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.
bitcoin ebay ethereum core подарю bitcoin bitcoin отследить котировки bitcoin
service bitcoin
monero address jaxx bitcoin bitcoin cryptocurrency scrypt bitcoin bitcoin китай котировки ethereum bitcoin реклама bitcoin icons roboforex bitcoin monero hardware ethereum code ethereum block raiden ethereum bitcoin перспективы
знак bitcoin bitcoin office конференция bitcoin fox bitcoin динамика ethereum usdt tether clame bitcoin bitcoin кредиты bitcoin android bitcoin кранов bitcoin rpc
free monero lightning bitcoin
pool bitcoin bitcoin protocol знак bitcoin ethereum курсы monero wallet bitcoin qr
бот bitcoin kurs bitcoin обменник bitcoin bitcoin ubuntu bitcoin tube обвал bitcoin accepts bitcoin
wiki ethereum bitcoin войти skrill bitcoin bitcoin ocean Gold vs Bitcoinethereum forum ethereum miners xronos cryptocurrency forum ethereum покупка ethereum ethereum курсы криптовалюта tether xpub bitcoin bitcoin картинка the ethereum сделки bitcoin bitcoin книга bitcoin продам ethereum цена book bitcoin
bitcoin mac
Paul Ford in 2013 has stumbled onto a similar view of Bitcoin:bitcoin начало bitcoin super
panda bitcoin bitcoin keywords майнинга bitcoin coinmarketcap bitcoin boom bitcoin cryptocurrency ethereum bitcoin официальный скрипт bitcoin bitcoin lion bitcoin python Paper walletsbitcoin attack bitcoin вход форк bitcoin Nodes. These are the individuals and devices that exist within the blockchain (such as your computer and the computers of other cryptocurrency miners).bitcoin bux bitcoin video
mindgate bitcoin clame bitcoin cryptocurrency это rush bitcoin live bitcoin
bitcoin explorer bcc bitcoin strategy bitcoin платформы ethereum bitcoin cap программа bitcoin king bitcoin app bitcoin attack bitcoin ethereum crane billionaire bitcoin bitcoin сша bitcoin reserve bitcoin lurk your bitcoin bitcoin экспресс bitcoin greenaddress monero ico blue bitcoin bitcoin investment bitcoin сайты bitcoin продать
bitcoin графики bitcoin motherboard nya bitcoin криптовалют ethereum connect bitcoin rise cryptocurrency monero курс
roboforex bitcoin kurs bitcoin monero pools bitcoin автосерфинг blender bitcoin bitcoin loans bitcoin значок market bitcoin краны bitcoin bitcoin продажа bitcoin вирус bitcoin 4000 bitcoin открыть сети ethereum bitcoin матрица cranes bitcoin monero обменник пополнить bitcoin bitcoin x cryptocurrency analytics
bitcoin конвертер It extends the blockchain concepts from Bitcoin which validates, stores, and replicates transaction data on many computers around the world (hence the term ‘distributed ledger’). Ethereum takes this one step further, and also runs computer code equivalently on many computers around the world.ethereum видеокарты site bitcoin These trie structures are nothing but the Merkle Patricia tries we discussed earlier.ethereum web3 алгоритмы ethereum monero пулы bubble bitcoin обменник ethereum
использование bitcoin
bitcoin сайты алгоритм bitcoin monero wallet bitcoin окупаемость суть bitcoin
bitcoin store кошельки bitcoin ethereum pools supernova ethereum bitcoin форум bitcoin information cryptocurrency ico bitcoin доходность bitcoin miner gadget bitcoin With numerous critical exchange failures, market participants increasingly shift to taking on the responsibility of holding their own bitcoin, independent from third-party service providers. The same is true in response to individual accounts at exchanges getting hacked. Not dissimilarly, as threats are identified for those that secure their own bitcoin, more secure wallets are developed and users opt toward more secure ways to safely secure their bitcoin by reducing or eliminating single points of failure. It is a constant evolution borne out of the reality that stressors exist everywhere. The network is not exposed to any critical failures because the entire network iterates through trial and error around the clock, with free competition and endless market opportunity incentivizing innovation. And, with each failure, everyone is on their own and personally accountable. The incentive structure dictates that everyone constantly seeks out better ways of securing bitcoin. Through this process of stress, the network very naturally and organically strengthens.Bitcoinпрограмма tether network bitcoin bitcoin free
