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You're reading from  Foundations of Blockchain

Product typeBook
Published inJan 2019
PublisherPackt
ISBN-139781789139396
Edition1st Edition
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Blockchain
Concepts
Blockchain
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Author (1)
Koshik Raj
Koshik Raj
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Koshik Raj

Koshik Raj is an information security enthusiast who holds a master's degree in computer science and information security. He has a background of working with RSA, a network security company. He has also worked as a senior developer in CoWrks, Bengaluru. Koshik has been studying blockchain technology since he was introduced to Bitcoin while pursuing his master's. He is currently advising an educational start-up looking to implement blockchain technology in the education space. He is also setting up a blockchain incubation center for students and researchers in Bengaluru to aid mentorship and networking, and even the launching and marketing of their ideas.
Read more about Koshik Raj

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Mining and consensus

Mining in Bitcoin is a crucial concept to achieve a consensus on the state of the blockchain in the decentralized Bitcoin network. Any node in the Bitcoin network can perform mining operations, and these nodes are rewarded with incentives for their contribution to mining. This has led to confusion between mining and incentivizing. Although incentives are part of mining, that is not the only intention of mining. Mining is a mechanism that underpins the decentralization of the Bitcoin network. It helps to achieve a consensus among the nodes in a trustless network by constructing a blockchain that is accepted by everyone.

Like any other Bitcoin node, a miner also validates new transactions and stores them locally in a memory pool. In addition to performing validation, a miner creates a block of transactions and solves a hash puzzle to include the created block...

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Foundations of Blockchain
Published in: Jan 2019Publisher: PacktISBN-13: 9781789139396
© 2019 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Koshik Raj

Koshik Raj is an information security enthusiast who holds a master's degree in computer science and information security. He has a background of working with RSA, a network security company. He has also worked as a senior developer in CoWrks, Bengaluru. Koshik has been studying blockchain technology since he was introduced to Bitcoin while pursuing his master's. He is currently advising an educational start-up looking to implement blockchain technology in the education space. He is also setting up a blockchain incubation center for students and researchers in Bengaluru to aid mentorship and networking, and even the launching and marketing of their ideas.
Read more about Koshik Raj

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