Chapter 31
Words:1059Update:22/06/29 03:13:44
It was a reward mechanism. What if the computing power of the Moore's Law computer kept increasing? The program would also automatically increase the difficulty of the math problem, ensuring that the problem would take at least 10 minutes to be solved. This was to control the speed of bitcoin generation. But you have to be careful. This math problem was not randomly created. It came from the data of bitcoin transactions in the community. Every 10 minutes, the software would use a very complicated mathematical method to package the data into a math problem and send it to all the computers in the community for them to compete in solving the problem. This math problem had a special feature. It was very simple to calculate and verify. When someone solved the problem, they would broadcast the answer to the entire community. If more than half of the leaders said, "Forget it. This guy can calculate it correctly," then it would prove that the transaction was real and valid. The first person to solve the problem would receive the bitcoin as a reward. It was a bit confusing. Actually, let's give an example. If Li Lei wanted to transfer 5 Bitcoins to Han Meimei, the logic would be divided into three steps. The first step would be Li Lei shouting, "I, Li Lei, transfer 5 Bitcoins to Han Meimei on a certain date." This sentence would be packaged into a question by the Bitcoin software. This math problem would be sent to the computers in the community. There were two important questions. Li Lei wanted to send 5 bitcoin. Was it his own? Did this guy have a lower account than him? Was he bragging? The second step was for all the computers to compete in solving the math problem. What if the first person to solve the problem was this person? The answer will be broadcasted to the entire community. When more than half of the computers agree with the answer, it will be judged as the correct answer, and the transaction will be valid. We haven't finished the third part yet. Just now, the first computer's answer was correct. This computer will officially record the transaction in the electronic ledger. On a certain day, Li Lei transferred 5 Bitcoins to Han Meimei. Then, all the computers in the community will update the ledger accordingly. On a certain day, Li Lei transferred 5 Bitcoins to Han Meimei. Then, all the computers in the community will update the ledger accordingly. On a certain day, Year, Month, and Day, there is a scientific name for this ledger called block by block. If they are connected in chronological order, that is the word we heard, blockchain. What's the benefit of this system? The transaction could not be forged, and no one would lose a bitcoin. From the moment a bitcoin was dug out, its circulation path was recorded in the blockchain. Everyone was exactly the same. Even if someone had an accident and fell into the water, they could still check on others. If someone wanted to tamper with the record and change 5 bitcoin to 8 bitcoin, according to the Bitcoin program's principle of majority rule, he would have to challenge at least 51% of the Bitcoin community to count that computer in order for the entire community to agree with the transaction. This was called 51% kilogram, or a total of 10 kilograms. As the number of miners increased, the computing power of the entire community became stronger and stronger. It became more and more impossible for such a thing to happen. Therefore, it could be said that the security of bitcoin was about the same. Then, some people might ask, "Why do we have to create bitcoin when we can live well with ordinary money?" Right? Then what about bitcoin? How is it better than traditional currencies? He had two months. What about the first one? It was bitcoin. It would never inflate. How did inflation come about? Most of the time, it was because the central authority that controlled the currency did not control the use of too much money, right? The value of every dollar you spend will naturally decrease, right? That's why money is busy. However, the number of bitcoins we mentioned earlier is 21 million. This is written in the code. No one and no organization can print more money. For example, in the 1980s, Argentina encountered a financial crisis. It was not a normal situation. If you wanted to save your money in the bank, it would depreciate by half within a year. You had to go to other shops to buy a bottle of soda for 1 RMB. Moreover, it was affected by inflation. The price of this product changed very quickly. Why would there be a person loitering on the streets all day in the shops in Argentina? Why would there be people wandering around the streets in Argentina? They would quickly reprice the peso according to the rapid changes in the peso price. Under such circumstances, the Argentinians' peso could not be used as a moisturizer. Therefore, if they wanted to exchange US dollars, they would have to hide it under their bed. It could be said that they were living in an abyss of suffering. Moreover, the process of exchanging US dollars was very troublesome, and it required a high processing fee. Therefore, the value of bitcoin stood out under such circumstances. Another, and also the most attractive part of bitcoin, was its decentralization. It did not require any third-party intermediaries like banks. Yes, yes, yes.
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