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In early 2009, the Bitcoin network was officially launched. As a virtual currency system, the total supply of Bitcoin is fixed by the network consensus protocol, and no individual or institution can arbitrarily modify its supply or transaction records. After years of successful operation, some financial institutions gradually recognized that the underlying technology of Bitcoin—blockchain—is actually a clever distributed shared ledger and peer-to-peer value transmission technology, which could have an impact on finance and various industries comparable to the invention of double-entry bookkeeping.
From an essential perspective, blockchain is a technology that enables the maintenance of an immutable ledger record without the need for intermediaries, even among participants who do not fully trust each other or have only weak trust. The typical characteristics of blockchain 1.0 include:
1. Chain structure composed of blocks
In a blockchain system, nodes use a consensus mechanism to select a node with the authority to package transactions. This node packages the hash of the previous block, timestamp, valid transactions within a certain period, and the Merkle tree root value into a new block, then broadcasts it to the entire network. Each block is cryptographically linked to the previous one, forming a chain. Once the blockchain reaches a certain length, modifying the transaction content in a historical block would require reconstructing all transaction records and cryptographic proofs of all preceding blocks, thus achieving tamper resistance.
2. Fully shared ledger across the network
In a typical blockchain network, each node stores a complete and consistent ledger of the entire network's historical transaction records. Tampering with or attacking the ledger data of individual nodes does not compromise the security of the entire network's ledger. Additionally, nodes are connected in a peer-to-peer manner without a centralized server, so there is no single point of attack. The fully shared ledger also effectively prevents double-spending issues.
3. Asymmetric encryption
The typical blockchain account system is based on asymmetric encryption algorithms, consisting of a public key and a private key. Without the private key, one cannot access or use the assets associated with the corresponding public key.
4. Open-source source code
The consensus mechanisms, rules, and other components of the blockchain network can be verified through unified open-source source code.
These technologies, when combined, form the typical implementation of blockchain 1.0

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