Anyone who creates "blocks" is called a "digger". For each valid "block" that is created or "dug up", there is an automatic reward from the cryptocurrency system that is "dug up".
To create a "block", in addition to adding valid transactions, it is necessary to solve a mathematical problem.
Bitcoin uses the SHA-256 hash function to create a mathematical problem. A digger is required to create a hash with a certain number of zeros at the beginning. Since SHA-256 is unpredictable, this is equivalent to a lottery with no trial limit, but with a very small chance of finding out. This takes time even when using faster than standard equipment, and is easier to solve using more machines.
If more earthmoving machines are involved, the system adjusts to itself so that calculations become more complicated for everyone. The goal is to be able to distribute the prize and avoid the case where a "digger" with multiple machines will dig up the entire cryptocurrency in a short time. This would lead to complete control of the system by a single digger, and decentralization would be lost.
Critics
The technology has been criticized since its inception, as well as after many years of use, for its impracticality.
According to critics, too much energy is spent on maintaining the system by "digging" based on "proof of work done." In 2017, bitcoin mining will reach 35 tera watt-hours (TWh) per year, which is considered the approximate consumption of the entire country.
Another criticism is the lack of real-world applications outside the digital world. It is claimed that the only thing that increases the price of cryptocurrencies from their inception to the first years of use is speculation. In addition, almost all applications that are called blockchain are actually considered non-existent and may even slow down existing fast systems.
Advantages
Decentralization in the system gives an advantage over centralized services with its ability to overcome serious hacker attacks such as DDoS, DoS or identity theft. However, there is always a danger that a client may experience a security breach and be subject to an individual attack, but this usually does not endanger the entire network. In this case, developers can apply a quick "patch", but if they don't respond quickly enough, you can upgrade to an older version that doesn't contain dangerous code. If this is not possible, the software must be stopped, and the daemon must be stopped. "If there is one worker. In a sufficiently large open source network, it is impossible for an individual or an organization to take control of the blockchain. Open source transactions and open-to-read transactions without personal data attached to them provide transparency, protection, and freedom for the user. There are systems that allow "hidden transactions", for example, Monero. Beyond the initial welcome package, 1xbet provides ongoing rewards through various promotional codes. Using 1xbet promo code can unlock free spins on new slot releases, sometimes offering 20 to 50 spins. Similarly, a 1xbet promo code for free bet can provide you with risk-free wagers for major sports events. The key is to know how to get 1xbet promo code updates; the best method is to visit their official promotions page or trusted affiliate sites. This ensures you always have access to the 1xbet latest promo code for maximum benefits.