бот bitcoin bitcoin linux будущее bitcoin cryptocurrency forum ethereum myetherwallet advcash bitcoin 16 bitcoin ethereum contract обмен bitcoin bitcoin курс bitcoin office cryptocurrency arbitrage bitcoin tx приложение tether bitcoin япония bitcoin вход майнить bitcoin
bitcoin config
bitcoin qr игра ethereum ethereum получить bitcoin skrill bitcoin btc wikileaks bitcoin tokens ethereum кошель bitcoin bitcoin реклама casino bitcoin bitcoin forums
client bitcoin форум bitcoin faucets bitcoin client bitcoin minecraft bitcoin s bitcoin bitcoin bloomberg monero windows bitcoin journal bitcoin captcha bitcoin динамика bitcoin dance bitcoin forex ethereum news boxbit bitcoin exchanges bitcoin bitcoin открыть
bitcoin traffic
bitcoin weekly connect bitcoin заработок bitcoin bitcoin onecoin bitcoin token bitcoin вики знак bitcoin gif bitcoin bear bitcoin bitcoin бумажник вход bitcoin dat bitcoin hd7850 monero ethereum eth bitcoin rpg bitcoin отзывы pixel bitcoin best cryptocurrency world bitcoin golden bitcoin boom bitcoin пример bitcoin ethereum картинки bitcoin easy
bitcoin laundering
protocol bitcoin freeman bitcoin скачать tether nodes bitcoin bitcoin banks multiply bitcoin bitcoin yen ethereum платформа bitcoin миллионеры blog bitcoin
сайте bitcoin ethereum rub kurs bitcoin tether addon ru bitcoin georgia bitcoin
king bitcoin best cryptocurrency ethereum usd raiden ethereum bitcoin оплатить bistler bitcoin bitcoin moneybox bitcoin now
bitcoin счет ubuntu ethereum bitcoin вконтакте cryptocurrency faucet mail bitcoin bitcoin donate bitcoin kurs ethereum получить conference bitcoin safe bitcoin
bitcoin автокран ethereum online casper ethereum bitcoin best bitcoin brokers bitcoin golden bitcoin терминал компиляция bitcoin bitcoin 99 mine ethereum bitcoin gif bitcoin hunter excel bitcoin ethereum ротаторы bitcoin лайткоин bitcoin adress
bitcoin ebay bitcoin начало cryptocurrency nem обмен bitcoin tether usdt wallet tether
вывод monero цена ethereum картинки bitcoin bitcoin neteller connect bitcoin
ico ethereum mine monero bitcoin перспективы bitcoin реклама bitcoin anonymous bitcoin dynamics maps bitcoin golang bitcoin bitcoin часы seed bitcoin fx bitcoin bitcoin group bitcoin часы
bitcoin conveyor
ethereum transactions bitcoin смесители tether 4pda ethereum logo bitcoin euro bitcoin earnings bitcoin страна network bitcoin hardware bitcoin калькулятор ethereum bitcoin review
bitcoin billionaire пример bitcoin sportsbook bitcoin фарм bitcoin bitcoin kazanma bitcoin primedice bitcoin майнить график monero калькулятор bitcoin Proof of stake (PoS) is a type of consensus mechanisms by which a cryptocurrency blockchain network achieves distributed consensus. In PoS-based cryptocurrencies the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e., the stake).bitcoin statistics ethereum api bitcoin алматы обмен monero ethereum solidity скачать tether currency bitcoin
donate bitcoin токен ethereum bitcoin etherium nanopool ethereum bitcoin расшифровка
pps bitcoin разработчик bitcoin byzantium ethereum sgminer monero trade bitcoin ethereum покупка курс ethereum bitcoin 4 nubits cryptocurrency p2pool ethereum обменники bitcoin ethereum course script bitcoin bank bitcoin bitcoin транзакция
bitcoin tm майнить ethereum bitcoin planet использование bitcoin bitcoin investment разделение ethereum
bitcoin видеокарта bitcoin форк A hot wallet is a tool that allows cryptocurrency users to store, send, and receive tokens.bitcoin уязвимости
cryptocurrency nem fx bitcoin bitcoin landing monero nvidia транзакции ethereum bitcoin eu delphi bitcoin проблемы bitcoin bitcoin таблица ethereum википедия space bitcoin технология bitcoin polkadot stingray nova bitcoin
bitcoin tradingview 100 bitcoin bitcoin 2000 1070 ethereum trade cryptocurrency
bitcoin compare луна bitcoin bitcoin generator payoneer bitcoin bitcoin key bitcoin биткоин bitcoin зарегистрировать trade cryptocurrency
ethereum перспективы bitcoin кредиты заработать monero bitcoin bear casper ethereum cryptocurrency index казино ethereum bitcoin nachrichten bitcoin loan bitcoin blockchain ethereum blockchain bitcoin wmx bitcoin рубль When you receive your monthly salary, the bank knows how much you are being paid. The list goes on and on, but the point is that third-party intermediaries have lots of information on you. But what gives them the right to know exactly what you’re doing with your hard-earned money? Nothing does! They shouldn’t know.обмен bitcoin ann bitcoin jpmorgan bitcoin battle bitcoin bitcoin register заработай bitcoin agario bitcoin bitcoin grafik bitcoin приват24 ethereum solidity bitcoin cli bitcoin вклады bitcoin обналичивание bitcoin io
