blockchain resource consumption

1. How to make a profit in the blockchain

From the sharing of the district video network: district video network

How to make a profit in the blockchain:

1. Blockchain Ecosystem

Why do start-ups devote themselves to blockchain public chain projects? Because this is a perfect opportunity. Any enterprise has the opportunity to use its own ideas and operations to create an ecosystem that subverts the existing pattern. In this system, it will be circulated in the currency designated by the ecosystem owner.

Because the start-up company itself holds a certain amount of currency and reserves a part of the currency for the enterprise to mine, and the total amount of currency is constant, the faster the ecosystem flows, the greater the demand for currency, and the more transactions Chase less currency and the currency is bound to appreciate, but the idea is that the currency is irreplaceable.

Nowadays, many research groups are developing cross-chain technology to connect blockchains in different fields, and finally achieve the free circulation of currency flow and data flow, and finally go to exchanges.

In this case, the impact of the lack of currency in a certain chain on the ecosystem may not be as simple as that introduced by classical monetary theory, and currency prices are likely not to follow a simple supply-demand relationship. Designers need to consider this from a macroeconomic perspective.

This is also the most attractive part of blockchain projects: everyone has the potential to establish new rules in this new field and become managers of the qu centralized system. By then, the owner of the blockchain will have the ability to control the economy of the entire field – selling or inhaling digital currency will have a huge impact on the industry.

2. Providing services for enterprises

Providing services for enterprises is the main profit model of blockchain projects at this stage, and cloud storage security skeptics are likely to turn to traceable, non-tamperable of blockchain service providers seeking maximum data security.

For example, a blockchain startup operating a data sharing platform, its main business includes providing data storage and data transaction services for customers, thereby charging service fees and handling fees.

There are many domestic start-up companies operating this kind of business, such as Yunchao Zhilian, Boundary Intelligence, Magic Chain Technology, etc. Companies have great technology, but to be profitable, they may have to work on operations.

Today, Tencent Cloud’s TBaas has joined this field and can provide services covering finance, supply chain, Internet of Things, medical care and other fields. Presumably, the competition and expansion of customers will become more difficult in the future.

3. Smart contracts participate in profit making

Smart contracts are like a contract that can be executed automatically. Machines replace humans to judge the validity of the contract and enforce it. Its essence is still a piece of code, but the traceability and immutability of the blockchain can ensure that this code runs automatically under a trustless mechanism. Blockchain is a prerequisite for the operation of smart contracts.

In practical situations, the opportunities for profit-making through smart contracts are very broad, and smart contracts can solve these problems in a non-black box manner.

During the running process of the program, the smart contract performs operations such as auditing and classifying information, eliminating the interference of middlemen, and the records will not be artificially damaged, nor will it take too long to cause the files on the file to be damaged. Fonts are blurry.

But to a certain extent, the operator of the smart contract itself becomes a middleman, and the audit fee is automatically collected and paid through the smart contract. This special intermediary service saves a lot of costs for customers, and its essence is achieved by improving efficiency.

4. Special services drive system operation

Many companies have their own exclusive areas when building blockchain communities. Taking the Nebula Genomics project led by geneticist Church as an example, consumers cannot pay in fiat currency after enjoying the gene sequencing service provided by Nebula, but must exchange fiat currency for Token issued by Nebula.

As more people exchange fiat currency for this token, Nebula has successfully built a blockchain platform with genetic data as the core, after which it will better carry out precision medicine Serve.

In general, this model is based on actual technology, profit from offline services at the beginning of the project, and converts the legal currency in the income into Token in the process of profit. As the project progresses, the platform can develop more precision medical services with the help of the data obtained from the head start model, and its profit-making methods have also become diversified, but the entire process will not be separated from the entity.

In the whole process of enterprise operation, the role of Token is mainly to motivate, and the appreciation of token is not a problem that geneticists should consider.

5. Mixed reputation – Project 1CO

1CO’s original purpose is to crowdfund in the market through pre-sale services. In 2013, early ICO companies appeared in the financial field, and then quickly detonated the entire digital currency market, which led to the rise of speculation.

But this turmoil came quickly, go.�� is also fast, in 2013-2014 alone, many projects died in the hype, or were directly judged as scams.

According to Engadget data, in 2017, 45.6% of the 902 crowdfunding-based digital currencies have failed.

Even so, there are still many survivors. These companies (including companies that build ecosystems) attach great importance to the role of tokens, and the appreciation of tokens will be calculated as part of the profit.

