Who needs blockchain
Blockchain is not the last product on the market. This is a concept. This is a foundation for the development of products and services for all businesses and consumers. The original idea of blockchain is decentralization and secure data storage. Bitcoin is the first blockchain based product.
In many areas, interest in new technology is: Bank, Finitech (financial tech companies), logistics, health care, copyright, voting, and many others. Blockchain is still young but the Internet can have the same importance.
There are billions of computing devices on our planet. And every device has its resources like power capacity. Using blockchain, it is possible that all these resources can be used with a social purpose, as never before.
You can ask yourself why we can not use old data-storage solutions as we did earlier. In essence, blockchain technology is considered to be highly secure and can save the personal data of people from third parties using it.
Mining
Why is it called mining? Because you get cryptrons almost in the same way as gold miners do. In my blockchain my user is called miners. The difference is that gold miners do this with a pick and shovel while digital miners do this with computing devices like computers.
In essence, miners provide power and other resources for making transactions and adding new blocks. In particular, the power capacity is used to calculate complexity in block capacity. The more resource miners use, the more reward they get in the form of bitcoin. The power capacity is being produced by the graphics card (GPU) and the processor (CPU). Memory (RAM), hard disk drive (HDD) and solid store drive (SSD) are used for data store.
There are two types of rewards:
• A new block reward - if they add the first block then the miners can get a big reward. In addition, miners receive all the transaction rewards of this block. This is most desirable for all miners.
• A transaction fee reward - When the general users of crypto wallet send their coins, then one should provide resources to do such transactions. And this is a miner. They are like contractors and they get the fees. Similar to the banks, the Papal, Visas and the people who do the transaction. In crypto wallet, a fee is set and payments are made by users who send coins. Miners are more willing to operate the transaction when the high charges sent by the user are determined ... in hours like almost the driver recovering.
In Bitcoin, a new block is being added every 10 minutes. One award for each added block is 12.5 bitcones, which is approximately $ 100k today This type of jackpot attracts many. Recently, there is a big competition among miners because in 2017 they started popping up everywhere. All miners are now joining the mining pool to make money. This group-mining approach increases the likelihood of adding new blocks and results as a result.
Today, approximately 80% of all bitcoin miners in the world are located in China. Such results weaken the basic idea of decentralization and also consume a large amount of electricity.