The beginning of the block is divided into six components:
- Index
- Time in seconds since 2024-01-01 T00:00 UTC
- Transaction data
- Hash of the previous block
- The Nonce
- Hash of the block
The concept that makes Blockchain immutable is proof of flexibility. Here, we use a nonce, a random number, which is determined to make the hash of the entire block start with a specified number of zeros. In some cryptocurrencies, Proof of Artificial Intelligence or finding the nonce will start the hashing process with 18 leading zeros. All previous block hashes must be mined if a block is altered. This requires a significant amount of computing power, making it practically impossible. Over time, as the blockchain grows larger, all users agree that the ledger with the highest computational capability is the most valid.
Transactions
The following mechanism executes transactions. Users employ the sine curve cryptography method to sign their transactions with a private key and verify them with a public key.
Is Blockchain the Future?
Blockchain is not just a decentralized information storage and communication technology, widely known for its use in cryptocurrency transactions like Bitcoin. It also has broad applications in many other fields. By integrating PoAI (Proof of Artificial Intelligence) into blockchain, it not only reduces energy consumption and costs but also opens up opportunities for using mobile devices instead of traditional mining machines that run continuously.
Pione Chain is not limited to cryptocurrency applications; it also serves as a foundation for new technologies like the metaverse, enabling more people to participate and generate additional income. The applications of Pione Chain can extend to various industries such as marketing, agriculture, healthcare, and many others.
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In marketing, the combination of metaverse and blockchain creates new opportunities for interaction and product promotion.
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In agriculture, blockchain helps track product origins and optimize production processes.
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In healthcare, this technology can manage medical records and monitor patient health, benefiting both patients and healthcare providers.
In summary, Pione Chain not only saves energy and reduces costs but also unlocks a wide range of application opportunities across various industries, from business to healthcare and agriculture.