Introduction to Virtual currency development

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Introduction to Virtual currency development one:

Once the transaction data of the virtual currency is packaged into a block, the transaction is initially confirmed. After the next block of data is linked to the previous block, the transaction is further confirmed. After receiving 6 consecutive confirmations, the deal is largely irreversible and has been confirmed. The Bitcoin network stores all trading history in a "Data Block chain" (blockchain). The data block chain is continuously extended, and once the data block is added to the data block, it is no longer removed. A data block chain is actually a decentralized database of all participants, and is a record of all Bitcoin transaction history.

Satoshi, founder of Bitcoin, predicts that when the volume of data increases, users will expect that the data is not all stored locally. In order to achieve this goal, it is necessary to introduce the Merkle tree mechanism. With this mechanism, the user's local client will be able to proactively cull out parts that are never available to them, such as some very early bitcoin transactions. The process of confirming a transaction is achieved by solving the problem of a workload proving mechanism that is difficult to calculate. The proof-of-work mechanism requires the computer to calculate a certain amount of time to be solved when computing power is a finite value, which makes it impossible for an attacker to rewrite the transaction history unless he can have more powerful computing power than the rest of the bitcoin system, thereby generating a block chain at a faster speed. The difficulty of the proof-of-work mechanism is automatically adjusted by the system, so it takes about 10 minutes to generate the new blocks. All stasis systems detect the validity of trades and blocks and ignore any transactions and blocks that violate the rules, such as those that generate the wrong number of Bitcoin, or multiple senders of the same bitcoin. The terminals involved in processing the transaction block can receive a certain amount of newly issued bitcoins and related transaction fees. In order to get these newly generated bitcoins, the terminal involved in processing the block needs to pay a lot of time and computational power, which is very similar to mining, so Nakamoto named the deal processor "miner" and called the transaction processing activity the mining. These newly generated bitcoins can reward transaction handlers in the system, and their computing work guarantees the operation of the Bitcoin trading network. By mining, the bitcoin system injects money into the economy.


In addition to the official client, there are a number of third-party clients and software to facilitate the application of Bitcoin in all aspects.