What is Mining Difficulty? How Blockchains Stay Secure скачать в хорошем качестве

What is Mining Difficulty? How Blockchains Stay Secure

In this video, we dive into the concept of Mining Difficulty, a crucial component of cryptocurrency that solves the challenge of creating consensus among anonymous computers on the internet. Without this mechanism, attackers could easily fabricate long chains of false transactions and trick the network. In this video, you will learn: • The "Lottery" System: How Proof-of-Work acts like a cryptographic puzzle or a complex lock that miners must pick, ensuring that finding a solution is rare and random. • The 10-Minute Rule: Why the system is designed so that, on average, only one computer solves the puzzle every 10 minutes, preventing anyone from artificially creating the longest chain. • Automatic Adjustments: How the network reacts to faster computers and fluctuating numbers of miners. Every 2016 blocks (roughly two weeks), the difficulty increases or decreases to ensure the block creation time remains stable. • The Cost of Security: How rising difficulty can lead to centralisation, forcing out small miners who can no longer make a profit against large mining farms. • Satoshi’s "Rookie Mistake": A look at the specific bug in the original Bitcoin code where the difficulty adjustment ignores the final block of the cycle. -------------------------------------------------------------------------------- Analogy to help you visualise this: Imagine a global lottery where the goal is to have a winner exactly every 10 minutes. If thousands of people suddenly buy tickets, the odds of winning must be made harder to keep that 10-minute schedule. If people stop playing, the odds must become easier. Mining difficulty is simply the system changing the odds of that lottery ticket to keep the game running at the same speed.