Blockchain (Part 2) – Mining

BlockChain

Blockchain (Part 2) – Mining 15Mar, 2018

Blockchain (Part 2) – Mining

I have discussed minutely about mining and Proof-of-Work in Part 1 of the article. I’ll try to explain the technical details of mining and its benefits in Blockchain and how it is used in Bitcoin. To reiterate what I discussed in first part about mining, there are special nodes on the blockchain network which are dedicatedly running an algorithm to validate the transactions being generated on the network. Miners validate the transactions in a batch (for Bitcoin blockchain, each block is ~1MB in size). This Batch is called a Block and it has a specific format containing the Block ID, Transactions contained in that Block, Hash of the previous approved block on the chain, and hash of the whole Block….

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BlockChain (Part 1) – Introduction 20Feb, 2018

BlockChain (Part 1) – Introduction

A lot of my friends and people I know from software and technology background are talking about this pleasantly strange phenomenon that they have experienced lately in different parts of the world. They say you go to any part of the world, try to say this magic word three times in a row : “BlockChain”, “BlockChain”, “BlockChain” and atleast a dozen investors will appear from a thick cloud of smoke, pouring a million dollars out of their fancy suitcases onto you. Well, Not Literally! But I wanted to quote the above sarcastic lines from “Andreas Antonopoulos” to state how everyone is obsessed with this technology paradigm named Blockchain and are eagerly wanting to dig in. In this article we’ll try…

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