Topic: 🔴[BOUNTY] 🔥🔥GRABITY🔥🔥 🚀NEW PARADIGM OF INTERNET🚀 💰350,000,000GBT💰🔴 - page 49. (Read 9855 times)
January 18, 2019, 01:30:02 PM
For each block of transactions, miners use computers to repeatedly and very quickly guess answers to a puzzle until one of them wins.
January 18, 2019, 01:00:20 PM
Today, ethereum’s mining process is almost the same as bitcoin’s.
January 18, 2019, 12:55:07 PM
And now, how mining works these days?
January 18, 2019, 12:54:22 PM
Although ethereum is looking into other methods of coming to consensus about the validity of transactions, mining currently holds the platform together.
January 18, 2019, 12:53:06 PM
Miners come to consensus about the transaction history while preventing fraud (notably the double spending of ethers) – an interesting problem that hadn’t been solved in decentralized currencies before proof-of-work blockchains.
January 18, 2019, 12:51:46 PM
Usually, banks are in charge of keeping accurate records of transactions.
January 18, 2019, 12:50:56 PM
Pretty much we have to understand it like this: Although a ‘trustless’ or ‘trust-minimizing’ monetary system is the goal, someone still needs to secure the financial records, ensuring that no one cheats.
January 18, 2019, 12:50:43 PM
Mining is one innovation that makes decentralized record-keeping possible.
January 18, 2019, 12:41:11 PM
Blockchains, though, introduce an entirely new way of record-keeping, one where the entire network, rather than an intermediary, verifies transactions and adds them to the public ledger. 
January 18, 2019, 12:40:48 PM
They ensure that money isn’t created out of thin air, and that users don’t cheat and spend their money more than once.
January 18, 2019, 12:31:53 PM
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January 18, 2019, 12:31:12 PM
But mining also has another at least as important role. 
January 18, 2019, 12:30:35 PM
Ethereum’s tokens are created through the process of mining at a rate of 5 ether per mined block.
January 18, 2019, 12:26:07 PM
Many new users think that the sole purpose of mining is to generate ethers in a way that doesn’t require a central issuer. This is true. 
January 18, 2019, 12:25:26 PM
This role isn’t immediately obvious, though.
January 18, 2019, 12:18:06 PM
Today, miners play an important role in making sure ethereum works.
January 18, 2019, 12:11:05 PM
Now what if we talk about the miners working with ethereum
January 18, 2019, 12:10:19 PM
I mean that’s why the network might only be used only for particular use cases.
January 18, 2019, 12:09:14 PM
But, you might be thinking, isn’t that much more expensive than a normal computation? Yes, it is.
January 18, 2019, 12:08:49 PM
There are a few thousand ethereum nodes out there, and every node is compiling and executing the same code.
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