Author Topic: My idea about the bitcoin  (Read 115 times)

Offline rng0

My idea about the bitcoin
« on: June 09, 2018, 06:24:47 PM »
Bitcoin is a p2p network secured by the cryptography
each peer node maintains a ledger called blockchain which is consisted of data blocks
To keep the ledger unified,only one peer is allowed to add new entry to the ledger or blockchain at a moment.Other peers will check whether the peer adding new entry was qualified by checking the math calculation result with cryptographic algorithms.And if passed,then other peers will add the record to the ledger or add the new data block, to the blockchain to lengthen the blockchain.
To gain the right to add new entry,the peer should proof its qualification.how to proof?By doing math calculation according to some rules.The first one who worked out gain the qualification.By doing so,the calculation will cost a lot of time and electric power .As a reward,the bitcoin blockchain system gives the peer some bitcoins,that is to say,other peers will add a new entry which adding that peer some bitcoins to the ledger or blockchain.SO,THE BITCOINS HAVE VALUES,CAUSE THE VALUABLE ELECTRIC POWER WAS USED TO PRODUCE THE BITCOINS.
So,Is It safe? The cryptography guarantees that the nodes order and number of the chain will not be replaced and changed once they formed.The most peer nodes will obey the rules that the longest blockchain is the only correct one which they should adopt.But what if the 51% of the all peers tamper with the ledger data by add the same one entry to the ledger?Then this blockchain was polluted.

What about my idea? ;D
 

Offline jackg

Re: My idea about the bitcoin
« Reply #1 on: June 22, 2018, 04:38:58 PM »
Great start!
There was a little bit of this that I didn't understand the rest of it is great though.

I'd suggest you watch out for adding spaces and proof reading stuff before you post it.
My corrections are below as to what I'd suggest, these are only suggestions though so use them as you will.

Bitcoin is a p2p network secured by the cryptography
each peer node maintains a ledger called a blockchain which is consisted of data blocks consists of blocks of data
To keep the ledger unified, only one peer is allowed to add new entry or block to the ledger or blockchain at a moment specific block height. Other peers will check whether the peer adding a new entry was submits a valid block qualified by checking the math calculation result with using cryptographic algorithms. If passed the block is deemed to be valid, then other peers will add the record to their ledger/add the new data block., to the blockchain to lengthen the blockchain. This block will also be broadcast by that node to send the transaction to other nodes to update their ledgers/blockchains to increase the length of the chain and propagate that block.
To gain the right to add new entry, the peer should proof prove its qualification. how to proof?
How this is done is by doing math calculations according to some rules. The first one, who worked out gain the qualification using a different number to encrypt the block with to get a block hash to match a certain set of rules. By doing so, the calculation will cost a lot of time and electric power. As a reward, the bitcoin blockchain system miner gives the peer awards themselves some bitcoins, that is to say,

[other peers will add a new entry which adding that peer some bitcoins to the ledger or blockchain.] ← I can't understand this sorry.

SO, THE BITCOINS HAVE VALUES, BECAUSE THE VALUABLE ELECTRIC POWER WAS USED TO PRODUCE THE BITCOINS.
So, Is It safe? The cryptography guarantees that the nodes order and number of the chain will not be replaced and changed once they are formed. The most of the peer nodes will obey the rules that the longest blockchain is the only correct one which they should adopt.

But what if the 51% of the all peers tamper with the ledger data by add the same one entry block(s) to the ledger? Then this blockchain was polluted.

What about my idea? ;D