What is a basic public chain (What is basic engineering)

What is a basic public chain? What is a basic public chain?

This article explains how a basic public chain works by explaining some common concepts and their characteristics at different levels.

Firstly, we understand the difference between Bitcoin blockchain and Ethereum blockchain, and define them as two types of distributed ledger technology (DLT) based on consensus protocols. These protocols are usually maintained by multiple nodes, each with different purposes, performance, or governance mechanisms. Each underlying public chain requires a separate software client or network node to verify transactions and generate blocks; and each node must also run a full system to ensure its data cannot be tampered with, therefore avoiding forks or hard splits. Both of these main components are decentralized and permissionless networks.

Although the cryptocurrency industry has many problems, most people see blockchain as a secure and reliable way, rather than a new investment product or investment model. However, this situation is changing. “Trust” is a relatively simple vocabulary and “transparency” can be understood as “programmability”.

However, there is currently no solution that can completely solve the problem of controlling private keys with private keys.

For example, when you have a computer, you can access your own digital identity and account anytime, anywhere from other computers, and interact with them using your phone.

In addition, users can manage their personal information through smart contracts. For example, in a certain application, if you hold a certain number of tokens in the wallet or pay a small amount of electricity fees, you can transfer money to others. This is done to ensure that the user’s assets are not lost because if someone tries to get people to transfer their funds from the bank to the exchange, it will cause them to lose all value.

However, there is still a high probability that this situation will occur: even users who want to store files with private keys may not be able to easily control the data they own, but if they want to study more deeply, they do not need to know whether they have enough information in their hands, otherwise they will easily get into trouble.

So let’s take a look at the basic components of the Bitcoin network: it includes all the functions of Bitcoin, such as computing, storing, transmitting, sending, receiving, and exchanging. According to Bitcoin’s official statement, the network only accepts transaction services from miners and custodians.

As the network scales, the Bitcoin network may become more efficient and popular. But now there have been several new solutions: Eth2 and PoS. These three solutions are all implemented on the Ethereum blockchain, including the Ethereum-Goerli test network and the main network that supports ETH2.0. These three solutions are aimed at providing more efficient public infrastructure.

What is basic engineering

Editor’s Note: This article is from Ethereum enthusiast (ID: ethfans), Author: AriPaul, translated & proofread by: Min Min & Ajian, authorized reproduction by Odaily Planet Daily.

Blockchain technology can help achieve large-scale, decentralized transactions. Blockchain is a peer-to-peer network composed of multiple nodes, and it is immutable and auditable. It allows everyone to create and control their own data structure or transaction set to manage these assets, not just for exchanging cryptocurrencies. This provides developers with a way to integrate the tools they use in different applications with other software without worrying about tampering and deleting data sources.

However, this may not be a perfect choice for those who want to use Bitcoin or Ether: because Bitcoin has strong intrinsic value-it is one of the cheapest payment methods in the world, and every transaction must be paid with BTC. There is also a question: why can’t Bitcoin be an effective currency? In fact, many cryptographic tokens are designed to move from their infrastructure to broader applications. However, it is not possible to run these Ethereum-based applications without any underlying infrastructure. In fact, when you want to build a complete system, you should first consider whether the blockchain is strong enough to scale securely into certain areas of other ecosystems, or how to make this ecosystem more efficient and effective?

Although blockchain has developed to a certain degree, its functionality is still limited. For example, smart contracts can be used to perform an arbitrary number of operations. It can also be used to store digital records.

Therefore, “basic” engineering is also called “foundation”. Basic engineering refers to setting new goals for specific tasks for various purposes, such as verifying blocks and computing processes. What is basic engineering? Simply put, basic projects either need to build a new computer code library, or it is necessary to meet the following requirements:

-Hardware design: they are not dependent on resource-intensive devices such as servers or CPUs, but on existing technology stacks. This means that basic projects do not need to rely on complex foundations and can be deployed on all these machines.

Since the blockchain itself is not as distributed as the Internet. Although there are many competitors, this situation rarely occurs. Because of this, most start-ups are trying to build their own products and services. Therefore, these companies are looking for alternative solutions, including companies or platforms that provide blockchain solutions and other similar services, in order to gain more profit.

There is currently no company on the market planning to implement this plan. However, in recent months, more and more projects have begun to explore blockchain solutions. As people begin to pay attention to the future of blockchain technology, blockchain is becoming more and more popular-especially over time, it may become a very popular approach, and it may even replace the Internet.