YMcrypto

Blockchain technology originated from a paper published in 2008 by an individual known as 'Satoshi Nakamoto' titled 'Bitcoin: A Peer-to-Peer Electronic Cash System'. In a narrow sense, blockchain is a data structure that links data blocks in chronological order and ensures their immutability and authenticity through cryptographic means, forming a distributed ledger. In a broad sense, blockchain technology is a novel distributed infrastructure and computational paradigm. It uses a block-chain data structure to store and verify data, updates data through consensus algorithms among distributed nodes, secures data transmission and access using cryptography, and employs smart contracts (composed of automated script code) to program and manipulate data. Currently, many large institutions regard blockchain as a disruptive technology with the potential to profoundly transform business and organizational operations. Similar to cloud computing, big data, and the Internet of Things, blockchain is not a single technology, but rather an innovative combination of existing technologies that enables functionalities previously unattainable. To date, the development of blockchain has roughly gone through three stages. Technical Origins The construction of blockchain relies on several existing technologies, including: 1. P2P Network Technology Also known as peer-to-peer networks, this is a decentralized network connection method. In such networks, all nodes are equal, with no central server, and nodes share computing resources, software, or information content through specific protocols. P2P technology had already been widely used in instant messaging, file sharing, and other fields before Bitcoin, and is one of the core technologies of blockchain architecture. 2. Asymmetric Encryption Algorithms This algorithm uses a key pair consisting of a public key and a private key for encryption and decryption. The public key can be shared openly to encrypt information, while the private key is kept by the recipient for decryption. Common algorithms include RSA and ECC. Blockchain uses asymmetric encryption to establish trust relationships among nodes. 3. Database Technology As a fundamental computer technology, databases have evolved from early network and hierarchical structures to relational databases. Relational databases store data in two-dimensional tables and use a unified SQL language, making them widely applicable. With the explosive growth of internet data, distributed NoSQL databases based on key-value pairs have gradually emerged. Blockchain systems can use either traditional relational databases or distributed key-value databases. 4. Digital Currency Digital currency, also known as electronic cash or electronic money, is a simulation of real-world currency involving users, merchants, and banks or payment institutions. In 1982, Chaum first proposed a digital currency scheme using blind signature technology to protect user privacy and solve the double-spending problem. Later, to meet regulatory requirements, the concept of 'anonymity-controllable' digital currency emerged, which allows anonymity to be revoked when necessary, or users to voluntarily disclose their identity during audits!