This article explains a very simple cryptocurrency, the goofy currency, before the advent of Bitcoin. It aims to understand the operation mechanism of Bitcoin gradually.
The regular goofy coin (goofycoin), the creator is goofy. Is the simplest crypto currency known at the moment. There are only two rules: (1) Goofy can create a new currency at any time, and the newly created coin belongs to him; (2) The person who owns the currency can transfer it to someone else.
Example: the creation and payment of the goofy coin here is a practical example of how to run the process.
First Goofy creates a SGD, generates a unique currency number that has never been generated before, composes a string: "Createcoin [Uniquecoinid]", and uses the key to calculate the digital signature of the string. In this way, the string and the signature of goofy make up a coin. Anyone can verify that the signature contains a valid signature for goofy, so the currency is a valid currency.
If Goofy wants to transfer the currency you just created to Alice, you need to create a claim: "Pay Alice" in this statement, which is a hash pointer to that currency. Identity refers to the public key, and Alice in the Declaration refers to Alice's public key. Then goofy signs the string representing the declaration. Once Goofy signed the statement, Alice had the currency. She can prove to anyone that she owns the coin, because she can show a data structure with a valid signature of goofy. In addition, it points to a valid currency that was once owned by Goofy.
Once Alice has the currency, it can be spent, such as paid to Bob, and the process such as Goofy paid to Alice is similar.
Complete schematic:
The following rules are summarized below: (1) Goofy can sign a statement that he uses a unique currency number to create a SGD. (2) The owner of the currency may transfer the currency to another person by signing a statement. (3) Anyone can verify the validity of a currency by hashing the pointer back to that it was created by goofy and verifying all the signatures in the process.
The drawback of the goofy coin has a fatal security risk, namely double payment problem. If Alice signs a statement and transfers a currency to Bob, but does not tell anyone else, she can sign a statement and transfer the currency to Jason. For Jason, the deal is also a valid deal. Both Bob and Jason can prove that they are the owner of the coin. One currency spent 2 times, which is the double payment issue.
Double payment is a key issue that needs to be addressed in crypto currencies.
The transfer mechanism of the goofy currency is very similar to Bitcoin, but it does not solve the double payment problem and is therefore not suitable for cryptocurrency.
The implementation of the high-flying currency github above the C # implementation of the goofy coin, you can refer to: https://github.com/vinils/GoofyCoin2015
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