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Transition to Web3 - Course 1 | Blockchain Basics

Welcome to Blockchain Basics
✨Connect Your Profile to Open Campus
Your journey in this module
Hashing the data
Hashing the data - Demo
Hashing the data - cont
Block of data
Block of data - Demo
Chaining the blocks
Chaining the blocks - Demo
Single chains
Distributed chains
Which chain represents the truth?
Making the longest chain the “true” blockchain
A time-consuming puzzle
Multiple computers working on the puzzle
They solve puzzles faster
They can also cooperate to falsify
The risk?
Solving the puzzle: Mining
Solving the puzzle: Mining - Demo
Why does it work?
How difficult is it to find a nonce?
Your hash rate
Hash rate - Demo
Solving the puzzle: Mining - Cont
Many computers trying to solve the puzzle: Nodes
Many computers trying to solve the puzzle: Nodes - Demo
Recap
You did it!

What you just did (adding a new block by finding its nonce value) is called “mining”. It requires computers to do some work of solving the puzzle and show the proof of this work (the valid nonce) to add a new block. 

This process (“proof-of-work”) is how our different computers build consensus on which blocks are valid. 

💡 Tip: The number of zeros required by the puzzle determines its difficulty. More zeros mean a more difficult puzzle that takes more time. 

As your computer is scanning nonce values one by one, you’re coming up with many different hash values. A stronger computer can make guesses and test these faster than a slower computer can. The number of hash values you come up with every second is called the "hash rate". 

Of course, a computer spends energy when trying to solve the puzzle. Forcing computers to spend energy is an inherent design feature of how our blockchain (and Bitcoin blockchain) builds consensus between different computers.

Hash rate. Mining. Nonce. You've heard of all these terms before but now they make sense, right? 

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