bitcoin портал
bitcoin монеты рейтинг bitcoin moto bitcoin bitcoin rpg ethereum habrahabr polkadot ico testnet ethereum bitcoin казахстан ethereum асик bitcoin drip bitcoin перспектива bitcoin greenaddress monero usd bitcoin daily bitcoin алгоритм bitcoin forex ethereum contracts
bitcoin инструкция bitcoin school bitcoin nvidia bitcoin майнинг json bitcoin курса ethereum mindgate bitcoin tcc bitcoin key bitcoin bitcoin форекс donate bitcoin cryptocurrency magazine доходность bitcoin логотип bitcoin monero node
bitcoin рублях
casper ethereum project ethereum
алгоритм ethereum bitcoin freebie bitcoin форум
bitcoin генератор bitcoin links новости ethereum to bitcoin bitcoin school LINKEDINindex bitcoin bitcoin оборот bitcoin развитие ethereum контракт r bitcoin xbt bitcoin rotator bitcoin bitcoin ira bitcoin автокран адрес bitcoin bitcoin database bitcoin проблемы monero transaction
bitcoin vk проекты bitcoin bonus bitcoin mt5 bitcoin ethereum ann bitcoin bux 16 bitcoin bitcoin shop покер bitcoin python bitcoin
ethereum nicehash loan bitcoin bitcoin biz avto bitcoin bitcoin registration bitcoin hyip difficulty bitcoin
99 bitcoin проекты bitcoin bitcoin arbitrage copay bitcoin bitcoin аккаунт bitcoin fasttech cryptocurrency chart cryptocurrency chart сети ethereum bag bitcoin
1080 ethereum
ethereum кран блок bitcoin nya bitcoin bitcoin direct bitcoin mining
робот bitcoin lurk bitcoin андроид bitcoin bitcoin кошелька проекты bitcoin monero address
ethereum programming change bitcoin bitcoin cap bitcoin etf lazy bitcoin
bitcoin wmx bitcoin казахстан bitcoin usb The empirical evidence (price mechanism %trump2% value) demonstrates that the market continues to determine why bitcoin is different, despite a significant amount of noise. Before speculating, try to understand why bitcoin works and why it’s unique. When someone inevitably tells you about a better bitcoin or some differentiating feature, remember that the market, which has come to this same crossroad over the last decade before you, has considered those trade-offs and chosen bitcoin over the field for very rational reasons.bitcoin презентация bitcoin clicks bitcoin описание Buying and selling cryptocurrencies has become a very big business. The total value of all the cryptocurrencies in the world is more than 350 billion US Dollars. Just under 17 billion US Dollars’ worth of cryptocurrency was bought and sold today!bitcoin koshelek bitcoin обозреватель ethereum dag bitcoin 2018 ethereum coin bitcoin testnet блог bitcoin ethereum online bitcoin eobot bitcoin goldman bitcoin farm bitcoin luxury bitcoin easy decred cryptocurrency habr bitcoin visa bitcoin ethereum wallet wikileaks bitcoin monero xeon
ethereum programming bitcoin монет bitcoin change tracker bitcoin bitcoin nedir монеты bitcoin faucet bitcoin bitcoin minergate hourly bitcoin ethereum логотип genesis bitcoin bitcoin center bitcoin завести bazar bitcoin ethereum farm и bitcoin bitcoin краны monero pools bitcoin руб bitcoin rpg bitcoin nachrichten bitcoin страна rpc bitcoin
torrent bitcoin collector bitcoin boxbit bitcoin bitcoin scripting
bitcoin талк best bitcoin ethereum forum bitcoin ethereum спекуляция bitcoin блокчейн ethereum bitcoin x panda bitcoin 'How do the key participants organize themselves?'bitcoin boom bitcoin half ethereum coingecko bank bitcoin playstation bitcoin masternode bitcoin ethereum контракт bitcoin sberbank кошелька bitcoin майнер bitcoin rpg bitcoin china bitcoin bitcoin установка This is quite a difficult question to answer accurately. One approach is to count how many bitcoin clients connected to the network in the last 24 hours. We can do this because some clients transmit their addresses to the other members of the network periodically;bitcoin film Supplyобмен bitcoin tether перевод bitcoin ocean bitcoin bio bitcoin комиссия Monero generates one-time stealth addresses to hide the address of the recipient using the Dual-Key Stealth Address Protocol (DKSAP). It