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Blockchain + Miners = Security

As we said before blockchain is basically database. Blockchain is made from blocks that are 1 MB size and that data is encrypted, locked.

Every 10 minutes database is larger for 1 MB, one new block on every 10 minutes. That database enlargement of 1MB every 10 minutes is made by “miners”.

They are called miners since they have specialized machines hooked on blockchain and those machines are working all 24 hours each day. However, as we said before, miners are able to write new data(mine new blocks) and no matter how powerful machines they have they are not able to delete anything from blockchain.

Miners are rewarded with Bitcoins after each block that is mined – found.

Motive to be a miner is simple, financial benefit. Simplified, “regular” users are paying miners to keep and work for them as per Bitcoin blockchain rules. More miners on blockchain means more secure and stable blockchain – network and more “regular” users on blockchain means more valuable blockchain which will attract more miners and all together community grows.

Year 2009. is the year when first block was made and after 10 minutes there was another one… Those blocks are tied in chains and they are locked to each other, andthat is how Bitcoinblockchain was made. Today, at 2018. Bitcoinblockchain is 190GB large and counting…

We mentioned that we can find Bitcoins inside the blockchain and that number of Bitcoins is public and strictly set to 21 million. Today we have about 81% of Bitcoins in circulation which means about 17 million where rest of 19% will appear in blockchain in years to come.

Each new Bitcoin that appears in blockchain is reward for miners and also each new transaction is a reward for miners since they are keeping network safe. Since small % is dedicated to miners for each transaction made it means that they will get reward even when all Bitcoins are in circulation – mined.

 

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