Ethereum: Is it common for mining effort to be lost?
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ETHEREUM: Has it a habit of mining efforts to lose?
In the wide world of mining mining, there is a widespread misconception that only one miner is successful in the successful blockchain. However, this does not exactly reflect reality. The ethhereum (ETH) network is no exception. In fact, for a variety of reasons, loss of mining can be an important issue in the blocks of other parties.
What happens if more miners work together?
When multiple parties are mined to create a block, it is called « pools » or « consensus mechanisms ». These pools allow different miners to get together and use their collective computing ability to solve complex mathematical puzzles. A successful solution to these puzzles strengthens the new block and includes transactions.
Question about the efforts of lost mining industry:
If many parties work together, it is becoming increasingly difficult for any miner to achieve a solution. When this happens, the unanimous mechanism can be interrupted. So it is:
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Collective Loss: Without the sufficient calculation performance of more miners working together, network collective durability is reduced.
- Increased time and energy consumption:
The more parties involved in mining efforts, the longer it takes to create and confirm the new blocks. This increases the general energy consumption and processing time.
Examples of real world:
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DAO (decentralized autonomous organization) Event:
Hackers used an intelligent contract for the Ethereum network in 2016, resulting in more than $ 50 million. The event emphasized the potential vulnerability of blockchain networks when several miners work with mine.
- Ethereum Transition for File Evidence (POS): Since the transition of Ethereum to Stock Evitables (POW) for job evidence (POS), new miners can make it harder to ensure their position and participation in the network.
Losing mining efforts:
While loss of mining can be a serious problem, there are measures that can be taken to alleviate the problem:
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- Performing Shading: Sharing is a process in which Ethereum divides the network into smaller parallel circuits (hinges). This allows several miners to work with various chips, reducing collective strength and increasing the difficulties of solving mathematical puzzles.
Conclusion:
In summary, more parties work together, lose mining, and can have a problem for various reasons. Although not widespread, this can happen in the scenarios when too many miners compete to ensure the solution. In order to reduce the problem, Ethereum developers have examined alternative consensus mechanisms and solutions that can help reduce network collective durability.
In the future, we can focus better on silding and other methods that can promote mining efforts to multiple nodes, reducing the likelihood of lost efforts. Like any blockchain technology, it is important to be aware of the possible vulnerabilities and adapt to changing scenarios when they occur.
Sources:
- « Ethereum: Dao Attack highlights the decentralized financial risk of Coindesk (2020) » (2020)
- « How does it affect the Ethereum transition to miners » Cointelegraph (2019)
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