verification, this ensures secure transactions, and the consensus mechanism prevents double-spending. These are real-world challenges, and I believe the introduction of tokens is just as transformative as the blockchain itself. Single Phase Ammeter,Energy Meter,Digital Energy Monitor,Led Ammeter zhejiangjinyidianqiyouxiangongsi , https://www.jooeei.com