In the past few years, blockchain technology is the most visible in the market, it is a technology that is being developed as a daily activity in many different areas of socio-economic life, which is why today the investment market and Global technology have become new trends.
In addition to increasing information efficiency, this technology has the potential to help many organisations’ and businesses’ operating systems. In addition, the website https://bitcode-prime.cloud/ will assist traders in their Bitcoin trading journey.
This pattern is not exclusive to Vietnam. Therefore, understanding blockchain technology is crucial, especially for Vietnam’s younger population. A blockchain platform typically consists of 5 Constituents, including:
Peer-to-Peer (P2P) Network
P2P is a decentralised paradigm for communication between several users, commonly referred to as peer nodes, that is independent of any central servers or other nodes. Each participant in a peer-to-peer (P2P) network can function as both a client and a server. This indicates that once the network is established, every member owns a copy of the ledger. Sans the aid of a mediator, it can then be utilised to distribute and store files.
- To cooperatively offer and regulate data, each node on a Blockchain network dynamically engages in the roles of a user and a server of other nodes.
- Traditional models’ mediator is removed by decentralising database and administrative rights, enabling members to communicate directly with one another.
Cryptography
This element ensures that the data in the ledger or the data sent among nodes is secure, authentic, and verified. Cryptography has developed unbreakable encryption techniques by drawing on a foundation of mathematics, knowledge of game theory and particularly probability theory.
Virtual Machine
A programme that replicates a computer system is known as a virtual machine. CPU, memory, and digital storage are present. A virtual machine essentially functions like a physical computer; it may be utilised to store data, execute applications, and collaborate with other virtual machines to run a Blockchain network.
Consensus Mechanism
The P2P network’s nodes must cooperate in order for the consensus process, which establishes rules, to determine which transactions are valid and eligible for inclusion in the blockchain. The blockchain’s true state is ascertained by the utilisation of the consensus mechanism.
- To achieve agreement with a single network state and at the same time ensure that a system is fault tolerant.
- Make it possible for all users to maintain the Blockchain network’s security and safety.
- For digital transactions on the Blockchain network, prevent duplicate spending.
Virtual Ethereum Machine (EVM)
The EVM is used to make sure that transactions executed on the ETH platform will always produce the same outcomes, regardless of the environments or computer configurations used. An EVM is essentially a device that executes Ethereum-based smart contracts.
Transactions received through the EVM are processed by nodes that are part of the Ethereum system. Any transaction that seeks to alter the network’s status must go via the EVM process. Although Virtual Ethereum Machine is merely a VM, numerous copies are created. To guarantee the consistency of the calculation, A copy of the EVM is involved with all the nodes participating and executing the transaction.
Distributed Ledger
An electronic ledger is virtually an updated database that contains all transactions. It is made up of several blocks, each of which contains at least one transaction, and these blocks are connected by a chain employing cryptography. In other words, the cryptographic IDs of the preceding block will be contained in the subsequent block. Therefore, all the blocks at the rear of the chain will be impacted if any block from the difficulty of the past experience.