What is Illustrated Blockchain Technology?


Illustrated Blockchain Technology

The times are changing too fast. Waves of new concepts such as big data, blockchain, AI and artificial intelligence have dazzled us. In the constant subversion of innovation, the inexplicable anxiety envelopes everyone. Among the development of these new things, the most remarkable one is undoubtedly the blockchain technology. From nobody to anyone to everyone, everyone knows that blockchain has already become one of the most promising industries in the next five years. It is an emerging area where major financial institutions and top banks around the world are investing and chasing.

The blockchain can be said to be hot overnight, and the streets and alleys are discussing this emerging concept. It seems that whoever can't catch up with this new word can't keep up with fashion, but the status quo is that not so many people really Understanding the blockchain, most people's understanding of the essence of the word is still confused.

Still confused by listening to other people's explanations? Reading professional books is boring? How to easily and quickly understand the blockchain? This problem is worrying to many people.

Don't worry, the most easy-to-understand and most interesting blockchain illustration book "Illustrated Blockchain '' is here! This book is jointly created by industry celebrities Xu Xingxing, Tian Ying and Li Yiyue. Monographs in this industry. OK Group also provided a lot of data and theoretical support. "Illustrated Blockchain'' uses vivid and vivid language, in the form of comics and stories, to fully reveal the basic principles, applications and development prospects of the blockchain, telling readers what the blockchain is and what application value the blockchain has To ensure that readers can understand the blockchain in a second through a book. It has been praised by the industry as a popular science primer for the blockchain industry.

So what kind of blockchain world does this book contain?

"Illustrated Blockchain" reads the blockchain from four parts, explaining its origin, principle, characters, and specific applications.

This book mainly answers the question of what is a blockchain. The author Xu Mingxing believes that blockchain refers to the technology of collectively generating a series of ordered data blocks in a decentralized and detrusted manner with the help of mathematical algorithms and forming a reliable database. The essence of the blockchain is a distributed general ledger. Accounting bookkeeping is a traditional form of bookkeeping, but it is extremely error-prone and creates the risk of false accounting. There must be credit problems in this form of bookkeeping. However, the blockchain can solve the crisis of trust with three advantages. First, the ledger is infinitely large; second, each block is encrypted with a unique timestamp; third, decentralization, and everyone participates in bookkeeping.

A simple example in the book helps understand this concept. If in a family, the father will do the accounting alone, then he may steal a few packs of cigarettes, for fear that the mother will read it and not keep the account. However, if family members keep accounts together, this is an open and transparent ledger, which guarantees the authenticity of the contents of the ledger and cannot be tampered with. This easily solves the credit problem.
Illustrated Blockchain Diagram i Light blue color shade

If you want to see the future clearly, you must see the history clearly. In terms of the application principle and development context of the blockchain, the book also gives a detailed explanation, and also sorts out the historical development of the industry: those leading figures at the forefront of the era, and those historical events that promote the development of the era Does not affect the present and future of the blockchain.

Blockchain, as an independent frontier technology, is gradually penetrating into other fields and integrating with innovations from all walks of life. The book introduces the specific applications of the blockchain, and also gives us a good vision of the future. I believe that in the future, the blockchain will be used in any field and subvert our daily life.

Understanding the blockchain and understanding the blockchain can be more conducive to the development of this emerging thing. Perhaps it is the same as the popularity of the Internet in China in the 1990s. People always have a skeptical and wait-and-see attitude towards new things. If you want to develop a blockchain, it becomes especially important to popularize blockchain knowledge. I have to say that Xu Mingxing's move is of great significance for promoting the spread of blockchain knowledge and increasing the acceptance of blockchain links.

What is Blockchain Application Imagination?

Mr. Xu Xingxing, the founder, chairman and CEO of Eurotech Group, and the founding chairman of China Blockchain Application Research Center, focused on "the application of blockchain technology in fintech". He changed the scene of people's life through the combination process of Internet + finance, predicting that blockchain + finance will be a deeper and more detailed combination-the fintech 2.0 era.

Blockchain technology is not a magical technique, but rather a "distributed and irreversible" database science.

