👋Tips Part 1.
Last updated
Last updated
As of January 2023, the global population of cryptocurrency holders was approximately 432 million. By December, this number had grown to 580 million.
Blockchain is a type of decentralized database technology, which uses encryption to protect data, ensuring the security and integrity of the information. Through blockchain, information is divided into multiple blocks and linked together in a chain. Each block contains a timestamp and an encrypted link to the previous block, thus forming a continuous chain. The most famous application of this technology is Bitcoin, but its applications have expanded to include areas such as smart contracts, supply chain management, and more. The decentralized nature of blockchain makes information more transparent and greatly improves the security and efficiency of transactions.
Due to the decentralized and immutable characteristics of blockchain, it provides a new solution for information storage, especially in scenarios requiring high trust and security. It makes data management more efficient, reduces the need for intermediaries, thereby lowering costs and increasing speed. Moreover, blockchain technology has also inspired innovation, fostering the emergence of new business models such as decentralized finance (DeFi) and non-fungible tokens (NFTs). As more industries explore and apply blockchain technology, it is expected to bring broader social and economic changes.
Blockchain operates independently of a single centralized authority, instead, it is maintained by a decentralized network. This enhances the system's transparency, resilience to attacks, and reliability.
Once data is added to the blockchain, it becomes difficult to change. Each block contains the hash value of the previous block, forming a continuous chain. This makes it impossible to tamper with past transactions.
The data on the blockchain is visible to all participants. Anyone can view the transaction history on the blockchain, increasing trust and transparency.
Blockchain utilizes cryptographic technology to ensure the security of data. Transactions on the blockchain are encrypted and verified, and require reaching a consensus mechanism, such as Proof of Work (PoW) or Proof of Stake (PoS).
Blockchain can execute automated smart contracts, which are contracts in code form that execute automatically based on predefined conditions.
