Wuhan Block chain Software Technology Company: mining technology
Is mining necessary for blockchain? First of all, what is mining?
Take Bitcoin as an example, every transaction is not completed after it has taken place. The transaction data of 1316– 13131 –7192 must be written into the database before it is established and the other party can actually receive the money. First, all transaction data is transmitted to the miners. Miners are responsible for writing these transactions onto the blockchain.
The process of calculating the hash is called mining, the machine that calculates the hash is called a mining machine, and the man who operates the machine is called a miner.
According to the Bitcoin protocol, the maximum size of a block is 1MB, and a transaction is about 500 bytes, so a block can contain up to 2,000 transactions. Miners are responsible for grouping the 2,000-plus transactions into a block and then calculating the Hash of that block.
Satoshi deliberately made it difficult to add new blocks. His design is that, on average, only one new block is created every 10 minutes, or six in an hour. Due to a lot of artificial calculations and difficulty factors, it takes a lot of computing power to get a valid hash of the current block, and then add the new block to the blockchain (like finding a grain of sand in the sand of the whole world).
Miners also compete with each other to be the first to add a new block to the blockchain and enjoy the full benefits of that block. The other miners had to come and copy the page, paste it to the back of their books and start the process again. The cycle goes on and on, page by page, the ledger gets thicker and thicker.
From this point of view, mining is actually a security mechanism that uses cryptographic hash functions and asymmetric encryption to ensure that mining nodes in the blockchain network invest a lot of computation before broadcasting blocks, increase the cost of fraud and evil, ensure that existing data cannot be tampered with, and ensure that the whole network reaches consensus.
There are also views that Satoshi nakamoto designed the mechanism to avoid attacks on the system. If an attacker wanted to mess with the books, he would need enough computing power. When the benefits do not cover the costs, attackers have no incentive to attack the system.
So for blockchain, mining mechanism is still necessary, but there will be a more reasonable and efficient solution in the future. The decentralized distributed ledger technology provided by blockchain, in addition to the current hot
Projects will be applied to a wider range of fields.