Somebody can explain what is block-chain is and why we do mining?

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Quote from: AdolfinWolf on September 08, 2018, 04:25:04 AM

Simple answer:

Quote

I tell three friends that I'm thinking of a number between 1 and 100, and I write that number on a piece of paper and seal it in an envelope. My friends don't have to guess the exact number, they just have to be the first person to guess any number that is less than or equal to the number I am thinking of. And there is no limit to how many guesses they get.

Seems a little bit complicated to me about "any number that is less than or equal to the number sealed in the envelop" but I understand what means. This means that the processor didn't even guess the exact number but still receiving reward from hashing data from blocks in blockchain.

This really help, I would read more about it since it's given already by AdolfinWolf.

Quote from: AdolfinWolf on September 08, 2018, 04:25:04 AM

It's explained more in-depth in the article with other examples & technicalities. -> https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

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Quote from: Aweasadbek on September 08, 2018, 04:11:16 AM

I cannot understand how my processor earns bitcoin, and who gives me it!?

The block chain is a method of storing data using hash functions. Think about it like this, today you collect data "A". You hash "A", and store it away. Tomorrow you collect data "B". But instead of just hashing "B", you hash "B" + hash of "A", and store that away. "B" is now chained to "A" because you included the hash "A" inside the hash of "B". In this example, we call "A" the genesis block because it was the first one, and it is not chained to any prior blocks.

As for mining, it is a proof that some "work" was done. It is rooted to the concept of currency. Ask yourself, why does gold have value? The simple answer is, somebody, or some team had to put in lots of "work" to obtain gold. The bitcoin mining process is mimicking this process.
That is why it to is also refer to as "mining". What your processor is doing is solving a math problem. The problem is a hash function, but for simpler terms, think of it as an equation. Your process plugs in a number, solves the equation, and checks if the answer is within the acceptable region. If its not, your processor picks a new number and tries again. If answer is inside the acceptable region then you get bitcoins.

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Let me answer the title which will eventually answer your topic

First part:
What is block-chain?
Read...
What is blockchain technology? - from blockgeeks
What is Blockchain Technology? - from coindesk

Second part:
Why we do mining?
Read...
How Bitcoin Mining Works - from bitcoinmining
How Bitcoin Mining Works - from coindesk
What is Bitcoin Mining and How Does it Work? - from buybitcoinworldwide

I hope I was able to give you enough resources for a kick starter. Have a good day.

Regards,

iPwB

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Quote from: Aweasadbek on September 08, 2018, 04:11:16 AM

I cannot understand how my processor earns bitcoin, and who gives me it!?

Maybe

you are mining Bitcoin Wink

By mining Bitcoin you will get a reward in every block that you mined.
For more information kindly visit that AdolfinWolf provided ↓

Quote from: AdolfinWolf on September 08, 2018, 04:25:04 AM

It's explained more in-depth in the article with other examples & technicalities. -> https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

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Quote from: Aweasadbek on September 08, 2018, 04:11:16 AM

I cannot understand how my processor earns bitcoin, and who gives me it!?

The best way to find this out is to probably google it. I doubt most people here will explain it better than most articles do.

Simple answer:

Quote

I tell three friends that I'm thinking of a number between 1 and 100, and I write that number on a piece of paper and seal it in an envelope. My friends don't have to guess the exact number, they just have to be the first person to guess any number that is less than or equal to the number I am thinking of. And there is no limit to how many guesses they get.

It's explained more in-depth in the article with other examples & technicalities. -> https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

Aweasadbek

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I cannot understand how my processor earns bitcoin, and who gives me it!?

Topic: Somebody can explain what is block-chain is and why we do mining? (Read 181 times)