Thursday, April 22, 2021
Home The Capital An article to understand Bitcoin

An article to understand Bitcoin

Blockchain

Blockchain is a data structure in which blocks containing transaction information are sequentially linked from back to front. It can be stored as a flatfile (a file that contains records that have no relative relationship), or it can be stored in a simple database. The Bitcoin Core client uses Google’s LevelDB database to store blockchain metadata. Blocks are linked in this chain in an orderly manner from back to front, and each block points to the previous block.

Mining

With the concepts of transaction, block and blockchain, if we only consider the blockchain as a database, we can use these concepts to construct a blockchain system. We can use the transaction data structure to store transaction data (checks, blogs, etc.), package transaction data through blocks, and finally, connect blocks through block hashes. This is what we usually call blockchain.

P2P network and nodes

Bitcoin uses an Internet-based P2P network architecture. Each node in the P2P network is equal to each other, each node provides services together, and there is no special node. There are no servers, centralized services, and hierarchical structures in the P2P network. P2P networks are inherently scalable, decentralized, and open. Bitcoin is designed as a peer-to-peer digital cash system, and its network architecture is not only a reflection of this core feature but also the cornerstone of this feature. Decentralized control is the core principle of the design. It can only be achieved by maintaining a flat and decentralized P2P consensus network.

Popular Articles