To understand what problem Bitcoin miners solve we have to first understand what SHA-256 is SHA-256 stands for “Secure Hash Algorithm” which is a Cryptographic Hash Algorithm. A cryptographic hash (sometimes called ‘digest’) is a kind of ‘signature’ for a text or a data file. SHA-256 generates an almost-unique 256-bit...
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Currently, the transactions in blockchain like Bitcoin or Ethereum are public. Neither companies nor individuals are particularly keen on flashing their information onto a public database that can be read by anyone (like co-workers, or business competitors) without any restrictions. Let’s consider yourself at a coffee shop and paying for...