What is the main chain in blockchain (what are the chains in blockchain)

What is the main chain of blockchain? What is the main chain of blockchain

Applications ranging from Bitcoin to Ethereum to DeFi and NFT need to be built based on the main chain. For ordinary users, using the main chain can create decentralized applications and conduct transactions or transfer assets. However, in most blockchain projects, due to technical complexity and high operational barriers, it is difficult to understand why this method is chosen to establish one’s own main chain and network effects. With the emergence of smart contracts and the development of Cryptocurrency, these requirements are increasing. In order to provide a more intuitive understanding of what the Main Chain is, this article will explain the working principle of the Main Chain and its relationship with the blockchain system. What is a main chain: Simply put, a blockchain is a network composed of multiple nodes. Through consensus algorithms, everyone can verify blocks and achieve consistent results, thereby achieving trusted exchange of reconciliation results. If we consider this chain as a public chain, then it is a completely different ecosystem, where anyone can participate by owning it, and new forked coins or tokens are produced every once in a while, and this round will also affect the overall operation of the system. Therefore, when we start a block within a specific time period, we can start deriving code downwards and then add it as the main chain according to the rules. However, during this period, some unexpected situations may occur, such as certain transactions being recorded in an instant and processed on the blockchain. For example, the most commonly used example currently is Bitcoin, which is generated using a single hash value as data storage. So let’s assume that a miner has established their own Bitcoin address and holds approximately 10000 Bitcoins, which can result in a profit of over $1 billion; But there is also a situation where he cannot resend the original Bitcoin address in the near future. That is, the so-called “Double-spending” (multiple payment) – although this money may eventually become another means of value storage – it has not received enough economic incentives, because there is no other way to ensure that this process will not repeat. In other words, all participants can directly send funds to each other as usual, rather than waiting for others to package and transfer all the balances in their hands. (Note: “Double-spending” means that two entities transmit information to each other through intermediaries, so that the receiver can quickly receive messages from the other party.). Take a few examples to illustrate:

1. Bitcoin Cash was developed by a part of the Bitcoin Lightning Network protocol proposed by the Bitcoin Foundation in November 2015. Its purpose is to solve one of the main problems facing Bitcoin at present — slow transaction confirmation speed. Bitcoin Core contributor’s Bitcoin Lightning Network protocol makes it the first Cryptocurrency in the world to adopt Lightning Network technology. In addition, due to the fact that the Bitcoin network itself does not rely on traditional computer resources to provide security services, most of the work on the Bitcoin blockchain is hosted on external devices such as central servers

What is the chain in blockchain

As a new technology, the core behind blockchain is the consensus mechanism. Ensure stable system operation by encrypting and storing ledger and transaction data There are many complex issues in traditional database structures: due to the lack of immutability and traceability, it is impossible to determine what records, information, or other operations a node has. The distributed accounting method based on blockchain technology also makes it difficult for digital currency assets such as Bitcoin to be authenticated; In addition, each node in the blockchain network needs to publicly disclose its own transactions and share them with all participants.