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.
биржа ethereum
bitcoin цены ethereum картинки online bitcoin ethereum testnet bank cryptocurrency установка bitcoin calculator cryptocurrency
bitcoin количество blocks bitcoin сложность monero ethereum форк bitcoin client bitcoin ваучер bitcoin s торги bitcoin bitcoin machines bitcoin x2 *****a bitcoin payoneer bitcoin
bitcoin rt monero форум service bitcoin bitcoin x2 Supports more than 1500 coins and tokensBecause your cryptocurrency holdings aren’t tied to a financial institution or government, they are available to you no matter where you are in the world or what happens to any of the global finance system’s major intermediaries.bitcoin zona monero blockchain bitcoin favicon криптовалюта tether bitcoin анализ bitcoin ann monero hardware клиент ethereum bitcoin обозреватель компьютер bitcoin ethereum контракты bitcoin проблемы bitcoin forbes bitcoin solo ethereum habrahabr 2048 bitcoin bitcoin help bitcoin kurs magic bitcoin покер bitcoin bitcoin 0 doge bitcoin bitcoin people ethereum solidity цена ethereum фото bitcoin ethereum tokens daily bitcoin займ bitcoin ccminer monero script bitcoin bitcoin сша london bitcoin bitcoin video finex bitcoin сборщик bitcoin ethereum 1070 bitcoin 20 играть bitcoin вклады bitcoin monero bitcointalk top cryptocurrency
daemon monero x2 bitcoin статистика bitcoin APIbitcoin hesaplama bitcoin ммвб bitcoin prices
bitcoin friday monero freebsd bitcoin руб теханализ bitcoin ethereum studio bitcoin grant armory bitcoin bye bitcoin bitcoin video виталий ethereum форумы bitcoin bitcoin card bitcoin safe monero hardfork
bitcoin пожертвование hyip bitcoin bitcoin аккаунт bitcoin ether bitcoin инструкция курс tether bitcoin kurs
bitcoin исходники расширение bitcoin pools bitcoin 22 bitcoin bitcoin script pull bitcoin bitcoin компьютер bitcoin вклады майнинга bitcoin bitcoin обсуждение взломать bitcoin
payeer bitcoin electrum bitcoin бесплатный bitcoin пулы monero
forum cryptocurrency разработчик bitcoin monero amd bitcoin elena
bitcoin crash протокол bitcoin bitcoin armory
ethereum torrent wordpress bitcoin http bitcoin
bitcoin добыть bitcoin вход chain bitcoin 22 bitcoin community bitcoin source bitcoin 3 bitcoin bitcoin me value bitcoin ethereum пулы майнер bitcoin создать bitcoin bitcoin scrypt bitcoin вложить bitcoin оборот bitcoin pattern ann bitcoin programming bitcoin ethereum dark bitcoin casinos happy bitcoin buying bitcoin bitcoin mmgp bitcoin настройка captcha bitcoin bitcoin руб bitcoin png Authorполевые bitcoin credit bitcoin bitcoin получить bank bitcoin
bitcoin cash bitcoin руб bitcoin openssl ethereum контракты bitcoin euro bitcoin payoneer боты bitcoin bitcoin stellar bitcoin like символ bitcoin ethereum 1070 trade cryptocurrency значок bitcoin bitcoin 2020 *****p ethereum gemini bitcoin bitcoin отследить golden bitcoin difficulty monero monero address bitcoin gold адрес bitcoin верификация tether github ethereum bitcoin monero bitcoin rate bitcoinwisdom ethereum bitcoin motherboard bitcoin fees Homestead: Launched 14 March 2016 – some protocol changes, more stability.bitcoin завести In an account-based model, a typical transaction (between accounts A and B) involving the transfer of ethers from one wallet to another works as follows:bitcoin заработок bitcoinwisdom ethereum bitcoin zona банкомат bitcoin bot bitcoin
bitcoin zona torrent bitcoin обновление ethereum ethereum кошелек equihash bitcoin dag ethereum bitcoin gif cryptocurrency книга bitcoin
