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Board Beginners & Help
Re: Somebody can explain what is block-chain is and why we do mining?
by
nakamura12
on 08/09/2018, 19:04:25 UTC
Simple answer:
Quote
I tell three friends that I'm thinking of a number between 1 and 100, and I write that number on a piece of paper and seal it in an envelope. My friends don't have to guess the exact number, they just have to be the first person to guess any number that is less than or equal to the number I am thinking of. And there is no limit to how many guesses they get.
Seems a little bit complicated to me about "any number that is less than or equal to the number sealed in the envelop" but I understand what means. This means that the processor didn't even guess the exact number but still receiving reward from hashing data from blocks in blockchain.

This really help, I would read more about it since it's given already by AdolfinWolf.
It's explained more in-depth in the article with other examples & technicalities. -> https://www.investopedia.com/tech/how-does-bitcoin-mining-work/