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Foundations of Blockchain

You're reading from   Foundations of Blockchain The pathway to cryptocurrencies and decentralized blockchain applications

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Product type Paperback
Published in Jan 2019
Publisher Packt
ISBN-13 9781789139396
Length 372 pages
Edition 1st Edition
Languages
Concepts
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Author (1):
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Koshik Raj Koshik Raj
Author Profile Icon Koshik Raj
Koshik Raj
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Toc

Table of Contents (14) Chapters Close

Preface 1. Introduction FREE CHAPTER 2. A Bit of Cryptography 3. Cryptography in Blockchain 4. Networking in Blockchain 5. Cryptocurrency 6. Diving into Blockchain - Proof of Existence 7. Diving into Blockchain - Proof of Ownership 8. Blockchain Projects 9. Blockchain Optimizations and Enhancements 10. Blockchain Security 11. When Shouldn't We Use Blockchain? 12. Blockchain Use Cases 13. Other Books You May Enjoy

Mining and consensus

Mining in Bitcoin is a crucial concept to achieve a consensus on the state of the blockchain in the decentralized Bitcoin network. Any node in the Bitcoin network can perform mining operations, and these nodes are rewarded with incentives for their contribution to mining. This has led to confusion between mining and incentivizing. Although incentives are part of mining, that is not the only intention of mining. Mining is a mechanism that underpins the decentralization of the Bitcoin network. It helps to achieve a consensus among the nodes in a trustless network by constructing a blockchain that is accepted by everyone.

Like any other Bitcoin node, a miner also validates new transactions and stores them locally in a memory pool. In addition to performing validation, a miner creates a block of transactions and solves a hash puzzle to include the created block...

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