Virtual Currency Development topic (How to complete the transfer confirmation of the cottage currency)

Blockchain Enthusiast (qq:53016353)

There are many people who have just contacted the cottage currency do not understand what is the "confirmation", the counterfeit money transfer why should be confirmed? How many times do you need to confirm the money transfer? How did you complete the transfer confirmation? Read the following introduction and I believe you will know something about it.

The transaction data of the cottage currency is packaged into a "block" or "block", and the transaction is initially confirmed. When the block is linked to the previous block, the transaction is further confirmed. After 6 blocks have been confirmed, the deal is essentially irrevocably confirmed. The cottage currency peering network stores all the transaction history in the blockchain (blockchain). The blockchain is continuously extended, and once the new chunks are added to the blockchain, they are no longer removed. A blockchain is actually a distributed database of scattered user-owned nodes, composed of all participants, and all the Shanzhai transactions are stored inside. When the volume of data increases, the client expects that the data will not all be stored in its own node. To achieve this goal, he introduced a hashing function mechanism. This way the client will be able to automatically cull out parts that are never available to them, such as some of the earliest counterfeit currency transactions.


The process of confirming a transaction is achieved by a proof-of-work mechanism that solves a series of computational challenges (to prove that you did provide sufficient computing power for the Shanzhai network). The proof-of-work mechanism requires that the computing power of a computer be limited to a certain amount of time to be solved, which makes it impossible for an attacker to rewrite the trading history unless he has the ability to compute more powerful than his cottage-equivalent network system, which can generate blockchain faster. In a timely manner, the Shanzhai Foundation and its participants found forged counterfeit block chains, which, after reaching a consensus, discouraged developers from developing and using counterfeit products, avoiding the possibility that a cottage currency would be used two times in a two-block chain. 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. The nodes of the entire Shanzhai peer network automatically detect the validity of transactions and blocks, and ignore any transactions and blocks that violate the rules, such as those that produce the wrong number of blocks, or the trading behavior of sending the same share of the cottage currency multiple times.


The client that participates in the processing block can get a certain amount of newly issued Shanzhai coins, as well as related transaction fees. In order to get these newly generated shanzhai coins, the user side involved in the processing of the block takes a lot of time and computational power, which is very similar to mining, so in Nakamoto the data processor is named "Miner" and the data processing activity is called "mining". These newly generated shanzhai coins can compensate the data processors in the system, and their calculation work provides a guarantee for the normal operation of the counterfeit-currency equivalent network. Through mining, the Shanzhai system has also injected a revolutionary currency into the global economy.