This is not an empty-handed wolves, it is essentially similar to a company running financial assets (Token) and operating assets (services) at the same time, in order to manage operating assets to make financial assets profitable. However, if the proportion of “financial assets” is too large, the risk will come uninvited.

6. The influx of giants

The basis of the sharing economy is to maximize the utilization of resources by monitoring the available resources and corresponding demands in real time and making adjustments. For unicorns like Airbnb, they already have a mature management model and stable cash flow. They try blockchain because blockchain technology can lead to a more transparent, efficient, and fair system.

These types of enterprises generally use private chains or alliance chains to use blockchain. They do not need Tokens to participate in the circulation, and nodes do not exist in an anonymous form. They are interested in the blockchain technology itself. .

Under the blessing of blockchain technology, the manual input of government-issued ID information will be transformed into government-issued ID security storage and verification. Customers and hosts can have complete confidence in review content. At the same time, comments can be traced back, avoiding the possibility of negative comments being deleted and the participation of navy forces.

The profit model of Airbnb and Tencent

2. How much capital is needed for blockchain development

There is no answer to this question, because blockchain software is only a Large areas require specific analysis of specific issues. Asking this question is like asking how much it will cost to buy a house.
Blockchain software is divided into many types
For example, exchanges are the most done, ranging from simple tens of thousands to hundreds of thousands of fully functional
There are also blockchains For games, it depends on the game settings. Generally speaking, there are hundreds of thousands to hundreds of thousands.
The other category depends on the specific category.

3. How much does it cost to develop a blockchain

How much does it cost to develop a blockchain application? For example, a blockchain digital wallet.
There are still many types of blockchain digital wallet apps. For example, online applications can be divided into many types, including full-node wallets, light wallets, and centralized wallets. In addition, they can also be divided into single-chain wallets. There are two types of wallets and multi-chain wallets, while offline applications can be divided into two types: paper wallets and hardware wallets.
The development costs of different types of blockchain digital wallets are very different. For example, single-chain wallets and multi-chain wallets use different types of systems during development, so the development costs are different. It can be known that it is more difficult to develop a multi-chain wallet, because the quotation will be much higher than that of a single-chain wallet.

4. What power can blockchain play in environmental protection

As a disruptive emerging technology, blockchain has risen to the national strategy and has become a new source of trust in the digital economy era. An important technical carrier of infrastructure, but many people still think that blockchain technology is more used in the financial field, but its technical characteristics of distribution, non-tampering and collaborative consensus determine that it can be applied to many data and collaborative work. areas, especially environmental protection.

At present, customers are sending hundreds of millions or even billions of distributed energy assets to the power grid, but the flow and transaction of energy data is still due to incomplete infrastructure, data synchronization, Unbalanced supply and demand, complex transaction clearing process, unclear ownership of transactions and other issues are restricted.

State Grid Ningxia Electric Power and State Grid E-commerce Company are actively promoting the integration and innovation of blockchain and new energy business, based on the development of a distributed energy trading platform based on blockchain, with blockchain as the core Technology, integrating identity authentication, smart contracts, asymmetric encryption and other technical means, completes the efficient matching of supply and demand data by uploading new energy data on the chain and storing certificates, providing feasible solutions and technical support for new energy consumption, so as to improve the consumption of new energy. comprehensive ability. And further stimulate the participation of new energy trading entities, attract more load-side resources into the power trading market, optimize the regulation of energy resources, and realize a green energy economy.

