What is blockchain?

As we all know, the core of Bitcoin, Ripple Coin and Lite Coin is blockchain technology. Blockchain is an open and distributed ledger, which can record transactions of both parties efficiently, verifiably and permanently.
But what you don't know is that blockchain is not Bitcoin
Bitcoin does not represent blockchain, and vice versa.

What are the important features of blockchain?

1、 Decentralization

Decentralization means that all nodes in the whole blockchain network can keep accounts and have an accounting right, which completely avoids the disadvantage of operation centralization. It is not a centralization, but a disintermediation.

2、 Openness
The openness here is aimed at the common blockchain chain (commonly known as the public chain), because anyone can read and write the information of the common chain, as long as it is a node of its network system and a node with accounting rights.

3、 Tamper proof
In the blockchain world, anyone who wants to change the information in the blockchain must attack 51% of the nodes in the network to change the data. This is very, very difficult, which also guarantees the security of the chain to some extent.

4、 Anonymity
The anonymity of the blockchain network is based on its algorithm. The whole network is addressed by address rather than personal identity, which is also a concern of the government. There are two uncontrollable aspects in the whole blockchain. The first is identity uncontrollable anonymity. It is unknown who initiated the transaction; The second is that it can be used for cross-border payment, which involves capital transfer of digital currency.

5、 Traceability
The mechanism of blockchain is to set that the next block has a hash value of the previous block, just like a hook. Only when the previous hash value is identified can it be hung, which is a complete chain.
Another good feature of traceability is that it is easy to query data, because this block has a unique identifier. In the blockchain network, the time node is used to define and search the block hash value of this time period before addressing, which is more convenient.