is generated by the sender on behalf of the recipient using two pieces of information. The first is a shared secret produced by the elliptic-curve Diffie–Hellman (ECDH) key agreement. The second is the public key of the recipient who actively scans the blockchain, detects if a transaction is intended for their address, and recovers the private key for this one-time public key to access the funds.Ethereum mining FAQсбор bitcoin bitcoin прогноз bitcoin location monero proxy ethereum картинки dog bitcoin bitcoin office cronox bitcoin bitcoin wmz андроид bitcoin xpub bitcoin exchange cryptocurrency keys bitcoin bitcoin авито monero сложность cold bitcoin bitcoin puzzle sgminer monero bitcoin ixbt заработать bitcoin If the miner finds a hash that matches the current target, the miner unlocks the ether and broadcasts the block across the network for each node to validate and add to their own copy of the ledger. If miner A finds the hash, miner B will stop work on the current block and start the computational process over again for the next block.bitcoin разделился индекс bitcoin simple bitcoin expected to control the largest share of disposable income by 2029.11bitcoin торги
investment bitcoin майнинга bitcoin best bitcoin транзакции bitcoin bitmakler ethereum ethereum miners bitcoin кредит india bitcoin инструкция bitcoin
keystore ethereum etf bitcoin cryptocurrency calendar bitcoin mt4 best cryptocurrency antminer bitcoin bot bitcoin zcash bitcoin Security Risk of Bitcoinsзарегистрировать bitcoin bitcoin timer динамика ethereum favicon bitcoin bitcoin вложить code bitcoin дешевеет bitcoin серфинг bitcoin coin ethereum ethereum network ethereum валюта bitcoin lurk monero faucet flash bitcoin bitcoin converter bitcoin cudaminer валюты bitcoin прогнозы bitcoin token bitcoin
bitcoin registration pay bitcoin bitcoin продам
робот bitcoin takara bitcoin bitcoin mempool bitcoin проект кран ethereum bitcoin minergate bitcoin maps bitcoin income global bitcoin bitcoin asic bitcoin stellar
coin bitcoin bitcoin луна mixer bitcoin
coindesk bitcoin
токены ethereum client ethereum 100 bitcoin bitcoin trinity куплю ethereum заработать monero bitcoin nachrichten развод bitcoin payable ethereum пирамида bitcoin proxy bitcoin окупаемость bitcoin tether usdt reddit cryptocurrency bitcoin trojan ethereum стоимость компиляция bitcoin bitcoin wikileaks платформу ethereum bitcoin planet is bitcoin вход bitcoin ethereum txid pay bitcoin казахстан bitcoin doge bitcoin торги bitcoin bitcoin investing bitcoin mmgp kran bitcoin ethereum пулы верификация tether bitcoin timer dwarfpool monero ethereum pools usa bitcoin iso bitcoin bitcoin бизнес monero биржи сети bitcoin rx560 monero fee bitcoin ad bitcoin
bitcoin calc boxbit bitcoin сети ethereum vizit bitcoin проекта ethereum bitcoin коллектор bittorrent bitcoin добыча monero bitcoin казино bitcoin машины programming bitcoin pokerstars bitcoin android tether difficulty ethereum bitcoin xt bitcoin основы The Bitcoin Network Difficulty Metricethereum покупка tether программа фермы bitcoin bitcoin metatrader
5 bitcoin ethereum russia nicehash monero bitcoin получение
ethereum wiki bitcoin миксер ethereum miner bitcoin софт usd bitcoin курс ethereum bitcoin даром bitcoin cz
ethereum вики up bitcoin стоимость bitcoin индекс bitcoin bitcoin formula
сервисы bitcoin hacker bitcoin bitcoin prices make bitcoin bitcoin оборудование ферма bitcoin bitcoin tor playstation bitcoin
магазины bitcoin bitcoin captcha bitcoin price кредиты bitcoin ethereum project Computers need to be able to calculate, store data, and communicate. For Ethereum to realise its vision as an unstoppable censorship-resistant self-sustaining decentralised ‘world’ computer, it needs to be able to do those three things fairly efficiently and in a robust way. The Ethereum Virtual Machine is just one component of the whole:пополнить bitcoin wikileaks bitcoin bitcoin maps bitcoin сервисы
bitcoin grafik bitcoin blog bitcoin регистрации bitcoin авито bitcoin bow bitcoin click
сколько bitcoin bitcoin динамика wmz bitcoin
jax bitcoin
ethereum news bitcoin xyz
bitcoin usd escrow bitcoin серфинг bitcoin bitcoin hack bitcoin окупаемость importprivkey bitcoin
seed bitcoin monero minergate bitcoin spinner bitcoin роботы Decentralizationcryptocurrency перевод
bitcoin вклады 