Title: Bitcoins fungus: Understanding the unique identifier and traceability Ethereum
Introduction
In the field of cryptocurrencies, the concept of fungibility was a problem of debates between investors, supervisory authorities and developers. One of the most discussed topics is whether every bitcoin is naturally fun, which means that its value should not be influenced by changes in care or property. In this article we will examine the problem of fungity in Bitcoins and examine the Ethereum approach to track the property chains.
Fungibility concept
Fungibility refers to the characteristic that two identical elements can be changed for each other without losses or profits. In the context of the currency, this means that each unit should have the same value of a certain name. This concept is of essential importance for maintaining confidence and trust in financial markets.
Bitcoins unique identifier
Each bitcoin has a clear identifier, which is called “block -hash” or “unique address”. This Hash block serves as a digital fingerprint, similar to a series on physical currency notes. Unlike conventional paper invoices or currencies, blockchain contains this information during history and, however, allows a perfect persecution of property and transactions.
is every unique bitcoin?
Not exactly. While the clear identification of each bitcoin is essential for its fungi, this does not necessarily mean that each individual can be identified by a series number. With blockchain data structure, several blocks can coexist at the same time, which means that the same -hash block can refer to different transactions and subsequent blocks.
The case of several journals
For example, look at two consecutive blocks on Blockchain Bitcoin: block A with hash block “00000000000001” and block B with hash block “000000000002”. Although both journals are unique, they do not guarantee that these transactions have been different or separated. Both transactions can be part of the same lot, and the two blocks could have produced at the same time.
Ethereum approach of activity
In response to this topic, Ethereum has implemented a mechanism to follow the property chains entitled “State channels”. With this approach, users can create complex transaction flows that include several accounts and reduce the risk of orphan or double transactions. Status channels allow developers to create “chains” by connecting several accounts and transactions, creating a unique and clear sequence.
Status channels: A key component of activity
By using state channels, Ethereum has created an environment in which it is possible to follow the property chains with high accuracy. In this way, users can check the origin of their assets and ensure that they are not used for malicious purposes or are stolen without compensation.
Diploma
Although the unique identifier of each bitcoin serves as a basis for activity, this does not necessarily mean that each individual can be clearly identified by a series number. The Ethereum approach on state channels has made it possible to create complex transaction currents and properties, which reduces the risk of orphan or double transactions.
However, this does not reduce the inherent value of bitcoin as a value memory and exchange environment. Finally, the mushroom of the individual bitcoin is influenced by a combination of technical, regulatory and market factors.
References
- “Fungible token: A new class of digital assets?” (Research work) by Andreessen Horowitz
- “The state channel: a solution to decentralized financing” (white paper) from the Ethereum Foundation
- “Bitcoin Blockchain: GENERAL TECHNICAL PRESENTATION” (White Paper) from Bitcoin.org