What does blockchain mean?

Blockchain is a new application mode of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other computer technologies.

It is essentially a decentralized database, and as the underlying technology of Bitcoin, it is a series of data blocks related by cryptographic methods.

In the blockchain network, the data request we send will be encrypted into a string of characters that the receiver can't understand at all according to the principle of cryptography. Behind this encryption method is the support of hash algorithm.

Architecture model

Generally speaking, the blockchain system consists of data layer, network layer, consensus layer, incentive layer, contract layer and application layer. Among them, the data layer encapsulates the underlying data block and related basic data and algorithms such as data encryption and timestamp; The network layer includes distributed networking mechanism, data distribution mechanism and data verification mechanism.

The consensus layer mainly encapsulates various consensus algorithms of network nodes; The incentive layer integrates economic factors into the blockchain technology system, mainly including the distribution mechanism and distribution mechanism of economic incentives; The contract layer mainly encapsulates various scripts, algorithms and intelligent contracts, and is the basis of the programmable characteristics of blockchain.