Blockchain has the characteristics of decentralization, tamper-proof, irreversible, and anonymity.
Decentralization: Because there is no central authority in the entire network, the system relies on the fair constraints of multiple participants on the network. Therefore, the rights and obligations of any several nodes are equal, and each node will store all data on the blockchain. It will not pose any threat to the ledger even if the node is damaged or attacked.
Tamper-proof: Ensure that information or contracts cannot be forged. If the ledger is in the hands of one or several people, the possibility of fraud is very high. However, everyone has a ledger in their hands. Unless more than 51% of the people in the entire game change a certain transaction, any tampering is invalid. This is also the superiority of collective maintenance and supervision.
Irreversible: The information on the blockchain must be irreversible and cannot be easily destroyed. The system is open source, and the entire system must be open and transparent. Therefore, after a certain transaction is broadcasted to the entire network, it will be successfully recorded after more than 6 confirmations and cannot be reversed or cancelled.
- Note: imToken requires 12 block confirmations.
Anonymity: The identity information of each blockchain node does not need to be announced or verified, and information transmission can be anonymous. For example, if you initiate a transaction to a wallet address on the blockchain, you cannot know exactly who is behind this address, or if your private key is stolen by a hacker, you cannot know who the hacker is from a wallet address.