Blockchain

WHAT IS BLOCKCHAIN?

What is Blockchain? In еssеncе, blockchain technology is a dеcеntralizеd systеm, allowing for transparеnt and collеctivе rеcord-kееping. Imaginе databasеs as largе lеdgеrs. Instеad of singlе еntitiеs likе Tеncеnt or Ali holding thеsе lеdgеrs, in blockchain technology, еvеryonе can participatе in maintaining thеm. Pеriodic changеs arе rеcordеd by thе most еfficiеnt participant, thеn distributеd to thе еntirе nеtwork, еnsuring еvеryonе possеssеs thе samе lеdgеr vеrsion. This procеss еnsurеs that 'What is Blockchain?' isn't just a quеstion—it's a shift in how wе undеrstand rеcord-kееping. By crеating a sharеd, unaltеrablе rеcord, it еstablishеs trust without thе nееd for intеrmеdiariеs. Oftеn comparеd to thе transformativе powеr of thе Intеrnеt, blockchain usеs cryptographic tеchniquеs to facilitatе consеnsus among participants, offеring a low-cost solution to challеngеs rеlatеd to trust and valuе transfеr.

How is universal bookkeeping accomplished? Can everyone operate it?

Blockchain transactions traverse a peer-to-peer network, undergoing self-verification at each node before consolidating transaction histories into the "blockchain." Traditional payment systems rely on centralized systems, backed by state apparatuses, to prevent counterfeiting. But how do virtual currencies manage this? Take Wavefield TRON, which processes 2000 transactions per second and records them every 3 seconds. With inherent market greed, how do we guarantee transaction security? The answer lies in blockchain's "consensus" - its governing constitution. This consensus ensures that, in an environment where trust might be scarce, a majority of nodes adhering to its rules will guarantee reliable outcomes. Among various consensus types like POW and POS, Wavefield uses DPOS.

bookkeeping process

In the blockchain system, a bookkeeper gathers and authenticates new transactions, packaging them into blocks which are then added to a shared ledger and distributed across the network. Every node confirms the block's legitimacy before updating their ledger. With the DPOS (Delegated Proof of Stake) mechanism, nodes obtain passes, which they can use to nominate themselves as bookkeepers. All pass-holding nodes can vote, and after every specified period, the top N nodes by votes become the bookkeepers for the next period. Wavefield Tron uses a similar system with 27 rotating "super delegates" chosen every six hours, responsible for validating transactions. Superdelegates timestamp transactions, add blocks every 3 seconds, and earn 32 TRX for generating a valid block, summing up to 336,384,000 TRX annually. This process, akin to mining, essentially makes these delegates blockchain "bookkeepers". Each block holds transaction data, the previous block's hash value, bookkeeper's signature, address, block height, and timestamp. As blocks store the hash of their predecessor, they interlink, forming a chain. Addresses, generated using hash algorithms, ensure uniqueness within the network, guaranteeing every transaction's distinct place in the blockchain ledger.

Relationship and Advantages between Wavefield TRON and TRC20

"What is TRC20?" you might ask. TRC20 is a token standard on the TRON blockchain that parallels Ethereum's ERC20 in functionality. It allows for the creation and management of diverse tokens within a TRC20 wallet. This standard boasts three distinct advantages. Firstly, it's faster—TRON completes a block every 3 seconds and handles 2000 transactions per second, far outpacing Ethereum's 15-second block time and 15 transactions per second. Secondly, using a TRC20 wallet is cost-effective; transactions on TRON cost about 0.0001 TRX, a stark contrast to Ethereum's pricier 0.01 Ether per transaction. Lastly, TRON ensures excellent compatibility with Ethereum's smart contracts and DApps, facilitating easy cross-platform transitions for users. When understanding "What is TRC20?", it's essential to grasp these key benefits it brings to the table. Utilizing a TRON wallet enhances TRC20 transactions, offering speed, affordability, and efficiency. With a TRON wallet, TRC20's advantages become readily accessible. Experience the future of cryptocurrency.

Why are cryptocurrencies so trending?

With the evolution of information technology, traditional physical currencies no longer suffice in catering to our financial needs. Cryptocurrencies, recognized for their value, are emerging as potential alternatives for material transactions. Offering a secure way to conduct online transactions, they present a novel choice distinct from bank services. Unlike traditional international trades reliant on the SWIFT system, cryptocurrencies operate without geographical or currency restrictions. These digital assets also eliminate standard bank fees, though one might encounter significant "gas" fees during transactions. The most striking advantage is their decentralized nature, granting individuals complete autonomy over their assets.

How to use cryptocurrency? How do I trade?

There are three primary methods to acquire cryptocurrencies: exchange houses, online exchanges, and over-the-counter (OTC) trading. Exchange houses function similarly to banks for foreign currency, offering set buy/sell rates. Most individuals use exchanges, akin to stock markets, where after registration and authentication, users can trade cryptocurrencies after depositing their value into the exchange's account. OTC trading, on the other hand, involves direct private transactions between parties or through OTC platforms, though it's riskier due to potential fraud. Similar to physical money needing storage, cryptocurrencies use digital wallets. Hot wallets are online-based and riskier due to potential hacks, whereas cold wallets, hardware-based and offline, are more secure but come with the risk of lost access if passwords (private keys) are forgotten. Proper handling of private keys is crucial to prevent asset loss.

Where do I check when a transaction is complete? How do I make sure the deal is done?

Block Browsers are essential tools for monitoring and verifying cryptocurrency transactions. Each crypto asset typically has its own dedicated browser. For instance, Bitcoin transactions can be viewed on sites like blockchain.com, while Ethereum and its ERC20 tokens are best tracked on platforms like Etherscan. TRON is the go-to for USDT-TRC20 Stablecoin. By simply entering an address or transaction ID into these browsers, users gain access to comprehensive details, from balance and transaction history for a specific address to intricate transaction particulars like sender, amount, recipient, and fees. Essentially, a Block Browser acts as a comprehensive ledger for blockchain activity.