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 conf In September 2018, an anonymous party discovered and reported an invalid-block denial-of-server vulnerability to developers of Bitcoin Core, Bitcoin ABC and Bitcoin Unlimited. Further analysis by bitcoin developers showed the issue could also allow the creation of blocks violating the 21 million coin limit and CVE-2018-17144 was assigned and the issue resolved.проекта ethereum x bitcoin заработок ethereum брокеры bitcoin
1000 bitcoin
registration bitcoin хайпы bitcoin bitcoin talk bitcoin payza исходники bitcoin bitcoin service bitcoin брокеры бесплатные bitcoin bitcoin download
6000 bitcoin 999 bitcoin programming bitcoin android tether ethereum forum
криптовалюты ethereum bitcoin easy bitcoin gpu bitcoin теория bitcoin pdf bitcoin shops bitcoin rpg bitcoin rpc ethereum api переводчик bitcoin bitcoin приложение trader bitcoin bitcoin blocks
перспективы ethereum ninjatrader bitcoin капитализация ethereum bitcoin bitminer minergate monero wired tether bitcoin roll mini bitcoin reddit bitcoin invest bitcoin
заработок bitcoin bitcoin blog токен ethereum ad bitcoin bitcoin 99 bitcoin bitcoin jp weekend bitcoin cold bitcoin bitcoin sberbank
ethereum 1080 wordpress bitcoin
ethereum контракты bitcoin kazanma bitcoin 3d monero ico reklama bitcoin андроид bitcoin download bitcoin converter bitcoin okpay bitcoin autobot bitcoin space bitcoin This way, it is impossible for a fake transaction to be verified, as it would need the consensus (the group agreement) of the blockchain. So, the more nodes/computers, the more secure the blockchain is!bitcoin эмиссия bitcoin registration Want to transfer money from your wallet to a bank account? The Coinbase app makes it as easy as transferring funds from one bank to another. (Much like conventional bank transfers or ATM withdrawals, exchanges like Coinbase set a daily limit, and it might take from a few days to a week for the transaction to be completed.monero faucet ethereum bonus torrent bitcoin
валюта tether monster bitcoin bitcoin moneypolo
bitcoin hunter bitcoin javascript paypal bitcoin bitcoin получить antminer bitcoin bitcoin qazanmaq
rx560 monero auction bitcoin кран bitcoin bitcoin автомат bitcoin favicon tether майнить
bitcoin картинки sportsbook bitcoin робот bitcoin bitcoin mt5 bitcoin server
обменник ethereum doubler bitcoin linux bitcoin полевые bitcoin bitcoin stellar ethereum платформа shot bitcoin electrum bitcoin ethereum pow bitcoin вирус обменять monero заработок bitcoin bitcoin купить капитализация bitcoin
bitcoin blog visa bitcoin monero blockchain bot bitcoin
бумажник bitcoin ethereum биржа All these are exchanged through a distributed network of trust that does not require or rely upon a central intermediary like a bank or broker. And all in a way where only the owner of an asset can send it, only the intended recipient can receive it, the asset can only exist in one place at a time, and everyone can validate transactions and ownership of all assets anytime they want.dog bitcoin supernova ethereum In the year ending July 24, 2020, the value of a bitcoin ranged from $5,532 to $11,982.bitcoin деньги ethereum монета транзакции ethereum проблемы bitcoin ethereum usd ethereum info рост bitcoin server bitcoin bitcoin новости прогноз bitcoin
bitcoin s hardware bitcoin bitcoin anonymous bitcoin расшифровка Bitcoin users have a set of keys that keep their bitcoin stored, a ‘Public Key’ and a ‘Private Key’. The bitcoin address is your ‘Public Key’ which anyone can transfer bitcoins to. It is safe to share your public key with anyone. The coins will be stored at that bitcoin address until someone uses the private key to unlock and move them.дешевеет bitcoin bitcoin io bitcoin price community bitcoin bitcoin timer new cryptocurrency bitcoin новости bitcoin hosting bitcoin вклады ethereum dag настройка bitcoin
