We have already said that the main security factor lies in the good faith of third parties, those who process information. Like the banking system, the blockchain has its own service personnel. But these are not people, but the program code installed on systems with a blockchain node (network), that is, on computers that support the blockchain network.


Who are crypto miners Creative Workz
In other words, with the help of miners.

In order to carry out an operation on the blockchain, it is necessary to create it and place it in the mempool - a certain area where all the transactions that people on the blockchain want to make at the moment are stored. This is how all the popular cryptocurrencies like BTC work - see more info here xrp usd.

What the miners do: They connect to the mempool and start processing the entire queue. In a global sense, it works like this: the system learns about all transactions in the mempool, processes them, writes them to a block, calculates hashes and proceeds to processing new requests. To confirm the validity (correctness) of the block, the miner needs to provide a solution to the network, which is checked by other miners and, if everything is fine, and most of the participants accept the result of the hash calculation, the block is considered correct.

Let`s look at a real life example

Ten people are sitting at a round table. They have five words, from which you need to make a sentence that can be the only true one of all the options that you can think of. So, one of the participants drew up a proposal first and wrote it down on paper. After everyone has finished the task, the received proposals are compared. It so happened that the first participant was able to come up with the correct proposal, and the other seven confirmed that they did the same. And only one participant presented a different solution - but since he is a minority, and his proposal is different from the rest, this five-word version is considered invalid and is thrown out of the system.

It turns out that in order to confirm this information on the network, it is necessary to agree on whose solution is suitable for all participants in the network. This is what cryptocurrency miners do.

Distributed architecture

That is why, at the time of the emergence of blockchain, the race for distributed computing performance began. After all, the more computing power a miner has, the faster and more information it will process on the network. Accordingly, like bank staff, miners are rewarded for their work. This is the main reason why everyone wants to take part in the mining of cryptocurrency.