Database is not a new term. From the emergence of some web pages to the classification of various web pages by Yahoo and the navigation site, this is the earliest database. 
Later, there are more and more web pages, there is no way to explore the effective content through classified navigation, so companies like Google have appeared: using inverted database technology to index Internet web pages, this is the search we use now engine. 
It can be said that data technology has created civilization throughout the Internet era.

As a "distributed and irreversible" database, blockchain is not a most efficient and intelligent network design, but a fair and secure network design. This design makes point-to-point network transmission possible. It is the network transmission between points that makes many scenarios possible.

Application Imagination of Blockchain system

What are the characteristics of a peer-to-peer network?

First, peer-to-peer, every node in the network is peer-to-peer. Second, it is safe that some network damage or node damage will not have any impact on the operation of the network. Therefore, the decentralized network of the blockchain is first a network running on the Internet.

For example, if user A wants to transfer money to B, he will broadcast the transfer to the network, and announce to everyone that A will transfer money to B, and everyone will see it, but the transfer information may be false at this time. A's user may be fraudulent, this time is an unconfirmed transaction.

Unconfirmed transactions will be received by everyone in the network, but there will be a special type of person, we call him the bookkeeper. He will turn it into a confirmed transaction or a confirmed ledger, and broadcast the confirmed ledger to the entire network again.

All people in the network will receive the confirmed transaction, and most will choose to ignore it. Only after users A and B receive the confirmed transaction, they will know that the balance of A will decrease and the balance of B will increase. In this way, this point-to-point transaction is reached.

Second, the blockchain has two types of applications, one is instrumental and the other is subversive.

Similar to the Internet era, there are many instrumental applications of blockchain, and there may be more in the future. Many aspects of each of our lives may be built on the blockchain. For example, today's blockchain electronic evidence, many courts regard blockchain evidence as legally valid.

The traceability, auditing, and invoices of many commodities based on the blockchain have been running on the social IT infrastructure. Even in the future, each of us's real estate certificate, our equity, and the car book of our car may be the certificate of the blockchain.

There are also many disruptive applications appearing on the blockchain, but as a new technology, we can't recognize it for its disruptive applications, such as point-to-point email, point-to-point WeChat, or even point-to-point Taobao.
In the future, the transaction between the user and the merchant may not be achieved through an institution, but through a smart contract.

Today's blockchain has many applications in all walks of life in the world. For example, like digital currency, Bitcoin, Ethereum, building a new virtual commodity based on blockchain technology, and so on. In the retail experience of many users, there are many blockchain-based remittances, blockchain micropayments, and many countries. Some countries use the blockchain to elect the president. After the election, the president always said that the vote was genuine and cannot be tampered with on the blockchain. There may be a lot of companies that use blockchain to invoice and financial infrastructures will be self-revolutionary, and they are also using blockchain technology to self-revolution. For example, like auditing. Everyone knows that all audits are to reduce financial fraud and so on. Therefore, when the financial system is involved in the blockchain, auditing is naturally not needed because the data is irreversible and can be analyzed by the system.

Finally, Mr. Xu Mingxing believes that the blockchain is not a beast, and the government can have a strong control system on the blockchain.

Although today's blockchain is peer-to-peer, in fact, blockchain can provide many tools for supervision. For example, today there are many stablecoins in the United States. The stablecoins are just like the payment currencies of the central bank. What if I want to freeze a certain amount of money in the future? Can't it freeze? Actually not. There are many stablecoins approved by regulators in the United States. Stablecoins carry the function of super private keys. After a specific person owns this private key, although it is a peer-to-peer network, they can still stop or freeze certain transactions.
Its real-name system also has many, many technologies. Therefore, in terms of regulatory aspects of the blockchain network, regulatory technology and regulatory technology are also very strong, and there are already mature cases of regulation in these countries in the United States.

Not long ago, in response to the spirit of the national innovation system construction, Eurotech Group established the Asia-Pacific headquarters in Sanya as the first group of companies to enter Hainan International Offshore Innovation and Pioneering Pilot. At the same time, a blockchain offshore digital asset trading laboratory has also been set up to support the construction of blockchain big data research institutes and blockchain innovation application research and development centers. Based on blockchain technology, deep cultivation and hard work, and strive to drive the development of the fintech 2.0 era, and also contribute to the strength of the Eurotech Group for Hainan to truly enter the international market.

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