Blockchain tutorial 24: Blockchain and miners
ฝัง
- เผยแพร่เมื่อ 6 ต.ค. 2024
- This is part 24 of the Blockchain tutorial explaining what a Blockchain is and what miners are.
This tutorial explains the following:
what the blocks are in the blockchain
what data does a block contains
what a block number and block height is
what a genesis block is
what a main chain, side fork or orphaned forks are
what miners are and their purpose
what a coinbase transaction is and how Bitcoins are created
there will be maximum 21 million Bitcoins
what a block reward is
what block reward halving is
what a hash puzzle is
In this video series different topics will be explained which will help you to understand blockchain.
Bitcoin released as open source software in 2009 is a cryptocurrency invented by Satoshi Nakamoto (unidentified person or group of persons).
After the introduction of Bitcoin many Bitcoin alternatives were created. These alternate cryptocurrencies are called Altcoins (Litecoin, Dodgecoin etc).
Bitcoin's underlying technology is called Blockchain.
The Blockchain is a distributed decentralized incorruptible database (ledger) that records blocks of digital information. Each block contains a timestamp and a link to a previous block.
Soon people realises that there many other use cases where the Blockchain technology can be applied and not just as a cryptocurrency application.
New Blockchain platforms were created based on the Blockchain technology, one of which is called Ethereum.
Ethereum focuses on running programming code, called smart contracts, on any decentralized application.
Using the new Blockchain platforms, Blockchain technology can be used in supply chain management, healthcare, real estate, identity management, voting, internet of things, etcetera, just to name a few.
Today there is a growing interest in Blockchain not only in the financial sector but also in other sectors.
Explaining how Blockchain works is not easy and for many the Blockchain technology remains an elusive concept.
This video series tries to explain Blockchain to a large audience but from the bottom up.
Keywords often used in Blockchain conversation will be explained.
Each Blockchain video is short and to the point.
It is recommended to watch each video sequentially as I may refer to certain Blockchain topics explained earlier.
Check out all my other Blockchain tutorial videos
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Subscribe to my TH-cam channel
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The presentation used in this video tutorial can be found at:
www.mobilefish....
#mobilefish #blockchain #bitcoin #cryptocurrency #ethereum - แนวปฏิบัติและการใช้ชีวิต
Ni hao lao ban, I have seen a lot of videos about bitcoin but you are the only one who explains so clearly.
The definition of the genius is taking the complex and making it simple. You are genius :) Thanks ;)
You made this so simple. Thanks a lot
nice content Mobilefish.com. I shattered that thumbs up on your video. Keep up the very good work.
What happens to orphaned blocks ? For these Are these blocks would miners try again to perform hashing ?
Thank you
Thank you so much for making these videos! Here's a question: in which way is determined which transactions are going to be included in the block? There's constantly new tx being broadcasted into the network - does every miner just randomly choose a set amount of these and iclude them into the Block he's working on? Would that mean that the order of transactions is set purely by chance?
Generally speaking: the miner decides what TXs will be included in the block. Usually miners includes TXs with high fees. Set by the "minRelayTxFee" node setting.
More information: en.bitcoin.it/wiki/Transaction_fees#Relaying
read section "Includig in Blocks"
Make cicoin (cicx) blockchain tutorial please,.🙏
+Mobilefish.com At 2:14 you'd mentioned that the block height for the block 4 and the forked (purple) block attached immediately to block 4 both have the same height. But instead, it should be block 5 and the forked (purple) block at block 4 that have the same height (= 4).
Also, thank you for the tutorials. These are great and highly informative. :)
You are right! Thank you for catching this error.
I have noticed that viewers of my videos are very observant which helps me to make better videos.
Block 5 and the immediately forked (purple) block at block 4 have the same height (= 5).
= Describe why it’s hard to code a random number generator in Ethereum. Summarize a few reasons why most intuitive solutions fail
I have invested with a miner. And was told i can take out my ROI and profit. But was told that i need to add extra 10 dollars to trigger and also add for hashing. Is this correct? How does it actually work? What needs to be done from my end to get my ROI as well as the profit. Because my miner keeps on telling me that i need to add for hashing/trigger to make it all work. Can you help explain this further.
Sorry Justin, I can not help you with this. I stay away from any form of crypto investment schemes. I do not trust any of them!
What would you suggest?
I think I speak for everyone, when I say
“HUH”😯
What a waste of energy for the miner who gets his block orphaned...
Yes, but this also applies to all the other miners to find the nonce.
Mobilefish.com so what makes one miner competitive enough to solve the algorithm before someone else does? What makes this a profitable business model if the miner doesn't get rewarded for working on orphaned blocks?