What does Bitcoin Chain Circle mean (the particularity of Bitcoin chain structure)
What does Bitcoin Chain Circle mean? By definition, blockchain includes digital currency (such as encrypted assets and Stablecoin), smart contracts (such as Ethereum), etc. In the traditional financial field, it is also known as distributed ledger technology or DLT (decentralized network), and this technology has a wider range of applications – from payment to settlement and bank accounts. In addition, due to the current low value of Bitcoin usage, there are still some issues in the Bitcoin chain. (Note: If you want to understand the chain circle of Bitcoin, you can simply divide it into the following parts: 1. Mining machine 2. Mining pool 3. Data 4. Transaction 5. Consensus 6. Application 7. Wallet 8. Intermediary 9. Notarization.
Peculiarity of Bitcoin’s chain structure
According to the analysis of CoinDesk article, the blockchainHashrate in Bitcoin’s blockchain system is special compared with other Cryptocurrency
Bitcoin and Ethereum have the same characteristics in the chain structure: Bitcoin has not been forked or attacked by hackers; Ethereum has not been forked Although both networks were created by the same developer, the differences between them are not significant, and there is no direct relationship between the two. Due to this difference, these newly emerging blockchains cannot interact with each other and form an “island”. Therefore, a ‘single’ miner or entity controls most of the space on Bitcoin, while only a few nodes can handle transactions In addition, building applications on Bitcoin requires some complex technical steps, such as smart contracts, encoding tools, etc., but a key feature is to prove the existence of the protocol by verifying the hash value of each participant. This allows the validator to compare the applications running on the token and also helps determine who owns a certain type of asset. If the address of the validator contains a specific asset, they cannot change their holdings, thereby increasing the value of the entire ecosystem. This will mean that Bitcoin’s scalability is much better than any other encryption solution.
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