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What does mining in blockchain mean

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What does mining in blockchain mean

What does mining mean in blockchain? Mining is a digital currency that performs calculations on the network, also known as encrypted assets. It is considered to be one of the oldest concepts in the computer field, but with the increasing use of decentralized Cryptocurrency such as Bitcoin, its value is also rising; From another perspective, blockchain solves this problem through mining, providing new ideas and approaches for the development of the industry So, what exactly is mining? Simply put, storing data on a secure, transparent, and traceable network. If we place the data of the entire network on a ledger or a node, we can verify the transaction and confirm whether it is legal and its authenticity. So in such a situation, a large amount of computing power is required to ensure the security of the system Therefore, during the mining process, it is necessary to mine these data to avoid unnecessary or unpredictable situations. For ordinary users, in addition to knowing what activities they are involved in, it is also important to understand how to obtain accounting rights and transfer records

What does blockchain mining mean? Mining gold, exploring the universe, mining coal.

What does mining mean? Blockchain is a protocol used to achieve decentralization and scalability. Through blockchain technology, it is possible to create value for users without sacrificing security Bitcoin is a virtual currency characterized by its ability to be understood as a form of digital gold, and its price is highly similar to other cryptocurrency assets. But if you want to invest with this currency, you must have a token

For example, you need to buy a Ethereum token and hold a certain number of tokens to support the development of the network. This will give your Bitcoin a very scarce, infinitely liquid, and valuable economy. So we call them ‘Tokens’ or’ Blockcoins’, because these Tokens are completely digital. But what happens when people put them into it To understand this, you can read the article ‘Digging Gold and Exploring the Universe’ and find some knowledge about mining coal: What is mining? What is mining? Bitcoin is a computer science experiment created by a group of geeks, which uses algorithms to generate a peer-to-peer trading system – the Bitcoin network. Off chain “means that anyone can participate in this movement without intermediaries or intermediaries, and all data is stored in one place, forming a complete data structure

For ordinary investors, “on the chain” means the content generated by applications that use a specific Cryptography algorithm to run smart contracts. Therefore, if you can know if your account exists in the kernel of the system, you can mine blocks on your server and receive rewards, as well as receive corresponding rewards on this platform. In addition, there are also some special uses, such as characters in games, such as land buying and selling, as well as various financial products in the stock market and foreign exchange market, etc. (Image from Coindesk)

Currently, many blockchain projects in the market have this model. For example, EOS, BCH, BSV, XMR, ZEC, DASH, and so on. In addition, the DPOS consensus mechanism on EOS, also known as DPoS, is an open-source distributed ledger database built on this basis So why is this happening? The reasons are as follows:

1. Due to the current mainstream public chains being relatively old and unable to adapt to the changes in the development of the blockchain era Although blockchain has entered a mature stage, before it reaches large-scale application, everyone should realize that this is a revolutionary wave of technological change that is about to arrive. Of course, over time, some new problems may arise.

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