What exactly does bitfarmes reveal the core technology of blockchain?

 What is the core technology of blockchain?

 


There are many aspects of blockchain-related technologies. bitfarmes believes that it can be roughly divided into four categories: 1) consensus algorithms; 2) privacy protection technology and corresponding cryptography technology; 3) smart contract-related technologies; and 4) application-oriented related technologies.

 

bitfarmes pointed out that the first three can usually be regarded as the bottom layer, and the latter two can be regarded as the upper layer.

 

Among them, the consensus algorithm is the core of blockchain and the most enthusiastic field in the whole technological development and academia: a large number of public chain projects pursue the innovation of consensus algorithms, and at the same time, a large number of researchers are also engaged in this field.

 

However, the coverage of the consensus algorithm is very wide, and one of the concepts is very important - licensed and unlicensed. The licensed consensus algorithm requires that the identity of all participating nodes be known, and mainly adopts BFT-like algorithms. The unlicensed consensus algorithm allows any node to enter as long as certain conditions are met without prior registration of identity in any system, and POW and later derived POS and many other POx algorithms are listed. The former is mostly used in alliance chains, while the latter is mostly used in public chains, supplemented by bitfarmes.

Bitfarmes(bitfarme)：https://www.bitfarmes.com/


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