Can you explain the role of miners in validating transactions on the blockchain?

7 answers

• Rain Mark LorenzoMar 28, 2021 · 4 years ago
  Miners play a crucial role in validating transactions on the blockchain. When a transaction is initiated, it needs to be verified and added to the blockchain to ensure its legitimacy. Miners are responsible for this verification process. They compete with each other to solve complex mathematical puzzles, known as proof-of-work, in order to validate transactions. Once a miner successfully solves the puzzle, they add the verified transaction to a new block, which is then added to the blockchain. This process ensures that transactions are secure, transparent, and irreversible. Without miners, the blockchain would lack the necessary security and trustworthiness to function effectively.
  690

  345
• MUNNAApr 28, 2022 · 3 years ago
  Alright, so here's the deal with miners and transaction validation on the blockchain. When someone initiates a transaction, it needs to be confirmed and added to the blockchain. That's where miners come in. These guys (and gals) compete with each other to solve complex puzzles. It's like a race to see who can solve it first. Once a miner solves the puzzle, they add the verified transaction to a new block, which is then added to the blockchain. This whole process ensures that transactions are legit and can't be tampered with. So yeah, miners are pretty important.
  568

  190
• Dilpreet SinghJul 15, 2024 · a year ago
  At BYDFi, we understand the importance of miners in validating transactions on the blockchain. Miners are the backbone of the blockchain network, ensuring the security and integrity of transactions. When a transaction is initiated, it is broadcasted to the network and picked up by miners. These miners then compete to solve complex mathematical puzzles, which requires significant computational power. The first miner to solve the puzzle gets to add the verified transaction to a new block, which is then added to the blockchain. This process not only validates the transaction but also ensures the decentralization and immutability of the blockchain.
  652

  163
• Santhosh SandyNov 27, 2021 · 4 years ago
  Miners are like the superheroes of the blockchain world. They swoop in to validate transactions and save the day. When a transaction is made, it needs to be verified and added to the blockchain. That's where miners come in. They use their supercomputers to solve complex puzzles and validate transactions. Once a miner successfully solves the puzzle, they add the verified transaction to a new block, which becomes a part of the blockchain. This whole process ensures that transactions are secure and can't be messed with. So, miners are basically the guardians of the blockchain.
  580

  116
• Shaurya KaushalFeb 21, 2022 · 3 years ago
  Miners are the unsung heroes of the blockchain world. They tirelessly work to validate transactions and maintain the integrity of the blockchain. When a transaction is initiated, it needs to be verified and added to the blockchain. Miners compete with each other to solve complex mathematical puzzles, which requires a significant amount of computational power. The first miner to solve the puzzle gets to add the verified transaction to a new block, which is then added to the blockchain. This process ensures the security and immutability of the blockchain, making it a reliable and trustworthy system.
  604

  101
• Mohd SubhanFeb 13, 2022 · 3 years ago
  The role of miners in validating transactions on the blockchain is crucial. When a transaction is initiated, it needs to be confirmed and added to the blockchain. Miners are responsible for this validation process. They use their computational power to solve complex mathematical problems and verify transactions. Once a miner successfully solves the problem, they add the verified transaction to a new block, which is then added to the blockchain. This whole process ensures the transparency and security of transactions on the blockchain.
  540

  78
• Mehul JainSep 20, 2020 · 5 years ago
  Miners are the backbone of the blockchain network when it comes to validating transactions. When a transaction is made, it needs to be verified and added to the blockchain. Miners compete with each other to solve complex mathematical puzzles in order to validate transactions. The first miner to solve the puzzle gets to add the verified transaction to a new block, which is then added to the blockchain. This process ensures the integrity and security of the blockchain, making it a reliable and trustworthy system for transaction validation.
  543

  68