faaris (faariszh)

2) new blocks: - a new block is created and verified through a consensus mechanism - this mechanism ensures that a majority of computers (nodes) on the network agree that a block is valid before being committed to the blockchain

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3) proof-of-work: - Bitcoin’s consensus mechanism is called “Proof-of-Work” (PoW) - PoW uses “miners” (nodes) that propose lists of transactions (blocks) to other miners on the Bitcoin network - the other miners verify that the transactions and other qualities of the block are valid - if the majority of miners agree on the block, it’s posted to the blockchain

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4) mining: - mining is literally just a computer (node) trying over and over to calculate a hash (a string of numbers and letters) that satisfies the requirements of the Bitcoin software - for example, the requirement might be to calculate a hash that starts with 19 zeroes - if the correct hash is found, the miner publishes the block and its corresponding hash to the Bitcoin network. other miners review the block and if the majority agrees, the block is committed to the blockchain - miners are incentivized to “mine” because they receive Bitcoin each time they mine a new block

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a simple explanation of what blockchains are and how they actually work (Bitcoin specifically) ↓ 1) an overview: - a blockchain can track and carry out transactions without the need for a 3rd party (think: banks, Venmo, Zelle, etc.) - as transactions occur, they're grouped into files called "blocks" - each block contains a list of transactions - each block is connected to the next block by referencing the previous one

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