People Twitter

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People tweeting stuff. We allow tweets from anyone.

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Be kind to your elders (lemmy.world)

submitted 22 hours ago by The_Picard_Maneuver@lemmy.world to c/whitepeopletwitter@sh.itjust.works

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[–] blandfordforever@lemm.ee 3 points 15 hours ago

Its just an entry in a ledger. It says something like, "blandfordforever sends courageousstep 1 coin" along with a cryptographic signature from blandforever that validates the transaction. This means you now have and can transfer that coin to someone else, provided that you have the key to sign the appropriate transaction. That's all it is.

The miners are all competing to sign a "block" of transactions onto the ledger by figuring out new correct answer to a math problem that's determined in part by a number from the previous block. They are rewarded for this by being able to send themselves a preset number of coins in this new block they've signed. Transactions aren't final until they've been added to the blockchain by this mechanism.