I'm watching a documentary on Blockchain and I'm trying to understand something. They said you can use your computers processing power to solve complex equations and as a reward you get a bitcoin.. Ok, but what are these complex equations that are needing to be solved and what for? What is the blockchain wanting to accomplish?
Discussion
The complex equations are a security feature. The equations are unable to be worked backwards. So once that block’s equation is solved Bitcoin is rewarded to the miner who solved it. The block contains information about transactions creating a ledger that is shared with all nodes which prevents double spending.
I tried to keep my answer simple but if you’d like more information on the math behind blockchain.
https://mathinvestor.org/2017/08/the-mathematics-behind-blockchain/
Also tag #asknostr when you have questions you might get better replies!
This is a great explanation: https://youtu.be/wTC31ZI6QM4?si=H5dbBNBkMB6mZ6V2
It’s not a particularly complex equation. It’s just a SHA256 hash. You can do that with any computer in a fraction of a second. What makes it hard to mine is that the hash number, which can’t be predicted, needs to be sufficiently low. So it’s like a random lottery.
If my math is correct, it currently requires an average of 6x10^22 attempts to find one.
If you’re asking if the calculations have any other intrinsic value (other than securing the network), such as protein folding, finding high prime numbers, or analyzing SETI signals, the answer is no.
Yes that was the question. The significance of the calculations. What problem is being solved. You answered it. Thank you
Btw what’s the documentary?
The complex equations, known as cryptographic puzzles, are part of the process called "mining." Miners secure the blockchain by solving these puzzles, which helps verify and record transactions. This decentralized system ensures trust and eliminates the need for intermediaries. Essentially, blockchain aims to create a tamper-proof, transparent ledger for various applications beyond just cryptocurrencies.