What is The functions of Bitcoin? What is Bitcoin? The answer is Distributed Ledger.
For example: Suppose you have three siblings, Bo Bo and Nini. My father said, “Coco.” Bo Bo and Ni
The Reds were given 100 kyats each. The next day, Bo Bo borrowed 20 from Nini.
Coco gives Nini 50 monkeys – forgets the record of deals
Let’s say you bookmarked a Ledger list for fear of leaving.
The Ledger list is not owned by one person, but by three identical people
Distributed Ledger This is how it is copied and pasted
For One can not add on his own. Add the other two
The other two will not be accepted because they are no longer on the list. So what’s more?
If so, it can be added only if all three agree, and all three lists must be added in the same way. This
By the way, you get a list that is free of fraud.
Note that this Ledger list only records transaction history. To
What is the total amount of money you have? What is the total balance of Nini?
Information such as Balance is not stored. Therefore Add a transaction record
If so, the previous transaction record to see if there was any money to actually make the deal
You have to search and check in For example, if Ko Ko pays Bo Bo 50 kyats for bread, he will get 50 kyats from Ko Ko.
You only need to check the list to see if it really exists.
Calculating (functions of Bitcoin)
Calculating is not easy. So, father, who did that?
If you calculate one, you get 1 kyat prize. It means you have to sign up.
You can not edit a list if you edit it fraudulently. All three must be corrected. Therefore
One night someone tries to take all three lists and edit them. But I can’t.
Because the entry was written using Permanent Marker, delete it
Because it can no longer be. Take a look at the current spreadsheet and rewrite it
It will be obvious that this is not the case.
This is because the list is entered in the ledger. In the list of entries for digital data
A technology called blockchain is used to achieve this irreversible nature
Are used Blockchain? It’s a list. It alone is not complicated. It is easy to understand. The simplest
The structure of a blockchain is similar to that of a blockchain.
Each block contains three items: Data, Previous Hash, and Hash. the first
Block is called Genesis Block. There is no Previous Hash for that Genesis Block.
Here are some questions to ask.
1. What if the last year was fixed without interruption?
2. In addition to intercepting, there are no blocks that become invalid after editing
What if everything is fixed?
Here are some steps you can take to begin the process of preparation for mediation.
Proof of Work (functions of Bitcoin)
If you are about to add a new block to your blockchain, you must follow these steps
Therefore, there are The first step is to verify that the information you want to enter is correct
Must be able to confirm
Enter the Payment Log Transaction field in the Block Data field of the sample Blockchain
It is set. In fact, any type of information you want to store in the Block Data field
You can save any food. If you want to save the transaction record
You do not have to block a transaction. Transaction in one block
Fifty lines One hundred reasons. It can be archived.
In the example, who has the balance of the payment transaction receipts?
Note that the amount is not stored. The same goes for Bitcoin
It does not say who has the remaining balance. If you know the balance
It must be calculated from the payment record.
For example, if Coco adds a new block that gives Bo Bo 30, then Ko Ko is true.
You need to know if you have a balance of 30. So let’s do the math
1. My father gave 100 to Ko Ko.
2. Coco gave Nini 50.
3. So Koko has 50 left.
Only then can you add a block with a transaction record that says Coco gave Bo Bo 30.
In this example, there are only three or four blocks, so it does not matter. In fact, there are more users
Over time, a blockchain can grow from a hundred to a thousand blocks. One million Millions
Proof of Work process (functions of Bitcoin)
It will be up to a thousand. It is not easy to calculate from that amount
Not anymore. You need to be able to calculate. It’s small, but it’s been that way since the beginning
So, you need to prove that you can afford it. Only those who can do that can get a new block
It will be enabled.
Therefore, there is a need for a Proof of Work process
Yes
It is not possible to predict in advance what the resulting hash value will be when a block is hashed.
The hash value must start with two zeros from the beginning. Let’s start with 00
Let’s say we have to attach a value.
For example, if the input data is Ko Ko pays 30 to Bo Bo, that data is the previous hash
Hash with 9f79124. The result is 2933d1b. The first one starts with 00. this
So we add a value of 1 and we get the hash cf30549. The first is 00
Has not started yet So we add a value of 2 and we get 2b41ea8 to hash
Yes. Not the desired result yet. So let’s take a look at one value after another
Finally, we have a hash value of 43 and the result is 0035ea2
Yes. It starts with 00 and you get the desired result.