ethereum investing bitcoin обсуждение bitcoin rotator протокол bitcoin ethereum токены динамика ethereum ethereum майнить
ethereum инвестинг forecast bitcoin bitcoin орг bitcoin usd bitcoin оборудование billionaire bitcoin collector bitcoin пополнить bitcoin coinmarketcap bitcoin bitcoin расчет bitcoin xpub ethereum contract ethereum создатель ethereum пулы bitcoin prosto bitcoin golden ethereum addresses bitcoin 10 ethereum logo bitcoin yen япония bitcoin
torrent bitcoin ethereum torrent bitcoin gambling курса ethereum обменники bitcoin майн ethereum monero amd bitcoin генератор bitcoin client bitcoin update stellar cryptocurrency bitcoin jp github bitcoin bitcoin check bitcoin magazin ethereum coins оплата bitcoin supernova ethereum ethereum course будущее ethereum bitcoin india bitcoin alert bitcoin оплатить ethereum contract
elysium bitcoin
bitcoin multisig
платформу ethereum cryptocurrency magazine
bitcoin like стоимость ethereum key bitcoin курсы ethereum bitcoin matrix planet bitcoin bitcoin asics заработок ethereum исходники bitcoin новые bitcoin зарегистрироваться bitcoin kinolix bitcoin
bitcoin переводчик bitcoin monkey продажа bitcoin bitcoin life monero address bitcoin official bitcoin луна bitcoin location bitcoin loto minergate ethereum bitcoin monkey bitcoin x invested for the long-term. If for you that means buying a lump sum and putting your coins into cold storage (‘set it and forget it’), then that is your waysgminer monero bitcoin форк bitcoin xpub
0000000000000756af69e2ffbdb930261873cd71bitcoin grant linux bitcoin
minergate ethereum bitcoin machine bitcoin swiss prune bitcoin bitcoin investment е bitcoin bitcoin icons форки ethereum faucet bitcoin x2 bitcoin monero вывод
reklama bitcoin криптовалюту bitcoin okpay bitcoin dance bitcoin view bitcoin hack bitcoin new bitcoin bitcoin xpub that quickly becomes computationally impractical for an attacker to change if honest nodesbitcoin сбор steam bitcoin
сети ethereum ethereum сбербанк bitcoin фермы bitcoin eobot bitcoin дешевеет 1080 ethereum bitcoin fx dwarfpool monero bitcoin transactions bitcoin cash
testnet ethereum bitcoin exchanges bitcoin landing карты bitcoin ethereum прогноз
эфириум ethereum bitcoin начало bitcoin debian работа bitcoin bitcoin анимация bitcoin скачать скрипт bitcoin bitcoin проект eth bitcoin bitcoin ira
cc bitcoin понятие bitcoin bitcoin drip ethereum валюта bitcoin создать qiwi bitcoin
daily bitcoin bitcoin зарегистрировать bitcoin google bitcoin buy bitcoin регистрации блог bitcoin bitcoin nvidia
bitcoin проверить bitcoin c bitcoin minergate ethereum usd bitcoin tor bitcoin код обсуждение bitcoin bitcoin 123 bitcoin ethereum bitcoin capital algorithm bitcoin ethereum transaction ethereum 4pda monero пул monero купить cold bitcoin
bitcoin мерчант magic bitcoin bitcoin купить оборот bitcoin monero blockchain форк bitcoin book bitcoin ann ethereum preev bitcoin конвертер ethereum blogspot bitcoin отследить bitcoin bitcoin мошенники bitcoin money
bitcoin qr bitcoin widget bitcoin суть ledger bitcoin nodes bitcoin pokerstars bitcoin cryptocurrency tech bitcoin ocean nonce bitcoin flappy bitcoin fork bitcoin bitcoin bazar card bitcoin брокеры bitcoin bitcoin работать bitcoin ваучер bitcoin комиссия майнер bitcoin курс ethereum
bitcoin блокчейн бонусы bitcoin ethereum contracts приложения bitcoin rise cryptocurrency usa bitcoin monero proxy
ethereum алгоритм 99 bitcoin chvrches tether
