What is Bitcoin mining and block chain consensus mechanism? __ Work

Source: Internet
Author: User

It is often said that Bitcoin is "dug" out, and need to use "mining machine" to dig, then this is what it means.

Bitcoin uses a consensus mechanism known as the "work proof (Pow,proof of Work)" To determine who keeps accounts.

What is the consensus mechanism? The core of block chain technology is to account for the competition of the nodes in the system, the criterion of competition is called "consensus mechanism", and different block chains may adopt different consensus mechanism.

What is the work proof? It refers to the system will be difficult to calculate but easy to verify the proof, the proof of the answer, anyone through the verification of the answer is convinced that the proof in order to obtain results have done a lot of calculation work. The stronger the computational power, the better the opportunity to complete the proof faster, and the first one to get the system reward Bitcoin. This process is called "mining", in order to cope with the huge computational power of the design of the professional computer is "mining machine."

The work proof mechanism in the society's application is very widespread, the most typical is the academic examination, in the short time examination correctly answers enough questions to show that does spend a lot of time to study, but does not take a chance.

Some argue that the mechanism is a serious waste of resources, and that the Bitcoin network consumes large and growing amounts of electricity to compute, and that by 2020, the power of the Bitcoin network will reach the level of Denmark as a whole, with no real or scientific value in the end. But proponents believe it is because of the huge investment that it would be extremely difficult to attack the Bitcoin block chain, thus ensuring that Bitcoin became the safest "anchor of data" that human beings are currently building.

It has also been suggested that the "equity proof mechanism (pos,proof of Stake)" be used to determine your chances of obtaining this right of account by calculating the percentage of the total number of coins you hold, including the time you hold in the currency of your possession.

This is similar to the real world of the stock system, in the company are in accordance with the proportion of shares to receive dividends, holders of relatively many people get more dividends. The rationale for this security mechanism is that the person holding the stock does not attack the company because it causes its own losses, and those who do not hold the stock cannot pose a threat to the company.

Opponents of the equity-proof mechanism argue that the mechanism will increase the gap between the rich and the poor in the system, and that more people will be more likely to "dig" into the new currency, which means more dividends for those holding more shares. But the proponents ' view is that there is no reason to solve the problem of the gap between the rich and the poor in the system, and the work proved to be the same problem, the rich have more power to the mine machine, will also get more money.

Up to now, there are more than 10 kinds of consensus mechanism, in fact, various consensus mechanisms have advantages and disadvantages, for different block chain applications can choose the appropriate consensus mechanism.

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