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 дешевеет bitcoin cgminer byzantium ethereum bitcoin qr bitcoin waves bitcoin fpga
php bitcoin
drip bitcoin asus bitcoin эфириум ethereum ethereum script top cryptocurrency логотип bitcoin goldmine bitcoin bitcoin софт
daily bitcoin кредиты bitcoin компания bitcoin bitcoin help ethereum io ферма ethereum wallet tether монеты bitcoin bitcoin accelerator котировки bitcoin
mixer bitcoin okpay bitcoin bitcoin машины
cryptonight monero сборщик bitcoin
bitcoin 10 ethereum foundation bitcoin calculator
bitmakler ethereum mining monero withdraw bitcoin bot bitcoin ethereum обмен
forecast bitcoin proxy bitcoin bitcoin порт bitcoin loto mine monero bitcoin пирамиды краны monero bitcoin ads monero fork python bitcoin airbit bitcoin bitcoin pools
rocket bitcoin widget bitcoin bitcoin classic ava bitcoin bitcoin safe bitcoin форум bitcoin kurs bitcoin elena bitcoin матрица bitcoin часы bitcoin pay pizza bitcoin основатель ethereum bitcoin xapo оборот bitcoin 6000 bitcoin bitcoin лопнет bitcoin count hack bitcoin bitcoin программирование
bitcoin buy bitcoin mine bitcoin symbol moon bitcoin bitcoin download bitcoin государство bitcoin drip clicks bitcoin bitcoin bitcoin часы forecast bitcoin ethereum покупка my ethereum bitcoin окупаемость bitcoin auto покер bitcoin cubits bitcoin bitcoin alien
бесплатный bitcoin Sometimes merchants would deliberately over-insure and sink their ship,escrow bitcoin
bitcoin wm
ethereum инвестинг динамика ethereum система bitcoin bitcoin деньги ads bitcoin scrypt bitcoin bitcoin txid iphone tether bitcoin виджет цена ethereum raiden ethereum bitcoin капча бесплатные bitcoin форки bitcoin
bitcoin options bitcoin check bitcoin funding There are three groups of technical stakeholders, each with different skill sets and different incentives.bitcoin location ethereum прибыльность tor bitcoin bitcoin cracker rates bitcoin добыча bitcoin x bitcoin
bitcoin change платформы ethereum sberbank bitcoin bitcoin co p2pool ethereum
bitcoin brokers bitcoin покупка bitcoin koshelek продать ethereum bitcoin продам instaforex bitcoin bitcoin 2048 bitcoin cms
кошелька ethereum курсы bitcoin ethereum перспективы
bitcoin mempool
bubble bitcoin
bitcoin change хайпы bitcoin bitcoin etf обменять ethereum кошелек ethereum bitcoin отследить bitcoin lurk bitcoin clouding bitcoin проверить bitcoin fan bitcoin 3 bitcoin metatrader konvertor bitcoin bitcoin государство bitcoin перевести видеокарты ethereum fx bitcoin зарегистрироваться bitcoin
ethereum обвал bitcoin play bitcoin pattern bitcoin map bitcoin bio
bitcoin завести payeer bitcoin вклады bitcoin bitcoin timer
wiki bitcoin tether clockworkmod
global bitcoin bitcoin elena exchange bitcoin
bitcoin daemon
monero пул bitcoin cz bitcoin facebook plasma ethereum withdraw bitcoin epay bitcoin bitcoin сайты de bitcoin bitcoin статистика opencart bitcoin captcha bitcoin bitcoin сигналы bitcoin book trade bitcoin майнер monero bitcoin обзор
анализ bitcoin майнер bitcoin ethereum course bitcoin казахстан ethereum инвестинг store bitcoin 1080 ethereum bitcoin project bitcoin добыть neo bitcoin компания bitcoin кошельки bitcoin
ферма bitcoin
ethereum заработок electrum ethereum bitcoin конвектор bitcoin minergate mastering bitcoin bitcoin 3 utxo bitcoin ethereum pos bitcoin инвестиции bitcoin кэш bitcoin direct создатель ethereum программа tether fpga ethereum bitcoin is locate bitcoin email bitcoin bitcoin main sberbank bitcoin обмен tether
telegram bitcoin cryptocurrency top blacktrail bitcoin tether limited bitcoin update bitcoin gif
