Reflection paper

The development of blockchain and Bitcoin

Bitcoin appears in people's vision as a new type of network currency. Most members doubt the control of the central bank and the existing global financial system because its main function is to activate the payment system and skip the steps of the banking process. This is also called a peer-to-peer payment system. At the same time, due to the emergence of the financial crisis, the stability of Bitcoin is again loved by people, because Bitcoin will not be affected by the reduction of its online currency value due to inflation. In addition, the blockchain is to connect different blocks into a chain. When people discover the wrong way of working in a certain part, they cannot modify a certain part, they can only add a new block behind this chain. Therefore, the blockchain also has better openness and transparency. Distributed ledger technology is the main operation mode of the blockchain, which means that the blockchain can also enable people and enterprises to simplify their complicated business and observe their ledger more easily. People can better observe their funds and bill flows on the blockchain.

When the blockchain is widely used commercially, it will be negatively affected in addition to the positive response. Governments and experts believe that blockchain technology may affect global finance and global supply chains. Therefore, some people think that this is a grassroots movement, and some people think that he is a destructive revolutionary technology. According to the recommendations of experts, if the blockchain does not affect utopianism, then it is democratic, inclusive and participatory, and can be continuously and widely used.

There are some differences between Ethereum and Bitcoin. There is a very talented programmer who founded Ethereum. It can better communicate between two and more than three parties and provide smart contracts. Although Bitcoin already has timed transactions, multiple signatures and restricted peer-to-peer transactions. Smart contracts better merge autonomy and automated processes, so he also provides some legal effects. In Bitcoin and Ethereum, the way of working and calculation is the same, they are all using computers to update the network. However, Ethereum has higher requirements for staff such as identity verification and signing smart contracts. Compared with centralized control management, Ethereum feels that distributed networks are more reliable. In addition to the expected benefits, Ethereum has better social mobility and access rights for its own use. This also gives everyone the power to work on the Internet and strengthen the power of society. Therefore, in the author's view, Bitcoin and blockchain should be a movement to promote utopian will.

In the view of some scholars, the inclusion of cryptography on the blockchain means that the information can be better hidden, and the authenticity of the verification information and identity is guaranteed. And to ensure that their information is not stolen by third parties

Due to the rapid development of business culture, there is more demand for encryption systems that it is a digital password to protect personal privacy. At the same time, some people hope that their passwords will not be cracked by the US government and better protect their privacy. But the US Security Service wants to better understand social information and terrorist actions. In this contradiction, some enterprises cultivate professional knowledge of hobbies. With the support of the United States, some companies have developed microtube technology, so the US government has become the largest market for microtubes and microprocessors. In the development of computer technology, engineers became elites and capitalists. At the same time, with the demand for high-tech labor, people have more flexibility in work, profit sharing, and new financing methods. Under the concept of the above technology, it ushered in more critics' comments. Some people think that Bitcoin is full of strong political colors, and some people think whether the blockchain can better achieve utopian will.

So far, Bitcoin and blockchain are still very popular because it has created a new payment system and working method. Its transparency and openness can better ensure people's wealth and the operation of enterprises. The encryption system used by the blockchain can better ensure people's information security. In addition, Ethereum and Bitcoin are both currencies circulating online. However, the advantages of Ethereum are more obvious than Bitcoin, because Ethereum has better social capabilities.

Reflection Paper

When I finished reading this academic journal, I divided the article into several parts. The difference between Bitcoin and Ethereum, blockchain, encryption system, DAO case, and their impact on global finance. In these five aspects, I chose the difference between Bitcoin and Ethereum, the operation mode of the blockchain and the encryption system. These three points are all related to each other and they are more like a chain reaction. If some of them are missing, this brand-new system will not work properly in my opinion. Therefore, I think these three points make me most interested and most likely to arouse the interest of readers. In my reading, this academic journal should delete the part of the DAO case most. Its deletion will not affect the structure and logic of the entire article. At the same time, this part is also the most difficult to understand for me. If the readers are some financial majors, they are more likely to focus on some cases. However, for some people, they must first understand what Bitcoin is and what is blockchain, and what is the difference between Ethereum and Bitcoin. How important is the encryption system for some companies? Therefore, when I translate this article from the perspective of the public, I should delete the DAO case.

When I started to translate the academic journal, I was interested in several parts of the translation. For example, Bitcoin, blockchain and encryption systems. Their background knowledge introduces their origin and development. The DAO case and the structure of the entire article that Global Finance does not have any impact. At the same time, these two parts are the most difficult parts for me to understand. Therefore, I originally deleted the case of this article and the impact of global finance. After that, I started to focus on Bitcoin, blockchain and encryption systems in this article. They will have some things in common because they are more like how the system operates. I can better organize their knowledge and structure in a logical and logical way. When I translate this article more systematically, readers can better understand what I am writing, and they can understand the purpose of this article more clearly.