The three elements of the public chain and the three basic characteristics of a decentralized wallet
How to judge whether a blockchain is a public chain? There are two types of public chains according to different application requirements, one is the public chain with coins, and the other is the practice without coins. No matter which one, as a completely decentralized public chain, it must have two basic elements, open source code and block browser. The currency public chain also needs to have another element at the same time, a decentralized wallet.
The first major element of the public chain, open source code
Open source code is relative to closed source code. What is closed source code? For example, Windows, WeChat, Twitter, we can't see how their code is written, because they are all commercial companies to keep secret, so these companies don't want the public to see their code, this is closed source code, there are closed source code There is open source. In short, open source is to make the source code public so that the public can see it, so as to verify whether the public chain is completely decentralized. Open source information can be queried on Github. Github is an open source hosting service platform. Public chains that cannot be open sourced are likely to be tricky.
The second major element of the public chain, the block browser
The block browser is a tool that provides users to browse and query all the information of the blockchain. It is also an element to verify whether the public chain is completely decentralized. The blockchain information mainly includes the general overview, block information, transaction information, and account address. and other information, at different stages, the users of block browsers are also different. In the testnet stage, the users of the blockchain browser are mainly developers. When the mainnet goes online, token holders, Dapp users, and miners also need to use the blockchain browser. When the influence of the public chain is increasing, Regulators and users who are curious about public chains also use block explorers.
The third major element of the public chain, decentralized wallet
For the public chain with coins, asset security is the most important issue for encrypted digital assets, and wallets are used to store digital assets. If there is a problem with the wallet, asset security will be lost. Youbi public chain has a decentralized wallet, which is the basic element to ensure complete decentralization and digital asset security. According to different classification standards, blockchain wallets can be subdivided into different types, such as centralized wallets and decentralized wallets , cold wallet and hot wallet, light node wallet and full node wallet area. Centralized wallet, the private key is kept by the user, the user is the holder of the real digital currency, the user's digital assets are stored on the blockchain, and the wallet only helps users manage the assets on the chain and read the blockchain data. A tool that allows users to view and manage their digital assets by logging in to the wallet through the private key. Some wallets also support users to conduct transactions in the wallet without going to the exchange. Compared with centralized wallets, decentralized wallets are more difficult to be attacked by hackers, and users do not have to worry about wallet service providers and project parties stealing digital assets and running away, because as long as the wallet is created, the user keeps the private key, and the digital The assets are still on the chain, and users only need to change their wallets, and they can export the digital assets in their accounts through the private key. Therefore, users must keep their private keys properly, because in a decentralized blockchain network, private The key is your only proof that you are the owner of the digital asset.
Once the private key is lost, the digital assets of the stolen user will disappear in the vast blockchain network and cannot be retrieved. The private key is a string of hexadecimal characters. The private key is very long and difficult to remember. For convenience For the user, the system uses an algorithm to convert the private key into 12 to 24 English words, which is convenient for users to record and save, so the mnemonic is another manifestation of the private key. The decentralized wallet has three basic characteristics. First, the decentralized wallet is only a tool for generating wallet addresses and provides corresponding services. The private key mnemonic is stored by the user himself, and the user's private key is not stored in the service. , mnemonic and other information; second, the access and transfer of each digital asset in the decentralized wallet can be queried on the blockchain; third, the user's digital assets are stored on the blockchain by the user Keep it yourself instead of being managed by a wallet service provider.
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