InitVerse Blockchain - 5 minutes to understand the blockchain.pdf

InitVerse Blockchain - the necessary infrastructure for decentralized cloud server platform Web3.0
Learn about blockchain
in 5 minutes
Learn about blockchain
in 5 minutes
InitVerseBlockchain Preparation
Blockchain is an information technology for decentralized data storage, data
sharing, and data exchange, which does not need to be controlled by a
central organization or individual.

01.Blockchain
Technology
02.Blockchain
Application
03.Blockchain
Case
04.Blockchain
Development
CONTENTS

01
Blockchain
Technology

1.Blockchain Technology
— Cryptography
• Encryption Technology
Encryption is the foundation of blockchain cryptography. In blockchain, encryption technology is
used to protect the confidentiality of data and ensure that only authorized users can access the
data. Commonly used encryption methods include symmetric encryption and asymmetric
encryption.
• Digital Signature
Digital signatures are a method of ensuring the identity of the sender of a message and the
integrity of the message. A digital signature is created using the private key, while others can
verify the validity of the signature using the public key. In blockchain, digital signatures ensure
the authenticity and immutability of transactions.
• Asymmetric Encryption
Asymmetric encryption uses a pair of keys, a public key and a private key. The public key is
used to encrypt information and the private key is used to decrypt it. In blockchain, asymmetric
encryption is used to implement digital signatures and encrypted communications.
• Consensus Algorithm
Nodes in the blockchain network need to reach consensus to confirm the validity of
transactions and the addition of blocks. The consensus algorithm ensures the security and
consistency of the network through cryptography technology and prevents attacks from
malicious nodes.
• Privacy Protection
Blockchain cryptography also involves privacy protection technology to ensure that users’
sensitive information is protected. Zero-knowledge proofs and homomorphic encryption are
commonly used privacy protection methods.
• Smart Contract Security
Smart contracts are automated execution programs on the blockchain. Cryptography is used to
ensure the security of smart contracts and avoid vulnerabilities and attacks.

2.Blockchain technology
—hash function
• Certainty
Given the same input, a hash function will always generate the same hash value.
• Fixed output length
A hash function generates a fixed-length hash value regardless of the size of the input data. For
example, the SHA-256 hash function produces a 256-bit (32-byte) hash value.
• Conflict resistance
Different inputs should produce different hash values. This means that it is extremely difficult for
two different inputs to generate the same hash value.
• Irreversibility
The process of deriving the original input from the hash value should be so difficult as to be
nearly impossible.
A hash function is an important tool in cryptography and
computer science for converting input data of arbitrary length
into a fixed-length output, often referred to as a hash value.
Hash functions have the following characteristics:

3.Blockchain Technology
—Peer-to-Peer Network
• Dispersion
P2P network has no central server or control node, all nodes are peers. This decentralization
makes the network more resilient and avoids the single point of failure problem.
• Resource Sharing
P2P networks allow nodes to share resources, such as files, computing power, etc. This
resource sharing makes information in the network easier to obtain and disseminate.
• Highly scalable
P2P networks can be easily expanded as needed because each newly added node can
establish a direct connection with existing nodes without the need to restructure the entire
network.
Peer-to-Peer Network (P2P network for short) is a computer
network architecture in which each node is connected to other
nodes on an equal footing to share resources and information
without the need for a central server. This network model is
widely used in the Internet and distributed systems, and has
many advantages and characteristics:

4.Blockchain technology
—distributed ledger
• Decentralized
A decentralized ledger is decentralized without a single central controlling authority. Each
participating node has a copy of the ledger and reaches agreement on the contents of the
ledger through a consensus algorithm.
• Consensus Mechanism
Nodes in the decentralized ledger need to reach agreement through a consensus algorithm to
determine the validity of newly added data. This helps prevent the insertion and tampering of
erroneous data.
• Immutability
Once data is added to the decentralized ledger, it is difficult to modify. Each data block usually
contains the hash of the previous data block. Such a link makes modification of a data block
affect all subsequent data blocks, thereby improving data security.
Distributed Ledger is a technology used to record and manage
data. It does not rely on a central agency or intermediary, but
is jointly maintained and updated by multiple nodes distributed
in the network. This technology is widely used in the
blockchain field, but it is not limited to blockchain, but also
includes other forms of decentralized databases and ledgers.
Here are some of the main features and concepts of
decentralized ledgers:

5. Advantages of Blockchain
Decentralized
• Traditional centralized systems rely on
a single central authority to manage
and verify data. The decentralized
nature of blockchain means that data
storage and verification are completed
by multiple nodes distributed in the
network, without a single control point.
This reduces the risk of a single point
of failure in the system and improves
system reliability and stability.
Transparency Traceability
• All participants in the blockchain can
view and verify all transactions and
data on the blockchain. Transparency
of data means anyone can verify the
authenticity of transactions, which
helps prevent fraud and misconduct.
The transparent feature is also very
useful for some areas that need to be
disclosed and audited (such as supply
chain, voting).
• The blockchain records the details of
each transaction, including when it
happened, who was involved, and
what. This traceability means that the
history and changes of a particular
asset can be traced. In supply chains,
this can be used to trace the origin
and flow of products.

