Distributed system
Definition: Proof of work (Pow)
- It takes a long time to get this proof
- Verification takes only a short time
Perceptual perception: It takes a long time to go to graduate school, but it only takes a short time to verify that you have not gone to graduate school
Bitcoin to achieve data consistency
- Bitcoin through P2P technology to achieve a synchronous copy of ledger, consistent data
- Bitcoin increases the cost of information transmission by increasing the cost of sending a message (POW), thus reducing the rate at which information is transmitted
- Bitcoin judges the reliability of the data by the length of the blockchain (the longer the blockchain, the more powerful the computing power).
The value of bitcoin
- Bitcoin was the first technology to transfer value in a decentralized way.
- Bitcoin allows things to move as quickly as information
- Bitcoin can be guaranteed by the entire network, unless more than 51 percent of the people default, thus ensuring the reliable transfer of material in the virtual world
Inflation and Bitcoin
A popular way of thinking about inflation: Money is worth less and goods go up in price
- The characteristics of Bitcoin
- decentralized
- Anonymous transactions
- To avoid double flowers
- security