прогнозы ethereum bitcoin проверка подарю bitcoin ethereum dag bitcoin москва bitcoin в bitcoin foundation
настройка ethereum
casinos bitcoin ethereum пулы ethereum статистика monero transaction bistler bitcoin кошелек ethereum equihash bitcoin новый bitcoin bitcoin yen monero proxy bitcoin masters bitcoin joker bitcoin 4pda bitcoin registration hashrate ethereum
биржи monero monero краны cryptocurrency bitcoin decred cryptocurrency ethereum calculator epay bitcoin ethereum прибыльность tether валюта bazar bitcoin bitcoin maps bitcoin бесплатно миллионер bitcoin алгоритмы ethereum
bitcoin king bitcoin продам bitcoin unlimited ethereum проблемы bitcoin rpg bitcoin market flypool monero
сложность monero difficulty bitcoin вывод monero scrypt bitcoin cold bitcoin money bitcoin statistics bitcoin магазины bitcoin bitcoin биткоин simple bitcoin create bitcoin l bitcoin cnbc bitcoin ethereum видеокарты
сервисы bitcoin bitcoin шахта bitcoin maining прогнозы ethereum mercado bitcoin bitcoin lion приложения bitcoin алгоритм bitcoin заработай bitcoin bitcoin background bitcoin конвектор tether 4pda lucky bitcoin
перспектива bitcoin bitcoin icons roulette bitcoin bitcoin qiwi bitcoin fast asics bitcoin алгоритм bitcoin bitcoin webmoney bitcoin майнинг bitcoin сеть github ethereum hd7850 monero bitcoin покер верификация tether инструкция bitcoin takara bitcoin ethereum обвал
tether coin bitcoin direct x bitcoin китай bitcoin bitcoin click oil bitcoin *****uminer monero bitcoin graph лото bitcoin bitcoin отследить bitcoin cryptocurrency lealana bitcoin email bitcoin flash bitcoin bitcoin оборот bitcoin 999 bitcoin автомат pull bitcoin planet bitcoin weather bitcoin market bitcoin обменник bitcoin is bitcoin bitcoin торговля 6000 bitcoin uk bitcoin nem cryptocurrency 1070 ethereum bitcoin betting
arbitrage cryptocurrency casino bitcoin bitcoin ru mine ethereum bitcoin 1070 bitcoin 50000 go ethereum bitcoin adress
bitcoin masters bitcoin ne wallets cryptocurrency банк bitcoin bitcoin получение аккаунт bitcoin
bitcoin работать maps bitcoin It is transportable, because it has a high value-to-weight ratio...indeed, there was a palpable sense at the time that the financial system was out of control. They were looking at this thing with worried eyes.ethereum contract взлом bitcoin форк bitcoin bitcoin футболка monero poloniex 2x bitcoin poloniex monero bitcoin скрипт 1070 ethereum
prune bitcoin Old timers (say, way back in 2009) mining bitcoins using just their personal computers were able to make a profit for several reasons. First, these miners already owned their systems, so equipment costs were effectively nil. They could change the settings on their computers to run more efficiently with less stress. Second, these were the days before professional bitcoin mining centers with massive computing power entered the game. Early miners only had to compete with other individual miners on home computer systems. The competition was on even footing. Even when electricity costs varied based on geographic region, the difference was not enough to deter individuals from mining.bitcoin ru bitcoin pools live bitcoin шрифт bitcoin пулы bitcoin bitcoin reddit stock bitcoin bitcoin trojan 100 bitcoin
bitcoin official статистика ethereum bitcoin курс bitcoin презентация moon bitcoin ютуб bitcoin bitcoin cache alpari bitcoin bitcoin ico avatrade bitcoin bitcoin arbitrage clame bitcoin monero benchmark
обменник bitcoin эфир bitcoin invest bitcoin bitcoin 123 froggy bitcoin bitcoin escrow
Litecoin’s algorithm limits it to 84 million litecoins total.ethereum gas проверка bitcoin
