The foundation of blockchain trust: four aspects of data transparency

admin | October 9, 2022 | 0 | Technology

Web3 is a new paradigm of the Internet, which enables people to collaborate in an unprecedented way. This new wave of technology allows users to create a more transparent way to share information to control their digital lives and private data. The following is a more detailed introduction by ait world.

Transparency is one of the core design principles of Web3. The way blockchain data is displayed will directly affect the way users read data. Web3 users need to be able to understand and distinguish the source of data or content.

More specifically, the transparency of data sources has proved to be the basis for ensuring trust among all parties, and is essential for establishing strong relationships among users, communities and stakeholders.

Transparency ensures that every transaction on the blockchain is visible to all network participants, and anyone can audit it at any time. This also makes blockchain data highly secure and transparent.

The topics to be discussed in this article are:

When we talk about data, it is important to know its source, especially in the field of Web3. If you don’t know where you are looking, it may be difficult to understand the information. Blockchain data must be transparent in order to distinguish it from other data.

In order to ensure that the data is easy to distinguish, developers and designers use Gestalt similarity principle, with consistent color fonts and shapes as the classification criteria. In short, Gestalt principle is defined as an analysis method that perceives entities as a unified whole, rather than multiple parts. Through this principle, we can define multiple parts as a whole, thus simplifying the trading process.

When it comes to blockchain data, in order to enable users to trust the information they see, it is very important to ensure that everything they see is clear and consistent. If there is inconsistency or error information, it is likely to cause problems for them.

Blockchain address is the unique identifier of blockchain network transactions, which can be regarded as email or phone number. The difference is that its security is quite high. Generally, you can query the blockchain address from two places:

When you send encrypted currency from one address to another, the process is using public key encryption. Only those who have private keys can decrypt and obtain transaction funds.

You need to understand that the private key is only available to the owner, and who can use it to perform transactions. The public key is a digital signature used to verify the ownership of the private key.

Extensible plug-ins, such as extended tooltips, are used to provide more historical data by hovering or clicking the data points of the blockchain, so as to clearly identify the location of the data in the blockchain.

The blockchain browser provides precise details of users’ past transactions, so it is crucial for Web3 users. When using the blockchain browser, you should pay attention to:

For developers who want to make their applications more secure and transparent, the blockchain browser is an important tool. Developers can view any changes to their applications through the blockchain browser, and they can also check whether there are errors by checking all transactions that have been made in the system.

Blockchain oracle is a way to connect smart contracts with real world events.

A smart contract is a piece of code that exists on the blockchain. It executes operations according to events in reality. For example, when someone buys goods from your store, you can write a smart contract to execute it. Through smart contracts, funds will be automatically transferred from the buyer’s wallet to your wallet.

But what if it is confirmed that the transaction has occurred? You need to check whether the project is paid before the actual transfer, which is the use of oracle. The oracle machine is a kind of software that can access information outside the blockchain and report to the smart contract what happens outside the blockchain.

Oracle transparency allows users to view the working principle and accuracy of the oracle, thereby helping them better decide which oracle to use. The oracle machine can submit verification signatures from other oracle machines on the Ethereum blockchain to prove its answers. Because any incorrect answers will be rejected by the smart contract, there is no single point of failure in this process.

Demonstrating oracle machine is an effective way to ensure mutual trust, and it is also convenient for users to make wise decisions.

Data transparency is the key to ensure the effectiveness of shared data for any blockchain based application. Since many applications rely on specific functions in the blockchain, the accessibility of blockchain data is critical for all parties.

Therefore, users should know each blockchain address and its related browsers and oracle machines. Data transparency can best be described as the ‘informed method’ for any participant in a given network to use the blockchain. This article is from ait-world.

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