Is the word 'voting' an accurate way to describe what Bitcoin miners are doing?
As in Bitcoin miners vote on which transactions are correct? Essentially a weighted vote based upon mining power?
I know how a blockchain works, just curious if others believe this is a fair way to describe the process.
As in Bitcoin miners vote on which transactions are correct? Essentially a weighted vote based upon mining power?
I know how a blockchain works, just curious if others believe this is a fair way to describe the process.
The act of choosing which transaction to include in a block is not collective, every mining pool or solo miners prepares the list of transactions that they are going to include in the next block, then they start mining, meaning finding a nonce that will result in a hash with certain amount of leading zeroes. If you are asking this question, you probably don't understand how blockchain works well enough.
Nah, I understand blockchain quite well. Just trying to work on a cryptocurrency that allows everyone to mine as if they had an equal amount of hashing power. I kind of liked likening ourselves to voting and democracy where everyone's voice is treated the same.
But maybe calling it voting is a little bit too abstract.
You could say that in the case of double spends, which is the whole purpose for miners, that miners vote on which transaction is correct.. but that's quite rare since the system works so well. lol