5. Several consensus mechanisms and advantages and disadvantages of blockchain

First of all, no consensus mechanism is perfect, each consensus mechanism has its advantages and disadvantages, some consensus mechanisms It was born to solve some specific problems.
1. Pow (Proof of Work) Proof of Work
Relying on the machine to perform mathematical operations to obtain accounting rights, the resource consumption is higher than other consensus mechanisms.�The supervision is weak, and each time a consensus is reached, the entire network needs to participate in the operation, and the performance efficiency is relatively low. In terms of fault tolerance, 50% of the nodes in the entire network are allowed to fail.
Advantages:
1) The algorithm is simple and easy to implement;
2) The nodes can reach a consensus without exchanging additional information;
3) It requires a huge cost to destroy the system ;
Disadvantages:
1) Waste of energy;
2) It is difficult to shorten the confirmation time of the block;
3) The new blockchain must find a different hashing algorithm , otherwise it will face the attack of Bitcoin’s computing power;
4) It is easy to generate forks and needs to wait for multiple confirmations;
5) There is never finality, and a checkpoint mechanism is needed to make up for the finality;
2.POS Proof of Stake, Proof of Stake
Introduction in one sentence: The more you hold, the more you get.
The main idea is that the difficulty of obtaining the node’s accounting rights is inversely proportional to the rights and interests held by the node. Compared with PoW, the resource consumption caused by mathematical operations is reduced to a certain extent, and the performance has also been improved accordingly, but it is still The way of obtaining accounting rights based on hash operation competition is weak in regulation. The fault tolerance of this consensus mechanism is the same as that of PoW. It is an upgraded consensus mechanism of Pow. According to the proportion and time of tokens occupied by each node, the mining difficulty is proportionally reduced, thereby speeding up the speed of finding random numbers.
Advantages: shortened to a certain extent The time when the consensus is reached; no longer need to consume a lot of energy to mine.
Disadvantages: Mining is still required, which essentially does not solve the pain points of commercial applications; all confirmations are only a probabilistic expression, not a deterministic thing, and theoretically there may be other attack effects. For example, the DAO attack of Ethereum caused a hard fork of Ethereum, and ETC appeared due to this incident, which in fact proved the failure of the hard fork.
The principle of DPOS is the same as that of POS, but some “deputies to the National People’s Congress” are selected.
The BitShares community first proposed the DPoS mechanism.
The main difference with PoS is that the node elects several agents, which are verified and accounted for by the agents. Its compliance regulation, performance, resource consumption and fault tolerance are similar to PoS. Similar to board voting, token holders vote a certain number of nodes to act on their behalf for verification and accounting.
The working principle of DPoS is:
Decentralization means that each shareholder has influence according to their shareholding ratio, and the result of 51% of the shareholders’ votes will be irreversible and binding. The challenge is to reach 51% approval through a timely and efficient method. To achieve this, each shareholder can delegate its voting rights to a representative. The top 100 delegates with the most votes take turns producing blocks according to the established schedule. Each delegate is assigned a time period to produce blocks. All delegates will receive a reward equal to 10% of the transaction fee contained in an average block. If an average block contains 100 shares as a transaction fee, a delegate will receive 1 share as compensation.
Network delays may prevent some delegates from broadcasting their blocks in time, which will result in a blockchain fork. However, this is unlikely to happen, as the representatives of the manufacturing block can establish a direct connection with the representatives of the blocks before and after manufacturing. Establishing this direct connection to the rep after you (and perhaps the one after you) is to make sure you get paid.
This mode can generate a new block every 30 seconds, and under normal network conditions, the probability of a blockchain fork is extremely small, and even if it occurs, it can be resolved within minutes.
Become a Representative:
To become a representative, you must register your public key on the network, which is then assigned a unique 32-bit identifier. This identifier is then referenced in the “header” of each transaction data.
Authorization Ballots:
Each wallet has a parameter setting window in which the user can select one or more delegates and rank them. Once set, every transaction made by the user will transfer votes from the “incoming representative” to the “outgoing representative”. In general, users will not create transactions specifically for voting purposes, as that would cost them a transaction fee. But in an emergency, some users may find it worthwhile to pay a fee to change their votes.
Keep delegates honest:
Each wallet will display a status indicator to let users know how their delegates are doing. If they miss too many blocks, the system will recommend the user to get a new representative. If any delegate is found to have signed an invalid block, all standard wallets will require a new delegate to be elected before each wallet makes more transactions.
Resistance to attack:
In resistance to attack, because the top 100 delegates have the same power, each delegate has an equal vote. Therefore, it is not possible to concentrate power on a single representative by gaining more than 1% of the vote. because�With 100 delegates, it is conceivable that an attacker would perform a denial-of-service attack on each delegate whose turn it is to produce blocks in turn. Fortunately, due to the fact that each representative is identified by its public key rather than its IP address, the threat of this particular attack is easily mitigated. This will make it more difficult to target DDOS attacks. And a potential direct connection between delegates would make it more difficult to prevent them from producing blocks.
Advantages: The number of nodes participating in verification and accounting is greatly reduced, and consensus verification can be achieved in seconds.
Disadvantages: The entire consensus mechanism still relies on tokens, and many commercial applications do not require tokens.
3.PBFT: Practical Byzantine Fault Tolerance, Practical Byzantine Fault Tolerance
Introduction: Provides (n-1)/3 fault tolerance under the premise of ensuring liveness and safety (liveness & safety).
In distributed computing, different computers try to reach a consensus by exchanging messages; but sometimes, the coordinator computer (Coordinator / Commander) or member computer (Member / Lieutanent) on the system may fail due to system errors and exchange errors. information, resulting in an impact on eventual system consistency.
The Byzantine Generals problem is based on the number of faulty computers, looking for possible solutions, which cannot find an absolute answer, but can only be used to verify the effectiveness of a mechanism.
The possible solutions to the Byzantine problem are:
Consistency is possible in the case of N ≥ 3F + 1. Among them, N is the total number of computers, and F is the total number of problematic computers. After the information is exchanged between the computers, each computer lists all the obtained information and takes the most results as the solution.
1) The operation of the system can be separated from the existence of coins. Each node of the pbft algorithm consensus is composed of business participants or supervisors, and the security and stability are guaranteed by business stakeholders.
2) The delay of consensus is about 2~5 seconds, which basically meets the requirements of commercial real-time processing.
3) The consensus efficiency is high, which can meet the needs of high-frequency trading volume.
Disadvantages:
1) When 1/3 or more of the bookkeepers stop working, the system will not be able to provide services;
2) When 1/3 or more of the bookkeepers cooperate with evil , and all other bookkeepers are exactly divided into two network islands, malicious bookkeepers can make the system fork, but will leave cryptographic evidence
Let’s talk about two domestic ones~
4.dBFT: delegated BFT authorized Byzantine Fault Tolerance Algorithm
Introduction: The dBFT mechanism adopted by XiaoYi is to select bookkeepers by equity, and then the bookkeepers reach consensus through Byzantine Fault Tolerance algorithm.
This algorithm has the following improvements on the basis of PBFT:
The request-response mode of the C/S architecture is improved to a peer-to-peer node mode suitable for P2P networks;
The static consensus participating nodes are It is improved to be a dynamic consensus participating node that can enter and exit dynamically;
A set of voting mechanism based on the shareholding ratio is designed for the generation of consensus participating nodes, and the consensus participating nodes (accounting nodes) are determined by voting;
/>Introducing digital certificates into the blockchain solves the problem of authenticating the real identity of accounting nodes in voting.
Advantages:
1) Professional bookkeeper;
2) Can tolerate any type of error;
3) Bookkeeping is done collaboratively by multiple people, each block All have finality and will not fork;
4) The reliability of the algorithm has strict mathematical proof;
Disadvantages:
1) When 1/3 or more of the bookkeepers stop working After that, the system will not be able to provide services;
2) When 1/3 or more of the bookkeepers are jointly malicious, and all other bookkeepers are exactly divided into two network islands, the malicious bookkeeper can make The system will fork, but will leave cryptographic evidence;
In summary, the core point of the dBFT mechanism is to ensure the finality of the system to the greatest extent, so that the blockchain can be applied to real financial applications Scenes.
5.POOL verification pool
Based on traditional distributed consistency technology, plus data verification mechanism.
Advantages: It can work without the need for tokens. Based on mature distributed consensus algorithms (Pasox, Raft), it can achieve second-level consensus verification.
Disadvantages: The degree of decentralization is not as good as bictoin; it is more suitable for a multi-center business model with multi-party participation.

