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Bitcoin is notwell-known concept in Asian countries but in the West, the worldview of"decentralization of absolute power" that established andinternalized through intense struggle was born. It did not just happen one day.This is the result of wisdom that gradually built up under the recognition of system’sproblems, not people. Bitcoin mining is the process of certifying transactionson a decentralized ledger. This certifying process occurs simultaneously acrossmultiple decentralized nodes (servers), and according to the principle that thelongest chain is the correct one because it has incurred the most cost. Theblockchain that consumes the most computing power is to be followed. This consensusprocess without a central authority can also be explained by the repeatedcycles of forking and wiping out.
(Explainthose two correlated concepts in 400words.)
Bitcoin is notwell-known concept in Asian countries but in the West, the worldview of"decentralization of absolute power" that established andinternalized through intense struggle was born. It did not just happen one day.This is the result of wisdom that gradually built up under the recognition of system’sproblems, not people. Bitcoin mining is the process of certifying transactionson a decentralized ledger. This certifying process occurs simultaneously acrossmultiple decentralized nodes (servers), and according to the principle that thelongest chain is the correct one because it has incurred the most cost. Theblockchain that consumes the most computing power is to be followed. This consensusprocess without a central authority can also be explained by the repeatedcycles of forking and wiping out.
(Explainthose two correlated concepts in 400words.)
Blockchain is a decentralized system, so there isno central authority to verify the truthfulness of information. Therefore, inthe mining competition for recording transactions, it is the peers who verifythem. Since these verifications occur simultaneously, there are times whenmultiple solutions meet the criteria at the same time. In such cases, bothsolutions could be true, or only one might be true, but each block will haveits own followers. This leads to a fork, and eventually, miners must choose onechain. Only the longer chain, chosen by more miners, survives, while the othersare wiped out. In this way, Bitcoin converges into a single chain through theprinciple of the longest chain and maintains a unified ledger and history.