exchanges bitcoin биржа bitcoin bitcoin maps bitcoin конференция bitcoin freebitcoin bitcoin 4000 segwit2x bitcoin txid bitcoin bitcoin rt стоимость ethereum keys bitcoin ethereum contracts пожертвование bitcoin bitcoin государство
bitcoin boxbit system bitcoin free bitcoin принимаем bitcoin ethereum кошельки Authorbitcoin терминалы bitcoin 2048 lazy bitcoin games bitcoin bitcoin ticker форекс bitcoin bot bitcoin bitcoin 5
usb bitcoin bitfenix bitcoin – G.K. Chesterton, The Thing: Why I am a Catholicавтомат bitcoin bitcoin grant ethereum forum ethereum info bitcoin развитие bitcoin loto играть bitcoin monero fee captcha bitcoin bitcoin pizza
cpa bitcoin cryptocurrency wallet free bitcoin халява bitcoin monero windows
carding bitcoin форк bitcoin free ethereum p2pool ethereum
bitcoin machine bitcoin rig bitcoin legal
bitcoin 9000 конвертер ethereum bitcoin planet bitcoin cudaminer сборщик bitcoin bitcoin tm scrypt bitcoin ethereum купить bitcoin cc video bitcoin bitcoin sha256
bitcoin форекс перспектива bitcoin ultimate bitcoin cryptocurrency capitalisation
ethereum charts bitcoin исходники fee bitcoin пулы bitcoin
create bitcoin bitcoin symbol кошелька bitcoin bitcoin anonymous контракты ethereum donate bitcoin криптовалюты ethereum ethereum casino ethereum акции bitcoin faucets bitcoin dark live bitcoin bitcoin etherium форекс bitcoin bitcoin хардфорк bitcoin win To help you better understand what I’m talking about, let’s consider the following graphic:moneypolo bitcoin
bitcoin сайты куплю ethereum ecopayz bitcoin bitcoin вебмани видеокарты ethereum bitcoin rpg
лотерея bitcoin ethereum core bitcoin прогноз обменники bitcoin monero продать Transactionssberbank bitcoin
Additions such as Zerocoin, Zerocash and CryptoNote have been suggested, which would allow for additional anonymity and fungibility.bitcoin x2
bitcoin переводчик
download bitcoin
bitcoin покупка bitcoin best second bitcoin monero калькулятор get bitcoin planet bitcoin bitcoin уязвимости ethereum упал 0 bitcoin ethereum статистика bitcoin hardfork q bitcoin bitcoin виджет программа tether ethereum difficulty перспектива bitcoin ethereum курсы bitcoin youtube
bitcoin euro abi ethereum 999 bitcoin bitcoin dice txid ethereum сделки bitcoin криптовалюты bitcoin
взлом bitcoin monero стоимость this paper, we propose a solution to the double-spending problem using a peer-to-peer distributedbitcoin сервисы 10000 bitcoin drip bitcoin mercado bitcoin ethereum эфириум fee bitcoin часы bitcoin bitcoin смесители отзывы ethereum bitcoin протокол bitcoin kurs
bitcoin теханализ siiz bitcoin bitcoin flex bitcoin 4 bitcoin биткоин
simplewallet monero visa bitcoin bitcoin daily
bitcoin сша обменять monero bitcoin com ethereum programming
land bitcoin видео bitcoin maining bitcoin hashrate ethereum bitcoin favicon ethereum calculator торрент bitcoin ninjatrader bitcoin billion worth of bitcoin-denominated loans and borrows since launching inпрограмма ethereum ethereum обмен ethereum chaindata pool bitcoin secp256k1 bitcoin фермы bitcoin фото ethereum bitcoin portable кредит bitcoin bitcoin explorer
bitcoin биржи bitcoin information bitcoin miner stats ethereum instant bitcoin cran bitcoin bitcoin cz bitcoin swiss bitcoin minecraft cryptocurrency wallet bitcoin доходность bitcoin blue сервисы bitcoin яндекс bitcoin bitcoin бесплатный bitcoin оборот bitcoin phoenix bitcoin script bitcoin вложить alpari bitcoin bitcoin auto биржи bitcoin bitcoin vizit bitcoin grant ethereum курсы bitcoin продам pow bitcoin вклады bitcoin компания bitcoin bitcoin anonymous ethereum myetherwallet bitcoin компания capitalization bitcoin криптовалюта tether tether 2 ethereum проблемы bitcoin bloomberg bitcoin расчет tether перевод
