Bitcoin and cryptocurrency mining explained
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- Опубліковано 15 тра 2018
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The Byzantine Generals problem was first introduced in a computer science paper published in 1982. The problem discussed in the paper is that reliable computer systems must be able to function effectively in the presence of faulty components that may send conflicting information to different parts of the system. This issue is even more acute when we talk about decentralized computer networks.
Imagine the following thought experiment:
The Byzantine army has surrounded an enemy city. The army is organized into several units. Each unit is commanded by a general and they all need to come up with a coordinated plan of action. However, they are located away from each other and the only means to communicate among themselves is via messages. To make things more complicated, one or more of the generals are possibly traitors. The presence of disloyal generals means that misleading messages could be sent aiming to disrupt any coordinated plan of action, be it attack or retreat. To find a successful solution to this conundrum, the Byzantine army needs to find its path to coordinated action, one way or another. To achieve this, the Byzantine army needs an algorithm that works effectively towards a coordinated outcome where the loyal generals follow it and the traitors don’t.
Now that you are familiar with the problem, let’s see its solution. It is called the Byzantine Fault Tolerance algorithm. Over the years, there have been several proposed theoretical solutions involving game theory and math.
The first practical implementation of Byzantine Fault Tolerance algorithm came with the Bitcoin’s Proof-of-Work. In this case the “generals” are nodes on the Bitcoin network, also known as “miners”. A network node is a connection point that can receive, create, store and send data across a network. In other words, nodes are the connected dots that make up a network.
To simplify, think of it in the following way. In the image we traditionally use to depict a blockchain, every single computer is a separate node. They are all connected and can receive, create, store, and send data to each other.
In the context of the Byzantine Fault Tolerance algorithm, the important concept to grasp is that these mining nodes start from the assumption that nobody else on the network can be trusted.
Proof-of-Work secures network consensus even in the presence of non-compliant nodes. That is, even if there are some Byzantine generals who are not acting in the army’s best interest, coordinated action can still be achieved. Let’s see how this mechanism works in Bitcoin.
As we all know by now, Bitcoin is a peer-to-peer network where all activities are done by its users through appropriate software and hardware. These activities include making transactions, receiving transactions, and verifying and transmitting transactions.
Now, this is where we need to introduce the concept of “mining”, which many of you have probably heard. Mining is an activity, carried out by network participants, which involves Proof-of-Work and results in generating new coins as a reward for the miner who successfully did this Proof-of-Work first for each new block.
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ok
all I learned is that the Byzantine army has surrounded an enemy city.
No idea what you just explained
Derek Yeo he fucking liked the comment
He was just making noise to me
my brain just exploded
Jesus Christ, I blinked for a half second and we went from like drawing shapes to fucking advanced calculus. Wtf. Ptsd from Uni coming back.
got me even more confused thanks
I'm a total Layman and I have no idea what you're talking about or how this works.
What the hell is all this ... scammers all in the comment section.
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This sounds like Minecraft with command blocks
hello, great video, Please can i know what editing software you used and also how you created you animations and again which software you used for that?
Ohh! The Byzantine Fault Tolerance Algorithms! Of course! Why didn't I think of that earlier! Duhh!...... 😂
That was so well explained, thank u
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this seven minutes video explained everything i was missing out. Thank you
😵😵😵😵😵😵I still don't understand
Cool video buddy,keep up the amazing work!
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Quite an original way of explaining cryptocurrency mining
Is there a beginners guide, to getting into this cryptocurrency and mining
crypto-mining.biz/?ref=M7D12 did u try this site?
Start mining pi, it will be launched this year, and once it does, you won't be able to mine anymore. You don't need graphics cards you only need your phone, you only have to click an icon every 24hours, is cloud mining. It's on coinmarketcap in untracked listing. On marketplace there are already transactions for value of $100 aprox and when you just download the app you mine at 0.25 pis/hour. Use my code as an invitation.
Code: Name246
Download the app Pi network.
1:25 aloo excelente video me encanto espero el proximo grabación me despido les envio besitos agradecido
Either you are terrible at explaining or I'm stupid.
oooohhhhhhhh now that makes so much more sense
00:59 buenas re lindo video me encanto necesito el siguiente éxito me voy les envio besis agradecido
Nice video
But why? Why Mr Anderson?
*Kleencleff0102 0n 1g really helped me*
Thanks for this Amazing Video
But i have few questions regarding this.
1. Which hash and why our system keep on solving these Hashes ?
2. Where is the Public Database of Crypto currency ?
3. Is Bitcoin increases by its own based on the Public usage ?
4. If Qauntum Computing comes to picture then we can solve Hashes in just few seconds, will Crypto Currency still remains its popularity ?
Please help me by your valuable answers
You’re asking the wrong questions...
@@rauldelatorre6618 how ?
Start mining pi, it will be launched this year, and once it does, you won't be able to mine anymore. You don't need graphics cards you only need your phone, you only have to click an icon every 24hours, is cloud mining. It's on coinmarketcap in untracked listing. On marketplace there are already transactions for value of $100 aprox and when you just download the app you mine at 0.25 pis/hour. Use my code as an invitation.
Code: Name246
Download the app Pi network.
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How do you get paid online from bitcoin trading?
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I didnt understand shit
Try watching the video again, please
Worst eli5 ever. Lol
I am more confused than before I watched ahahhaa wtf is bitcoin mining
Tavyntools_01_ on Insta is the best hacker have ever known
Start mining pi, it will be launched this year, and once it does, you won't be able to mine anymore. You don't need graphics cards you only need your phone, you only have to click an icon every 24hours, is cloud mining. It's on coinmarketcap in untracked listing. On marketplace there are already transactions for value of $100 aprox and when you just download the app you mine at 0.25 pis/hour. Use my code as an invitation.
Code: Name246
Download the app Pi network.
crazy
When you make the right decisions and take the right steps in trading the chances of losing your funds becomes slimmer and almost impossible especially when you have the right Miner helping you trade, Mr Richard Bill does mine.
Like to know more about his services
@@bettyscruggs1961 Ok, you can go write him at
Bitcoin mining has been a major source of my income even though I trade with the help of Mr Richard Bill.
god's plan
Don't mine shit, get a job where u know what's going around and who should pay you at the end of the month
Looks like a pyramid scheme
In what way?
lol what??
Pi is a new social cryptocurrency secured and backed by everyday people. Developed by a team of Stanford PhDs and graduates, Pi can be easily mined on mobile phones with low financial cost, limited battery drain, and a light footprint on the planet. Pi's social cryptocurrency is laying the foundation for an inclusive, online ecosystem where everyday people can capture their fair share of the digital pie. minepi.com/vinayp Invitation code : vinayp
Fake imaginary $