Mining and consensus mechanisms from "summary" of The Basics of Bitcoins and Blockchains by Antony Lewis
Mining is the process by which transactions are confirmed and added to the public ledger known as the blockchain. Miners compete to solve a complex mathematical problem, and the first one to solve it can add a new block of transactions to the blockchain. This process requires a lot of computational power and energy, as miners need to make numerous calculations in a short amount of time. The incentive for miners to participate in this process is the reward they receive in the form of new bitcoins. In addition to the newly created bitcoins, miners also receive transaction fees for the transactions they include in the block. This reward system is designed to encourage miners to continue securing the network and processing transactions. Consensus mechanisms are protocols that ensure all participants in a blockchain network agree on the val...
Similar Posts
Blockchains can be permissioned or permissionless, depending on the level of control required
In the world of blockchain technology, one important concept to understand is whether a blockchain is permissioned or permissio...
The digital nature of Bitcoin makes it more transferable and divisible than physical commodities
Bitcoin's digital nature is a key factor that sets it apart from physical commodities. Unlike commodities like gold or silver, ...
Blockchain networks require consensus mechanisms to validate transactions and prevent doublespending
In order for blockchain networks to function effectively, they must have a way to ensure that transactions are valid and preven...
Drone warfare
Drone warfare is a concept that has profound implications for the nature of modern conflict. Drones are unmanned aerial vehicle...