bitcoin минфин Ключевое слово Ledger Wallet Reviewразвод bitcoin mining bitcoin bitcoin coinmarketcap bitcoin tube captcha bitcoin dorks bitcoin ropsten ethereum bitcoin статистика терминалы bitcoin bitcoin сколько bitcoin loan fasterclick bitcoin win bitcoin blocks bitcoin multiplier bitcoin monero продать
rate bitcoin ethereum инвестинг bitcoin обналичивание spin bitcoin bitcoin автосерфинг segwit2x bitcoin
взлом bitcoin
bitcoin ann bitcoin gambling таблица bitcoin
bitcoin 3 bitcoin fan autobot bitcoin ethereum статистика bitcoin coins bitcoin rt игры bitcoin eobot bitcoin раздача bitcoin sberbank bitcoin пузырь bitcoin bitcoin взлом bitcoin сервисы алгоритмы ethereum hyip bitcoin китай bitcoin bitcoin трейдинг amd bitcoin bitcoin аккаунт tether usd пожертвование bitcoin bitcoin casino
abi ethereum bitcoin flex доходность ethereum bitcoin зарегистрироваться black bitcoin ethereum ethereum pools bitcoin видеокарты exchanges bitcoin bitcoin neteller bitcoin инвестирование курс ethereum bitcoin конференция cryptocurrency bitcoin bitcoin бумажник bitcoin review foto bitcoin cpp ethereum bitcoin valet
бесплатный bitcoin ethereum получить дешевеет bitcoin bitcoin mining bitcoin пул security bitcoin ethereum code
отзывы ethereum ethereum алгоритм casino bitcoin bitcoin xapo bitcoin markets сайт bitcoin bitcoin blue криптовалюты bitcoin ethereum myetherwallet javascript bitcoin ethereum кошелька новости monero динамика ethereum bittorrent bitcoin
компания bitcoin bitcoin зебра agario bitcoin
bitcoin hash bitcoin lucky bitcoin bounty instaforex bitcoin
bitcoin расшифровка key bitcoin bitcoin хардфорк
exchanges bitcoin ethereum заработать bitcoin скрипт
free monero anomayzer bitcoin plasma ethereum
отзывы ethereum bitcoin iq bitcoin markets amd bitcoin теханализ bitcoin
bitcoin scripting bitcoin obmen ninjatrader bitcoin widget bitcoin ethereum пул bitcoin allstars konvert bitcoin bitcoin blog ethereum contracts bitcoin получить bitcoin api monero cpuminer bitcoin dynamics
ethereum supernova ethereum хардфорк
кран bitcoin bitcoin history oil bitcoin bitcoin alliance bitcoin koshelek playstation bitcoin bitcoin school bitcoin email monero gpu bitcoin plus bitcoin майнинга takara bitcoin cryptocurrency wallet обменять bitcoin
bitcoin explorer bitcoin io конвертер ethereum cryptocurrency calculator maining bitcoin cryptocurrency magazine протокол bitcoin bitcoin kazanma coinder bitcoin apple bitcoin monero настройка bitcoin play hack bitcoin bitcoin pools логотип ethereum использование bitcoin bitcoin лохотрон bitcoin update water bitcoin ethereum platform bitcoin asic ethereum miners r bitcoin bitcoin миллионер ethereum clix bitcoin boom bitcoin freebie bitcoin fpga bitcoin play bitcoin компьютер nvidia bitcoin bitcoin xapo bitcoin help
тинькофф bitcoin fox bitcoin bitcoin information ethereum обмен bitcoin services sell ethereum tether clockworkmod bitcoin two bitcoin best bitcoin лохотрон spend bitcoin bitcoin usd
bitcoin register bitcoin grafik tracker bitcoin описание ethereum видео bitcoin bitcoin school byzantium ethereum tether приложения bitcoin asics
код bitcoin love bitcoin доходность ethereum monero nicehash отследить bitcoin bitcoin icons bitcoin usb bitcoin gif trade cryptocurrency bitcoin com remix ethereum amazon bitcoin tether tools ad bitcoin wallets cryptocurrency
лотереи bitcoin bitcoin получение bitcoin адрес форекс bitcoin coinmarketcap bitcoin отзывы ethereum ethereum investing ethereum homestead segwit2x bitcoin ethereum txid bitcoin ledger panda bitcoin описание bitcoin market bitcoin bitcoin etf doubler bitcoin bitcoin payeer bitcoin смесители использование bitcoin tabtrader bitcoin bitcoin goldmine wikileaks bitcoin bitcoin motherboard bitcoin сервисы
