Crypto Mining Explanatory
In the real world, practically every financial system needs a central authority to confirm and process a transaction. For example, if you wanted to transfer some money to your friend, you would probably use a bank.
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The money leaves your account and then a few days later it arrives in your friend’s account. Simple!
However, to do this you need to use a third party, which is the bank! The problem is, you have to put all of your trust into a third party when you use them.
You need to supply lots of personal information and you have to trust them to look after your money.
As you might remember from the 2008 financial crash, lots of banks went bankrupt and people lost their savings. So much for the trust! In the cryptocurrency world, things are different. Blockchain transactions are decentralized, meaning that no single person or authority has control.
You must be wondering how it is possible to confirm and process transactions without a third party? Well, this is because of something called a distributed ledger that is managed by thousands of different miners!
Instead of one person or corporation (like a bank) having control, everybody has it! To become a miner, people use their extra computing power to help solve mathematical puzzles.
The reason computers are needed is because they are designed so that no human could solve them. When the puzzle is solved, the block of transactions is verified. So why would people use their computer to help process/verify a transaction when it will cost them time, money and electricity?
Well, to say thanks for their help, miners receive coins as a reward. (In the case of Litecoin, the miners receive Litecoins). This helps the blockchain operate in a decentralized way!
Mining can be a great way to make a profit while supporting the cryptocurrency community. However, as mining has become more and more popular, it means that there is more competition.
It’s like thousands of people trying to solve the same puzzle. Whichever miner solves it first, gets the reward! (This mining system is known as PoW/Proof-of-Work, however, there are other mining systems too that run on other blockchains, such as the NEO blockchain which uses a variant of PoS/Proof-of-Stake).
Now that you know what mining is, let’s have a look at how it works on the Litecoin blockchain!
Every cryptocurrency and ICO other than Bitcoin is centralized. For an ICO, this is obvious. The entity that issues the ICO and creates the token is the centralized party. They issued the coin and thus can change the token’s usage, alter the coin’s incentives or issue additional tokens. They can also refuse to accept certain tokens for their good or service.tether bootstrap stats ethereum bitcoin монеты express bitcoin ethereum php source bitcoin bitcoin обсуждение remix ethereum analysis bitcoin bitcoin wikipedia bitcoin moneybox bitcoin софт average bitcoin ropsten ethereum bitcoin fpga collector bitcoin bitcoin приват24 bitcoin расшифровка майнер monero bitcoin xl
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