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goldnamess

@goldnamess

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Miners👍 are participants in the blockchain network who ensure its security and integrity. They use special equipment to solve complex mathematical problems related to adding new blocks to the chain of blocks (blockchain).🌐 During the mining process, transactions are confirmed and added to blocks. Miners compete with each other to be the first to solve the problem and add a block to the network. For each successfully added block, the miner receives a reward in the form of cryptocurrency. Thus, miners perform the following functions:💣 Confirming transactions. Miners check that each transaction complies with the rules of the network and does not disrupt its operation. Adding blocks. Miners add new blocks to the chain of blocks, ensuring its continuity and security. Ensuring network security. Mining requires a lot of computing power, so it is difficult for intruders to attack the network. Receiving a reward. For their work, miners receive a reward in the form of new cryptocurrency units.❤️
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How smart contracts work: 1. Contract terms. The smart contract records the terms of the transaction, such as the amount, deadline, parties, etc. 2. Fulfillment of the conditions. When the conditions of the smart contract are met (for example, payment occurs), it automatically performs the programmed actions. 3. Security. Smart contracts are stored on the blockchain, which ensures their security and transparency. Changes to the contract can only be made if certain conditions are met, which prevents fraud and unauthorized access. 4. Automation - smart contracts speed up processes and reduce the likelihood of human error. 5. Decentralization. Since smart contracts operate on the blockchain, they do not depend on a single control center. This makes them more reliable and resistant to cyberattacks. 6. Use case. For example, in the real estate industry, smart contracts can be used to automatically transfer property rights after pay
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The main disadvantages of a decentralized exchange are:🌐 1. Complexity of use. 2. Limited features. Decentralized exchanges often offer a limited set of features compared to centralized platforms. 3. Low liquidity. 4. Lack of regulation. 5. Risk of losing funds. Like any other cryptocurrency platform, DEXs are subject to the risk of hacking and fraud. 6. Scalability issues. Some DEXs may experience scalability issues due to the large number of transactions. 7. Technical difficulties. Using a DEX requires an understanding of how blockchain and smart contracts work. 8. Unpredictable changes in the protocol. In the case of DEXs based on smart contracts, any changes in the protocol code can affect the operation of the platform and lead to unforeseen consequences for users. 9. Loss of anonymity. Although DEXs strive to ensure privacy, some platforms may still collect user information for KYC/AML purposes. 10. Price volatility.
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