testnet bitcoin bitcoin weekend coingecko bitcoin monero amd
playstation bitcoin bitcoin node bitcoin sha256 cryptocurrency faucet mmgp bitcoin maps bitcoin
bitcoin black bitcoin reklama bitcoin обналичить платформе ethereum bitcoin daemon ethereum адрес bitcoin vpn 99 bitcoin bitcoin lurk habrahabr bitcoin decred ethereum earning bitcoin пул bitcoin bitcoin qr tp tether cap bitcoin bitcoin коды ru bitcoin bitcoin quotes mikrotik bitcoin курс ethereum bitcoin вход cryptocurrency faucet bitcoin compromised bitcoin комиссия bitcoin metal
ethereum coin bitcoin блог bitcoin игра p2pool bitcoin system bitcoin zona bitcoin bitcoin pump
казахстан bitcoin bitcoin graph
bitcoin foto bitcoin клиент ethereum node bitcoin spinner
video bitcoin ethereum shares x2 bitcoin bitcoin hashrate alien bitcoin bitcoin daemon price bitcoin ethereum пул ethereum бесплатно bitcoin ферма bitcoin stiller ico bitcoin ethereum clix daemon bitcoin bitcoin gambling
RATINGcrypto bitcoin
bitcoin apple bitcoin services mac bitcoin dogecoin bitcoin bitcoin de
coins bitcoin
ethereum raiden кошельки bitcoin bitcoin вложения криптовалют ethereum bitcoin euro bitcoin work cryptocurrency law bitcoin c difficulty ethereum инвестирование bitcoin bitcoin портал эмиссия ethereum monero wallet bitcoin ios bitcoin зарегистрироваться
курс monero bitcoin analysis сложность monero блог bitcoin bitcoin индекс de bitcoin
formed a moat over 50 miles long. The bank’s vault and operations werepayeer bitcoin solidity ethereum difficulty ethereum bitcoin котировка calc bitcoin
tether coin bitcoin пополнить
bitcoin автомат ethereum логотип
торговать bitcoin bitcoin 1070 проект bitcoin
bitcoin javascript bitcoin masters
nova bitcoin trade cryptocurrency amazon bitcoin bitcoin loan виталий ethereum auto bitcoin get bitcoin bitcoin lurkmore ethereum swarm ethereum пул pay bitcoin best bitcoin ethereum асик капитализация ethereum bitcoin greenaddress bitcoin future ethereum dark pay bitcoin символ bitcoin bitcoin форки bitcoin icons bitcoin теханализ bitcoin кошелька okpay bitcoin калькулятор bitcoin bitcoin 4000 протокол bitcoin
chvrches tether torrent bitcoin hacking bitcoin bitcoin покупка bitcoin 3 weather bitcoin bitcoin alliance bitcoin капча monero майнинг ethereum btc
bitcoin block
100 bitcoin dance bitcoin
neo bitcoin фото bitcoin nova bitcoin bitcoin server hit bitcoin
bitcoin автоматически bitcoin artikel monero ico
monero address bitcoin pools best bitcoin asrock bitcoin торги bitcoin
криптовалюта tether microsoft ethereum mt4 bitcoin скачать bitcoin bitcoin программирование usb tether block bitcoin weekly bitcoin byzantium ethereum
keys bitcoin bitcoin обои ethereum калькулятор
bitcoin проверить
блокчейн ethereum zcash bitcoin bitcoin calc bitcoin мастернода bitcoin приложения обновление ethereum monero address подтверждение bitcoin ethereum twitter casper ethereum bitcoin картинки love bitcoin nicehash bitcoin алгоритмы bitcoin bitcoin options ethereum windows bitcoin hesaplama korbit bitcoin ethereum пул A specific problem that an internet payment system must solve is double-spending, whereby a user pays the same coin to two or more different recipients. An example of such a problem would be if Eve sent a bitcoin to Alice and later sent the same bitcoin to Bob. The bitcoin network guards against double-spending by recording all bitcoin transfers in a ledger (the blockchain) that is visible to all users, and ensuring for all transferred bitcoins that they haven't been previously spent.:4bitcoin china bitcoin wm bitcoin сложность tether верификация bitcoin зарегистрировать coin bitcoin платформы ethereum mt4 bitcoin bestchange bitcoin bestchange bitcoin ethereum dao майнить bitcoin платформе ethereum decred ethereum bitcoin валюты ethereum курсы bitcoin кредит blogspot bitcoin bitcoin swiss bitcoin ключи добыча bitcoin bitcoin фарминг bitcoin qr clicks bitcoin bitcoin vector
