Why blockchain needs blocks (why blockchain needs mining)

Why does blockchain require blockchain? Why does blockchain require blockchain? Because in the Bitcoin network, transactions are recorded on a block. Due to the fact that each block contains transactions with the same and different data structures, whenever someone needs to make a small transfer, they will receive a block reward, which is composed of these different exchanges

Therefore, we can regard Bitcoin and the whole Ethereum as a separate network, but if we expand according to this model, it will be a multi centralized system. (Chain News)

Why does blockchain need to mine

Editor’s Note: This article is from Orange Book (ID: chengpishu), written by Chen Sijin, and reprinted with authorization by Daily Planet Daily

Blockchain is one of the underlying technical protocols of Cryptocurrency. However, mainstream digital currencies such as Bitcoin Network and Ethereum will encounter some challenges and difficulties in operation. So why do we need to mine The first thing to understand is that if it is not for valuable assets, we cannot participate in them; When the lack of a unit of account or consensus mechanism makes it possible for transactions to be packaged, blockchain can be used to record data, calculate, or store information. Therefore, when it comes to decentralized applications, validation is necessary to obtain rewards

The second is to understand what a Distributed database is. The data in a system will be saved during this specific time period and generated and processed at different time nodes. Due to its high level of security, scalability, and irreversibility, the system cannot be tampered with and can ensure the security of the entire system. But for most people, it does not possess these attributes. In addition, many blockchain projects have not yet developed specialized applications for storing data. For example, blockchain projects like EOS are designed to make the smart contract code easier to execute, allowing users to easily create their own smart wallets and send funds to a certain address to complete payment tasks; In addition, the DPOS+BFT algorithm on EOS can effectively prevent hacker attacks and other malicious software problems. Of course, this will also affect the performance improvement of blockchain projects Thirdly, it should be noted that the current blockchain is still in its early stages, which is just the beginning of its development. Some teams have now established their own blockchain based technology platform, BlockChainCore, which is a new consensus mechanism proposed by Samson Mow, Chief Architect of Blockstream. At the same time, BlockchainCore will adopt the “PoS” Proof of work mechanism, that is, the Proof of work method is used to distribute the block hash. This method is mainly used to solve two problems in POW: 1) How to confirm whether the new block contains known content. 2. What exactly is’ equity ‘ Actually, everyone is well aware that POW also refers to the use of proof of rights mechanisms to achieve certain state transitions, usually also known as Byzantine behavior, so anything is considered “rights”, and only those who have rights and do not have them are called holders However, fundamentally speaking, miners did not consider it too much and instead chose to use PoS as an incentive plan. For example, Coin An has launched a new project codenamed “OKEx” and “Firecoin XMX”, allowing investors to purchase tokens and then issue governance tokens to vote on whether to launch the OKEx exchange. Changpeng Zhao, the founder of OKEX, believes that “with the rising price of BTC,