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Quite a detailed explanation and yet quite simple to understand! This kind of stuff is really difficult to understand and even more difficult to teach and explain but you did it so effortlessly. kudos to you!
Hi Caleb, last question here for this video: 1) Regarding the merle root tree, is the double hash process including the miners' coinbase transaction performed by miners as well? 2) Additionally, for the transactions, what determines which transactions to be included in the merle root tree? Is it the same for every miner? (except the transaction to the miner itself) 3) The mining process, will it only commence once the block has been closed and will not be taking on any more transactions? Or how does this work? (Probably also relates to the previous question as to how (if all transactions are the same for all miners) this is determined by the blockchain and communicated to all the Miners. (Maybe full nodes have to do something with this communication?) I want to thank you again for this very informative video series, you've made me understand a lot more things :D Keep it up!
Bro, did you read satoshi Nakamoto book? You can find all the emails written by him responding to all of this questions. You can download this pdf anywhere. "Bitcoin: A peer-to-peer electronic cash system"
Your video is pleasantly easy to understand, however there is still something I don't understand from your explanation . at 13:10 you say the hash would be different but aren't we trying to validate the same transactions into the blockchain?
@@tomlatham8482 Looking back on my comment, I think we are talking about the nonce here, the transactions we're trying to confirm are the same but we are competing to find a hash and the input is the transactions + a nonce + the variable input your mining program modifies to find the hash. Now I don't know much in details but the nonce could just be computed from your bitcoin address which is unique to any user. Head me up if you find anything useful from your research 👍
So...if I try to send $10 to you and $10 to Ally, then Proof of Work determines which transaction gets added to the blockchain first. Proof-of-Work also forces validators to spend computation power before the crypto network will listen to them, thus securing the network against malicious validators. Am I understanding this correctly?
how do other "full nodes" test the input to check it? i have a sense that that would be automatic, but it's not clear. and by "full node," you mean, some other guy on the network with a computer that is running to bitcoin protocol (?)?
hi, great video dude this has opened my eyes a bit on how proof of work works... so can I ask perhaps a silly question - the hashing that the miners do, to calculate the hash value, is that then the value that makes up the 'previous' hash of the next block?
Dude excellent video. You delivered a lot of complex stuff in a really digestible way. One hopefully constructive criticism though (and this is coming from a complete crypto-noob so maybe this is common knowledge), but for me at least I think I would have had a better understanding of PoW if you had taken a moment around 16:00 to: (a) define the coinbase/generation transaction and (b) talk about the significance of that transaction's payout address in making unique Merkle roots for different miners from otherwise identical sets of transactions EDIT: Also cool you touched on the NP-ness of finding a pre-image that hashes to a given value
Get started with cryptocurrency using affiliate code "caleb": www.calcur.tech/crypto
Stake CRO to get the Ruby Steel reward debit card to get your $25 bonus!
Watch the entire playlist - calcur.tech/blockchain-playlist
My man Caleb doing a better job than my teacher
T•e•x•t m•e.
7=•8=•6=•3=•6=•9=•1=•1=•7=•9.🇱🇷
For Assistance
Great video, I not only learned about proof of work but about how hashing works in general which is probably even more important.
Quite a detailed explanation and yet quite simple to understand!
This kind of stuff is really difficult to understand and even more difficult to teach and explain but you did it so effortlessly.
kudos to you!
This was exactly the right level of detail I needed on this topic. I appreciate it 👍
It took me forever to find this again. I had to sift through 9 billion videos of people being overly general and non-specific. Bookmarked.
Great explanation! Very underrated video
this video should be shown in schools
Dude you are trippy! Awesome Stuff.
Finally someone is talking about it.
T•e•x•t m•e.
7=•8=•6=•3=•6=•9=•1=•1=•7=•9.🇱🇷
For Assistance
Hi Caleb, last question here for this video:
1) Regarding the merle root tree, is the double hash process including the miners' coinbase transaction performed by miners as well?
2) Additionally, for the transactions, what determines which transactions to be included in the merle root tree? Is it the same for every miner? (except the transaction to the miner itself)
3) The mining process, will it only commence once the block has been closed and will not be taking on any more transactions? Or how does this work? (Probably also relates to the previous question as to how (if all transactions are the same for all miners) this is determined by the blockchain and communicated to all the Miners. (Maybe full nodes have to do something with this communication?)
I want to thank you again for this very informative video series, you've made me understand a lot more things :D Keep it up!
Bro, did you read satoshi Nakamoto book? You can find all the emails written by him responding to all of this questions. You can download this pdf anywhere.
"Bitcoin: A peer-to-peer electronic cash system"
Thank you for a really clear. entertaining and interesting explanation.
Your video is pleasantly easy to understand, however there is still something I don't understand from your explanation . at 13:10 you say the hash would be different but aren't we trying to validate the same transactions into the blockchain?
@@tomlatham8482 Looking back on my comment, I think we are talking about the nonce here, the transactions we're trying to confirm are the same but we are competing to find a hash and the input is the transactions + a nonce + the variable input your mining program modifies to find the hash.
Now I don't know much in details but the nonce could just be computed from your bitcoin address which is unique to any user.
Head me up if you find anything useful from your research 👍
absolute incredible video mate. keep it up.
So are you saying that you use the hash from the previous block plus the nonce value(s) to try and find a new hash below the set target?
So...if I try to send $10 to you and $10 to Ally, then Proof of Work determines which transaction gets added to the blockchain first. Proof-of-Work also forces validators to spend computation power before the crypto network will listen to them, thus securing the network against malicious validators.
Am I understanding this correctly?
how do other "full nodes" test the input to check it? i have a sense that that would be automatic, but it's not clear. and by "full node," you mean, some other guy on the network with a computer that is running to bitcoin protocol (?)?
I love you Caleb
U made proof of work very simplified for me
Hey , does anyone know what happen to the transactions that haven’t been confirmed , do they just vanish ?
Thanks
hi, great video dude this has opened my eyes a bit on how proof of work works... so can I ask perhaps a silly question - the hashing that the miners do, to calculate the hash value, is that then the value that makes up the 'previous' hash of the next block?
Dude excellent video. You delivered a lot of complex stuff in a really digestible way.
One hopefully constructive criticism though (and this is coming from a complete crypto-noob so maybe this is common knowledge), but for me at least I think I would have had a better understanding of PoW if you had taken a moment around 16:00 to:
(a) define the coinbase/generation transaction and
(b) talk about the significance of that transaction's payout address in making unique Merkle roots for different miners from otherwise identical sets of transactions
EDIT: Also cool you touched on the NP-ness of finding a pre-image that hashes to a given value
Learned so much by this video, just a small doubt, who validates the transaction like if the transaction is really valid or not?
Cool vid. Definite sub
Best explanation of PoW and a couple of funny moments
This is what i need, thanks
How are the "leading number of zeros" in the target hash value related to the nonce, if any at all?
just wow !
Well done!
Wh•=app•=+•=1•=7•=8•=1•=4•=3•=6•=0•=8•=4•=2•
Love from India 😘
Great video
Wh•=app•=+•=1•=7•=8•=1•=4•=3•=6•=0•=8•=4•=2•
Hi
Your content is great, I think it's worth investing in! You should create your own coin at mintme
😍😍
Are you ambidextrous? You seem to be writing both left and right handed.