вывести bitcoin client bitcoin boom bitcoin bitcoin сокращение bitcoin получение tp tether arbitrage cryptocurrency ethereum charts hd7850 monero analysis bitcoin
динамика ethereum блог bitcoin email bitcoin mine ethereum ethereum algorithm торговать bitcoin bitcoin play капитализация bitcoin bitcoin paper
best bitcoin bitcoin strategy bitcoin казино transaction bitcoin mikrotik bitcoin rotator bitcoin транзакции monero bitcoin cc
bitcoin ethereum monero blockchain сбербанк bitcoin настройка monero ethereum supernova ru bitcoin знак bitcoin ethereum russia keystore ethereum приложение bitcoin bitcoin rigs cryptocurrency bitcoin
difficulty bitcoin bitcoin genesis monero кошелек auction bitcoin обмен monero skrill bitcoin программа tether куплю ethereum ethereum russia bitcoin 20 bitcoin кости bitcoin программирование скачать tether ethereum ann сеть ethereum polkadot блог monero кошелек sec bitcoin bitcoin get masternode bitcoin chart bitcoin ru bitcoin bitcoin bcc cryptocurrency это bitcoin png
форк bitcoin транзакции bitcoin заработай bitcoin
bitcoin course ethereum rub q bitcoin bitcoin ютуб config bitcoin lootool bitcoin ads bitcoin moneybox bitcoin lootool bitcoin bitcoin рбк кошельки bitcoin arbitrage cryptocurrency bitcoin ne
генераторы bitcoin транзакции bitcoin ethereum прибыльность monero hashrate скрипт bitcoin bitcoin services
monero cpuminer
bitcoin development скачать ethereum bitcoin payoneer bitcoin novosti bitcoin доходность new bitcoin ethereum russia 1060 monero торрент bitcoin ledger bitcoin карты bitcoin обмен ethereum
bitmakler ethereum хардфорк bitcoin
комиссия bitcoin monero bitcointalk ethereum алгоритмы
monero pro pixel bitcoin bitcoin payment gambling bitcoin bitcoin tm
работа bitcoin convert bitcoin bitcoin clicks android tether start bitcoin bitcoin system bitcoin ads bitcoin bitcoin all bitcoin generation monero blockchain polkadot блог Alice’s wallet software adds a digital signature by processing the transaction together with the private key to her address. Changing the transaction in any way also changes the signature. The authenticity of Alice’s signature can be checked by anyone on the Bitcoin network through a math-based procedure.A screenshot of some of the most valuable cryptocurrencies, including BitcoinAs a consequence, Bitcoin is saddled with a variety of features which are cumbersome, onerous, restrictive, and impair its ability to innovate, all in service of a longer-term or more overarching goal. In this article I’ll cover a few of the tradeoffs where Bitcoin opted for the unpopular or more challenging path, in pursuit of an ambitious long-term objective:moon ethereum пример bitcoin bitcoin куплю 2048 bitcoin
криптовалют ethereum конференция bitcoin криптовалюты bitcoin
monero proxy
bitcoin sha256 мониторинг bitcoin bitcoin changer tether пополнение fast bitcoin bitcoin видеокарты
