What is mining? A bitcoin story

What is mining? A bitcoin story

“Mining” is the way by which you create new bitcoins. Mining takes a shot at the “proof-of-work” guideline. Proof-of-work, essentially implies this: Solving an issue must be to a great degree troublesome, however once you fathom it, demonstrating that the arrangement is right ought to be straightforward.

We will perceive how bitcoin and most cryptocurrency use it later. Be that as it may, for the time being, we should comprehend WHY proof-of-work was required in any case.

One of the numerous issues that Nakamoto was confronting was tending to the Byzantine Generals Problem. Each computerized peer-to-peer decentralized cryptocurrency framework fizzled in light of the fact that they neglected to answer the Byzantine Generals Problem. Nakamoto was at long last ready to answer this utilizing proof-of-work.

Alright so envision that there is a gathering of byzantine commanders and they need to assault a city. They are confronting two extremely unmistakable issues:

The officers and their armed forces are extremely far separated so incorporated specialist is unimaginable, which makes facilitated assault exceptionally intense.

The city has a colossal armed force and the main way that they can win is whether they all assault in the same time.

Keeping in mind the end goal to make effective coordination the armed forces on the left of the stronghold send a delegate to the armed forces on the othe side with a message that says “Assault Monday.” However, assume the armed forces on the other side are not set and ready for the assault and say, “NO. Assault Thursday ” and send back the errand person through the city back to the armed forces on the left…

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