Understanding the mechanism for achieving consensus
The peering mechanism was already used in 1999 by the Napster music online service.
Blockbine also existed before Bitcoin.
The genius of the proposal of Satoshi Nakamoto, the mysterious anonymous founder of Bitcoin, lies in the idea of combining the first two components with the mechanism for achieving consensus based on cryptography. It is in the mechanisms for achieving consensus that real magic is concentrated: it allows peers of the peer-to-peer network to work together without the need for knowledge of each other or trust in one another.
"The goal of the consensus algorithm is to ensure a secure state update in accordance with certain specific state transition rules where the right to perform state transitions is distributed between (...) users who are granted the right to collectively perform state transitions through a certain algorithm," - Vitalik Buterin
Now, if you have not yet fully understood the idea, the mechanism for reaching consensus is simply a set of rules that are coordinated by the network nodes through the network software. These rules ensure that the network nodes work properly and remain synchronous.
The protocol of the algorithm for achieving consensus establishes the following rules:
How blocks should be added to the chain of blocks,
when the blocks are considered valid, and
How conflicts are resolved in determining truth.
Adding blocks to the chain of blocks
Different blockhouses add blocks to the chain of blocks in different ways. The most well-known mechanism for achieving consensus is Proof of Work (PoW)
The first rule of Proof of Work is that one block should be added to the blockage on average every ten minutes.
The process that realizes this rule is called mining. Nodes that try to add a block to a chain (called miners) use the computing power of their computers to try to solve a cryptographic "puzzle". The rules assume that only when this puzzle is solved, the block can be added to the chain.
Miner, who solves the puzzle, and therefore, "extracts" a new block to add to the chain, is rewarded by the network. In this case, a predetermined number of new coins are created, which are provided to the miner along with the operational costs for all the transactions contained in the block.
After that, all the miners begin to "mine" the next block.
Installation for bitmoy-minining
Mining farm. In order to get enough computing power, many graphics processors
Proof of Work in the Bitcoin network is not the only mechanism for reaching consensus. Proof of Stake (POS) is also widely used in distributed registries. In the Evidence Proof Mechanism, the Miner can "bet" his coins to get a chance to be selected by the network to add the next block. In a sense, the bettor says: "I bet my coins that I will add this block correctly." And if he lies, he will lose his coins.
Discussions continue as to which mechanism for achieving consensus is better. Still, despite how the block is created, other nodes in the network should still be able to decide whether the block is valid or not.
The peering mechanism was already used in 1999 by the Napster music online service.
Blockbine also existed before Bitcoin.
The genius of the proposal of Satoshi Nakamoto, the mysterious anonymous founder of Bitcoin, lies in the idea of combining the first two components with the mechanism for achieving consensus based on cryptography. It is in the mechanisms for achieving consensus that real magic is concentrated: it allows peers of the peer-to-peer network to work together without the need for knowledge of each other or trust in one another.
"The goal of the consensus algorithm is to ensure a secure state update in accordance with certain specific state transition rules where the right to perform state transitions is distributed between (...) users who are granted the right to collectively perform state transitions through a certain algorithm," - Vitalik Buterin
Now, if you have not yet fully understood the idea, the mechanism for reaching consensus is simply a set of rules that are coordinated by the network nodes through the network software. These rules ensure that the network nodes work properly and remain synchronous.
The protocol of the algorithm for achieving consensus establishes the following rules:
How blocks should be added to the chain of blocks,
when the blocks are considered valid, and
How conflicts are resolved in determining truth.
Adding blocks to the chain of blocks
Different blockhouses add blocks to the chain of blocks in different ways. The most well-known mechanism for achieving consensus is Proof of Work (PoW)
The first rule of Proof of Work is that one block should be added to the blockage on average every ten minutes.
The process that realizes this rule is called mining. Nodes that try to add a block to a chain (called miners) use the computing power of their computers to try to solve a cryptographic "puzzle". The rules assume that only when this puzzle is solved, the block can be added to the chain.
Miner, who solves the puzzle, and therefore, "extracts" a new block to add to the chain, is rewarded by the network. In this case, a predetermined number of new coins are created, which are provided to the miner along with the operational costs for all the transactions contained in the block.
After that, all the miners begin to "mine" the next block.
Installation for bitmoy-minining
Mining farm. In order to get enough computing power, many graphics processors
Proof of Work in the Bitcoin network is not the only mechanism for reaching consensus. Proof of Stake (POS) is also widely used in distributed registries. In the Evidence Proof Mechanism, the Miner can "bet" his coins to get a chance to be selected by the network to add the next block. In a sense, the bettor says: "I bet my coins that I will add this block correctly." And if he lies, he will lose his coins.
Discussions continue as to which mechanism for achieving consensus is better. Still, despite how the block is created, other nodes in the network should still be able to decide whether the block is valid or not.
