Ethereum: How the Minted Minted on Technical level works
As one of the most popular blockchain platforms, Ethereum has undergone significant changes over the years to improve their scalability and performance. One of these innovations is the mining merger, which was introduced in Ethereum 2.0. In this article, we will deepen in the technical details about how the mining works at a high level.
What is mining merge?
Mining Mining is a new consensus algorithm that allows the more efficient use of Ethereum network resources, while maintaining the scalability and security functions. Instead of asking individual miners to compete for the strongest GPUs, which has led to inefficiencies in the network, the merged mining allows more miners to work together to validate transactions and create new blocks.
Mining process
In traditional work consensus algorithms (POW), such as Bitcoin, miners compete to solve complex mathematical problems to validate new blocks. These problems require significant calculation power, which makes it difficult for individual miners to perform them alone. In Ethereum 2.0, the merged mining adopts a different approach.
Here’s how it works:
- Validation of transactions : A group of validators (consensus miners) are chosen from the network.
- Creating the block : The first validator in this group proposes a new block with a unique set of transactions and a time.
- Mining Mining : The proposed block is then merged with existing chain blocks by creating a new combined block header. This process involves the combination of two versions of the Ethereum status (old blockchain and current).
- Hash function
: The transaction list of each block and the new block header are Hashed using a SH-256 algorithm.
- Validation : Hash values are compared to make sure they match the expected hashes for each block and transaction.
- Proof of work : A miner must find a combination of hashes that meet all the conditions presented above. This is done by solving complex mathematical problems, which require a significant calculation power.
Technical details
To understand how the merged mining works at the technical level:
- Ethereum state (the current blockchain) consists of several versions, each representing different states of the network.
- Each block has a unique transaction list and a Timestamp.
- When a new block is proposed, its combined state is created by merging two previous blocks.
The hash function used in the merged exploitation is Sha-256. This Hashing algorithm takes into account the entire Ethereum state (including all blocking transactions and headquarters) to generate a single output hash.
Benefits of merged mining
Merged merger gives more benefits to traditional power, including:
* Improved scalability : The merged mining allows the more efficient use of resources, allowing several miners to validate the blocks simultaneously.
* Reduced energy consumption : By using the collective computing power of the network, the merged mining reduces the amount of energy needed to perform calculations.
* Increased security : The use of a single block header and the combined transaction list provides an additional layer of security against potential attacks.
Conclusion
Ethereum’s merged mining algorithm is a significant step forward in improving the scalability and efficiency of its network. By using the collective calculation power of several miners, the merged mining allows faster validation times, low energy consumption and increased security. As the Ethereum ecosystem continues to evolve, the merged exploitation will probably play an increasingly important role in modeling the future of Blockchain technology.
