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Theory of Block Chain or Distributed Ledger Technology

Home Articles Theory of Block Chain or Distributed Ledger Technology

In the field of computer science, block chain technology is used worldwide for its security purpose as nearly 99.9% it is impossible to compromise. This technology was developed by Satoshi Nakamoto which gives proof work to record the new transaction in the block chain. These block chains are distributed ledgers which are used to carry out transaction in the bitcoins and these transactions are recorded for the safety. There is no possibility to tamper the transactions, this is because all the data is stored in the form of hashes in the respective blocks.

There are 3 types of blockchain i.e. Read, Write and Commit. Read is used by the users who have access to the ledger and can view transactions. Secondly, Transactions are generated and sent to the network. Lastly, updation of the ledger. These blocks are connected one after the other which contains the information about the previous block. The first block of the blockchain technology is genesis block and other blocks are connected one after another and peer-to-peer connectivity is also carried out. There are two reasons which miners should not connect to chains, they are firstly malicious chain and secondly, disagreements. As there may be loop holes identified by the hackers which may result into data leakage from the blocks.

The maximum size of the block is 2 megabytes which cannot be changed. Algorithms also work accordingly to make it secure technology as PoW and PoS are the consensus algorithms used for the same. Hence, bitcoin is one of the widely used types of cryptocurrency, which works on the block chain and usage of these bitcoins are in demand day by day. There are many bitcoin miners who are mining the bitcoins and generating the good amount of income. The bitcoin mining refers to the terms which are used to solve the high-level calculations on the devices which also consume a large amount of electricity.

This process of mining cannot be used by the low-level machines or home computers as it requires more power to fulfil it. There are variety of miners available in the market, which are used by the miners and process of mining is started by them. When the successful mining of the bitcoin takes place, the miner is rewarded some percent of the bitcoin which is earned amount by the mining. For the stability of the miners, they need to attach to previous blocks to the ongoing blocks which record the identification of the new miner. These mining can also be done with the help of group of people where, it is said to be pool mining.

Pool mining refers to the mining of bitcoins, after successful mining, the amount is divided into equal portion for the miners as the reward. The reward earned by the miner cannot be used immediately, because there should be some amount of crypto currency available to make it active. With the help of block chain technology, no tampering can be performed to the data and there is least possibility of getting data leaked from this.

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