6. What is blockchain and how to make money with blockchain

Blockchain is a term in the field of information technology. In essence, it is a shared database, and the data or information stored in it has the characteristics of “unforgeable”, “full traces”, “traceable”, “open and transparent” and “collective maintenance”. Based on these characteristics, blockchain technology has laid a solid “trust” foundation, created a reliable “cooperation” mechanism, and has broad application prospects.
The methods of making money on the blockchain are as follows:
1. Investing in coins is like speculating in stocks. Investing in coins is the lowest threshold for making money on the blockchain;
2., Blockchain is a global market, you can move from a low-priced platform to a high-priced platform to sell, like a small businessman, and earn the difference; First register an exchange account, generate your own invitation link, and then promote it. If someone registers an exchange through your link and generates a transaction, you can get a commission; 4. Mining, the “mining” in Bitcoin ” is the process of bookkeeping;
5. Technical support, providing blockchain technical support to some teams and enterprises;
6. Opening a trading website and charging fees;
7. Developing wallets , the wallet is the infrastructure of the blockchain, just like the “Alipay” or “WeChat Payment” of the blockchain;
8. Be a blockchain project or infrastructure supplier.

Reminder: The above explanations are for reference only and do not make any suggestions. Entering the market is risky, and investment needs to be cautious. Before you make any investment, you should ensure that you fully understand the investment nature of the product and the risks involved, and then make your own judgment on whether to participate in the transaction after understanding and carefully evaluating the product.
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7. Mining Trojan, mining consumption What exactly are computer resources doing?

Blockchain technology, currency is limited, consumes resources to mine, and conduct virtual currency transactions.

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