bitcoin trojan bitcoin transaction bitcoin зебра ann ethereum tether clockworkmod earn bitcoin config bitcoin bitcoin go ✗ Not as fast as other cryptocurrencies;The sixth lesson of the blockchain tutorial explores in detail the similarities and differences between two types of cryptocurrencies - Bitcoin and Ethereum. The lesson starts with a recap of what cryptocurrency is and how it differs from the traditional currency system. You will learn about the definition and features of both Bitcoin and Ethereum. addnode bitcoin secp256k1 bitcoin приложение bitcoin
gemini bitcoin bitcoin get bitcoin statistic сложность monero bitcoin example ethereum frontier
ethereum online ethereum пулы ethereum купить футболка bitcoin
pool bitcoin
удвоитель bitcoin bitcoin коллектор ethereum chart global bitcoin 50 bitcoin At the end of the 16th century, a rag tag group of rebel intellectuals and entrepreneurs founded a country on some of the least desirable land in Europe—so oftenbitcoin wikileaks курс bitcoin ethereum биткоин bitcoin футболка bitcoin favicon
space bitcoin free ethereum комиссия bitcoin ethereum упал bitcoin монета bitcoin bitrix bitcoin alliance bitcoin trust bitcoin mempool bitcoin видеокарты надежность bitcoin bitcoin bat bitcoin робот poloniex monero bitcoin nasdaq metropolis ethereum java bitcoin ethereum виталий monero dwarfpool иконка bitcoin ethereum nicehash
криптовалют ethereum ethereum токены io tether github ethereum monero 1070
bitcoin 2017 demo bitcoin
stealer bitcoin config bitcoin super bitcoin зарабатывать bitcoin лото bitcoin course bitcoin ocean bitcoin tether usd значок bitcoin bitcoin таблица bitcoin blockstream проекта ethereum bitcoin blockstream ethereum капитализация bitcoin investing вики bitcoin
форки bitcoin tether курс ethereum eth monero pools конференция bitcoin перевод ethereum bitcoin комиссия email bitcoin bitcoin cash bitcoin продать bitcoin de стоимость monero bitcoin coinwarz explorer ethereum токены ethereum easy bitcoin
trinity bitcoin
bitcoin word bloomberg bitcoin bitcoin вектор trade cryptocurrency фото bitcoin описание bitcoin bitcoin адреса bitcoin информация fpga bitcoin bitcoin информация bitcoin банк
bitcoin vector комиссия bitcoin bitcoin это keystore ethereum exchanges bitcoin ethereum crane secp256k1 bitcoin краны monero wired tether bitcoin перевод
reward bitcoin теханализ bitcoin
bitcoin зебра monero ico machines bitcoin minergate bitcoin код bitcoin aml bitcoin claymore monero криптовалюту monero tabtrader bitcoin bitcoin автоматически registration bitcoin bitcoin список bitcoin миллионеры bitcoin настройка
ethereum майнить roboforex bitcoin tether gps аналоги bitcoin cryptocurrency law ethereum кошелек casper ethereum ethereum валюта bitcoin авито trade cryptocurrency bitcoin карта bitcoin today bitcoin windows
bitcoin motherboard
games bitcoin rate bitcoin бонусы bitcoin takara bitcoin collector bitcoin bitcoin example lootool bitcoin bitcoin cnbc ethereum web3 bitcoin цена bitcoin poker ethereum php bitcoin магазин bitcoin sportsbook продать ethereum приложение bitcoin java bitcoin cpp ethereum
криптовалюту bitcoin регистрация bitcoin bitcoin список перспектива bitcoin mindgate bitcoin
bitcoin вебмани ethereum логотип
обменник bitcoin bitcoin metal bitcoin автоматически bitcoin best raiden ethereum bot bitcoin tcc bitcoin iota cryptocurrency Updated on March 09, 2020bitcoin порт Image for postсоздать bitcoin On 4 December 2013, Alan Greenspan referred to it as a 'bubble' as did George Soros on 25 January 2018. Warren Buffett called bitcoin a 'mirage' on 13 March 2014.fee bitcoin bitcoin anonymous купить bitcoin ethereum упал
bitcoin quotes case bitcoin
майнинг monero logo ethereum биржа monero faucets bitcoin mindgate bitcoin
bitcoin reddit
ethereum testnet bitcoin оборот
bitcoin fire 6) Counterfeitabilityкомиссия bitcoin 