6. Blockchain challenges
Energy consumption
Some consensus mechanisms of blockchain, especially proof-of-work,
require large amounts of computing power to solve mathematical
puzzles to produce new blocks. This process consumes a lot of
electricity and causes environmental problems. While there are some
alternative consensus mechanisms such as proof-of-stake that attempt
to solve this problem, energy efficiency remains a key challenge.
Technical knowledge and difficulty
Blockchain technology is complex and requires understanding of
cryptography, distributed systems, consensus algorithms and other
fields. For non-experts, learning and applying blockchain technology
can be a challenge, limiting its widespread application.
Regulatory and Compliance
Restrictions
The development of blockchain technology is affected by the legal and
regulatory environment. Different countries have different regulations
and compliance requirements for digital assets, cryptocurrencies, etc.,
which may lead to difficulties in cross-border applications, as well as
conflicts between compliance and privacy.

02
Blockchain
Application

1. Examples of blockchain applications
01.Financial Services
Blockchain has many applications in the
financial field, including digital currency
(Bitcoin, Ethereum, etc.), cross-border
payment, asset management, settlement
and clearing, etc. Blockchain can speed up
transaction processing, reduce transaction
costs, and provide greater transparency
and traceability.
02.Smart Contract
Smart contracts are self-executing contracts
without an intermediary. They have
applications in various scenarios such as
insurance claims, real estate transactions,
supply chain collaborations, etc. Through
smart contracts, transactions or operations
under specific conditions can be
automatically triggered, reducing human
error and intermediary intervention.
03.Supply Chain Management
Blockchain can optimize supply chain
management and make information in all
aspects of the supply chain visible in real
time. This helps trace the origin, process
and quality of products and prevent the
circulation of counterfeit products.
04.Public Governance
Blockchain can be used to improve public
governance and voting processes. The
transparent feature makes the electoral
process more fair and prevents
manipulation. In addition, blockchain can
also be used to build a decentralized
identity authentication system to provide
digital identities for those who cannot obtain
traditional identity certificates.

07.IoT
Blockchain can be combined with the
Internet of Things to ensure secure
communication and data sharing between
devices. This helps build a more trustworthy
IoT ecosystem.
05.Intellectual Property Management
Blockchain can be used to maintain
ownership and use rights of intellectual
property. Creators can record their works on
the blockchain, ensuring that their copyrights
are not infringed.
08.Digital Identity
Blockchain can be used to create a
decentralized digital identity system, allowing
users to manage and control their own
identity information, thereby improving
security and privacy.
06.Medical Insurance
In the medical field, blockchain can be used
to establish health records and ensure the
security and privacy of patient data. At the
same time, it can also be used to track the
circulation of medicines and medical devices,
as well as enhance data sharing for medical
research.
1. Examples of blockchain applications

03
Blockchain
Case

1. Blockchain case
Bitcoin
The first decentralized
digital currency using
blockchain technology.
Ethereum
Applications such as smart
contracts have been
developed based on
blockchain technology.
Starbucks
Use blockchain technology
to track the production and
distribution of coffee beans.

04
Blockchain
Development

1. Blockchain development
Global Leader
China and the United
States will lead the
development of
blockchain
technology.
Smart City
Applied to urban
management to solve
urban development
problems.
Digital Identity
Replace traditional
identification
methods and improve
credibility.

InitVerse is a decentralized cloud network based on
blockchain technology, which plays the role of
providing servers that meet official conditions to
InitVerse. These servers need to be verified by the
verifier before they can join the InitVerse network.
In addition to serving as a server provider, cloud
service providers can also mine and produce blocks
through the InitVerse client. During the mining
process, cloud service providers can choose to
stake tokens, which can increase the chance of
successful mining.
Services provided by Web3.0 new blockchain technology
InitVerse
Blockchain
website
https://blackchain.com.tw/
Introduction to InitVerse Blockchain

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InitVerseBlockchain Preparation
Blockchain is an information technology for decentralized data storage, data
sharing, and data exchange, which does not need to be controlled by a
central organization or individual.

InitVerse Blockchain - 5 minutes to understand the blockchain.pdf

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