From the course: Blockchain Programming in iOS Using Swift
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What is mining?
From the course: Blockchain Programming in iOS Using Swift
What is mining?
- [Instructor] Hi and welcome back. Now in this lecture we'll be talking about mining. What exactly is mining, and what are the different concepts behind mining? We already know that we have different servers, which are known as nodes, and each node has a copy of the ledger. Now, let's remove the ledger and talk about the transaction first because this is how it actually happens. A transaction comes to a node, which can be any transactions, like send $20 from John to Mary, send $5 from Steve to John, and so on. Whenever a transaction comes, each of these nodes they start doing a very, very complicated computation. Now, that computation is known as Proof of Work. Now, what exactly is proof of work, is that they have to find the hash that let's say begins with 30 zeros. Now I'm just taking that number 30 as an example. The number of zeros that they have to find in the prefix of the hash it keeps on changing, so it might be 30 right now. It might be 60, 47, 52, it keeps going up as the…
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