Book Image

Mastering Blockchain - Fourth Edition

By : Imran Bashir
5 (3)
Book Image

Mastering Blockchain - Fourth Edition

5 (3)
By: Imran Bashir

Overview of this book

Blockchain is the backbone of cryptocurrencies, it has had a massive impact in many sectors, including finance, supply chains, healthcare, government, and media. It’s also being used for cutting edge technologies such as AI and IoT. This new edition is thoroughly revised to offer a practical approach to using Ethereum, Hyperledger, Fabric, and Corda with step-by-step tutorials and real-world use-cases to help you understand everything you need to know about blockchain development and implementation. With new chapters on Decentralized Finance and solving privacy, identity, and security issues, as well as bonus online content exploring alternative blockchains, this is an unmissable read for everyone who wants to gain a deep understanding of blockchain. The book doesn’t shy away from advanced topics and practical expertise, such as decentralized application (DApp) development using smart contracts and oracles, and emerging trends in the blockchain space. Throughout the book, you’ll explore blockchain solutions beyond cryptocurrencies, such as the IoT with blockchain, enterprise blockchains, and tokenization, and gain insight into the future scope of this fascinating and disruptive technology. By the end of this blockchain book, you will have gained a thorough comprehension of the various facets of blockchain and understand the potential of this technology in diverse real-world scenarios.
Table of Contents (24 chapters)
23
Index

Mining

Mining is a process by which new blocks are added to the blockchain. Blocks contain transactions that are validated via the mining process by mining nodes on the Bitcoin network. Blocks, once mined and verified, are added to the blockchain, which keeps the blockchain growing. This process is resource-intensive due to the requirements of PoW, where miners compete to find a number less than the difficulty target of the network. This difficulty in finding the correct value (also called sometimes the mathematical puzzle) is there to ensure that miners have spent the required resources before a new proposed block can be accepted. The miners mint new coins by solving the PoW problem, also known as the partial hash inversion problem. This process consumes a high expanse of resources, including computing power and electricity. This process also secures the system against fraud and double-spending attacks while adding more virtual currency to the Bitcoin ecosystem.

Roughly one new block...