Working principle of Blockchain technolgy

Blockchain being a data base and having list of records called blocks linked by cryptocurrency is distributed among all nodes works in a peculiar way.

Nodes are the active electronic devices (may be computers, laptops, phones etc) that are connected to blockchain network. They are part of the widespread network of blockchain.

In general the role of a node is to maintain, support and process the trustworthy information (or) transaction (or) services of the blockchain network. Those need to be in line with the predefined consensus protocol of the distributed ledger.

A specific node is a node that possesses the same responsibility as nodes do but with an additional important activity called mining.

Mining is the process of inserting valid or verified blocks to the blockchain network by resolving the ‘Proof of Work’ algorithm within the earliest stipulated time set by the concerned crypto currency. Mining process is done by miners who are acquired with lots of computational resources and power to get through Proof of work.

Its highly impossible for an individual to attain computational resources like high end CPU’s or GPU, heavy ram, high speed processors and hardware along with heavy electricity to reach mining.

Proof of Work is the most popular consensus algorithm used by crypto currencies to pose mathematical problems to a miner while mining. The approximate time frame of mining is 10 min with in which the earliest problem solved miner is rewarded and get a chance to add his block to the chain.

Proof of work takes Merkle root, timestamp, previous block hash, nonce as an input to pose the mathematical problem. If at all the output result in hash of a particular miner is smaller than the target hash within the time frame at the earliest of the competitors, then that miner is the first one who won his block in the blockchain

In general hashing ensures transaction or block safety from editing point of view, where as proof of work ensures block safety by the mining process which requires heavy computational source.

The mathematical riddle posed by may be like

Hash (‘something’ + block data) = Output

Where as

Output — Given Output

block data — Data of block developed by miners

‘something’ — The value to be found out by miners

Hash — A mathematical function by Bitcoin

Related posts:

Thanks to social media and on-site rating features, leaving reviews is easier than ever for consumers. Most businesses are familiar with positive reviews — and negative ones. Many customers use…

logging onto my computer to play video games to hide from the fact that I just quit my job. My mind in it’s weakness, this cold gripping my throat, making me cough to the point where I can’t feel the…

This session records a young lady who’s fallen in love with her brother’s best friend and who now has a problem, seemingly easy enough to fix. But unsure how to move forward she seeks advice from a…