Blockchain has characteristics such as decentralization, immutability, irreversibility, and anonymity.
Decentralization:
The network operates without a central authority. The system relies on the fair constraints of multiple participants in the network, so the rights and duties of any set of nodes are equal. Each node stores all the data on the blockchain. Even if a node is damaged or attacked, it will not pose any threat to the ledger.
Immutability:
It ensures that information or contracts cannot be falsified. If the ledger were controlled by one person or a small group of people, the possibility of fraud would be very high. However, since everyone holds a copy of the ledger, unless over 51% of the network participants alter a specific record, any tampering will be ineffective. This is the advantage of collective maintenance and oversight.
Irreversibility:
The information on the blockchain must be irreversible and cannot be casually destroyed. The system is open-source and entirely transparent, so once a transaction is broadcast to the network and receives over 6 confirmations, it is permanently recorded and irreversible. Note: imToken requires 12 block confirmations.
Anonymity:
The identity information of the nodes in the blockchain does not need to be disclosed or verified, and the transmission of information can be done anonymously. For example, when you initiate a transaction to a wallet address on the blockchain, you cannot know exactly who is behind that address. Even if your private key is stolen by a hacker, the hacker's identity cannot be deduced from the wallet address.
In summary, these characteristics of blockchain ensure the system’s security, transparency, and decentralization advantages, while also driving the widespread adoption of blockchain technology across various sectors.
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