What is Blockchain?

Content of this article

The Basic Concept of Blockchain
The Working Principle of Blockchain
Characteristics of Blockchain
Introduction to Notable Blockchains
Introduction to XTrust Smart Chain

1. The Basic Concept of Blockchain

Blockchain is a distributed data storage technology that combines peer-to-peer transmission, consensus mechanisms, and cryptographic algorithms to create a new type of application model. Essentially, blockchain is a decentralized database consisting of a series of interconnected data blocks generated through cryptographic methods. Each data block contains information about a network transaction, used to verify its validity (anti-counterfeiting) and to generate the next block.

2. The Working Principle of Blockchain

The working principle of blockchain is based on the Byzantine Generals Problem, focusing on how trading parties can reach consensus and prevent malicious damage without a trusted central node. Blockchain guarantees the continuity, reliability, and immutability of transactions through the following steps:

• Creating Transactions: A new transaction is initiated from the sender to the receiver.