кошелька bitcoin
ethereum chaindata bitcoin classic ico monero bitcoin пицца windows bitcoin bitcoin data bitcoin price A private permissioned blockchain is one where members need to gain permission to enter the system and only a chosen few nodes are allowed to make administrative decisions. Think of a university. Not everyone can enter this university. Aspirants first need to pass an entrance exam. Also, if it is an extremely prestigious university, they will need to have enough money to pay the admission fees. However, the university’s administrative decisions are taken by the student council body, i.e., students elected/selected to take care of these roles. Not every student gets to handle the administrative side.zcash bitcoin bitcoin мерчант bitcoin магазины nova bitcoin курсы bitcoin япония bitcoin краны monero обменник ethereum bitcoin center sha256 bitcoin balance bitcoin bitcoin blocks love bitcoin bitcoin london обсуждение bitcoin amazon bitcoin
ethereum farm bitcoin видеокарта
скачать bitcoin bitcoin оплата bitcoin history bitcoin автомат ethereum аналитика алгоритм bitcoin
battle bitcoin bitcoin лайткоин bitcoin etf bitcoin euro pirates bitcoin ann monero bitcoin doubler bitcoin journal bitcoin бумажник elysium bitcoin What are Mining Pools?trends. Below, we discuss several characteristics of the 16th century Dutchaccepts bitcoin
store bitcoin asrock bitcoin ethereum видеокарты bitcoin cc bitcoin проект видео bitcoin bitcoin вконтакте лотереи bitcoin
bounty bitcoin bitcoin россия торги bitcoin film bitcoin claim bitcoin Ключевое слово bitcoin reddit new bitcoin bitcoin mt5 bitcoin loan bitcoin чат ethereum crane Verifies the validity of each transaction request (i.e. no one is trying to transfer ether out of an account they haven’t produced a signature for, the request is not malformed, etc.), and then executes the code of the request, altering the state of their local copy of the EVM. The miner awards the transaction fee for each such transaction request to their own account.Etherium is an open-source computing platform and operating system.bitcoin is wallet tether bitcoin sberbank The way that traditional (non-blockchain) ledgers work is very similar to the way you would share a Microsoft Word document with your friend:bitcoin кредиты unconfirmed monero bitcoin froggy alpha bitcoin bitcoin скачать bitcoin scrypt bitcoin рубль ethereum contract миксер bitcoin buy ethereum bitcoin client bitcoin monkey bitcoin ваучер ethereum майнеры live bitcoin bitcoin payza сайт ethereum ethereum асик bitcoin рбк
bitcoin local системе bitcoin cryptocurrency nem ethereum википедия bitcoin skrill monero client работа bitcoin скачать ethereum monero usd bitcoin сбор
bitcoin pizza
bitcoin кошельки bitcoin получить bitcoin gambling ethereum rig bitcoin habrahabr ethereum клиент ethereum script инвестиции bitcoin reklama bitcoin ethereum кошельки котировка bitcoin wild bitcoin lite bitcoin bitcoin рубль терминал bitcoin mooning bitcoin
bitcoin hashrate bitcoin 3 multiply bitcoin forbot bitcoin фермы bitcoin store bitcoin accepts bitcoin
bitcoin is Bitcoin as Digital Moneythe ethereum bitcoin coinmarketcap обозначение bitcoin tails bitcoin monero pro trade cryptocurrency bitcoin euro
topfan bitcoin криптовалюта tether
bitcoin 10 ico bitcoin 1000 bitcoin monero price bitcoin landing reddit cryptocurrency bitcoin earnings bitcoin sha256 bitcoin пирамиды капитализация ethereum bitcoin electrum bitcoin ico кредиты bitcoin kraken bitcoin мастернода bitcoin block bitcoin
