Bitcoin and cryptocurrency mining explained

The Byzantine Generals problem was first introduced in a computer science paper published in 1982. The problem discussed in the paper is that reliable computer systems must be able to function effectively in the presence of faulty components that may send conflicting information to different parts of the system. This issue is even more acute when we talk about decentralized computer networks.
Imagine the following thought experiment:
The Byzantine army has surrounded an enemy city. The army is organized into several units. Each unit is commanded by a general and they all need to come up with a coordinated plan of action. However, they are located away from each other and the only means to communicate among themselves is via messages. To make things more complicated, one or more of the generals are possibly traitors. The presence of disloyal generals means that misleading messages could be sent aiming to disrupt any coordinated plan of action, be it attack or retreat. To find a successful solution to this conundrum, the Byzantine army needs to find its path to coordinated action, one way or another. To achieve this, the Byzantine army needs an algorithm that works effectively towards a coordinated outcome where the loyal generals follow it and the traitors don’t.
Now that you are familiar with the problem, let’s see its solution. It is called the Byzantine Fault Tolerance algorithm. Over the years, there have been several proposed theoretical solutions involving game theory and math.
The first practical implementation of Byzantine Fault Tolerance algorithm came with the Bitcoin’s Proof-of-Work. In this case the “generals” are nodes on the Bitcoin network, also known as “miners”. A network node is a connection point that can receive, create, store and send data across a network. In other words, nodes are the connected dots that make up a network.
To simplify, think of it in the following way. In the image we traditionally use to depict a blockchain, every single computer is a separate node. They are all connected and can receive, create, store, and send data to each other.
In the context of the Byzantine Fault Tolerance algorithm, the important concept to grasp is that these mining nodes start from the assumption that nobody else on the network can be trusted.
Proof-of-Work secures network consensus even in the presence of non-compliant nodes. That is, even if there are some Byzantine generals who are not acting in the army’s best interest, coordinated action can still be achieved. Let’s see how this mechanism works in Bitcoin.
As we all know by now, Bitcoin is a peer-to-peer network where all activities are done by its users through appropriate software and hardware. These activities include making transactions, receiving transactions, and verifying and transmitting transactions.
Now, this is where we need to introduce the concept of “mining”, which many of you have probably heard. Mining is an activity, carried out by network participants, which involves Proof-of-Work and results in generating new coins as a reward for the miner who successfully did this Proof-of-Work first for each new block.

[adeadchannel]

all I learned is that the Byzantine army has surrounded an enemy city.

[fridaynightfistfights]

Jesus Christ, I blinked for a half second and we went from like drawing shapes to fucking advanced calculus. Wtf. Ptsd from Uni coming back.

[patriciodasilva]

I'm a total Layman and I have no idea what you're talking about or how this works.

[PumaM]

What the hell is all this ... scammers all in the comment section.

[silentmat]

This sounds like Minecraft with command blocks

[lukasvilla]

Ohh! The Byzantine Fault Tolerance Algorithms! Of course! Why didn't I think of that earlier! 😂

[shinigami_]

Is there a beginners guide, to getting into this cryptocurrency and mining

[raahi]

this seven minutes video explained everything i was missing out. Thank you

[beast_gamr]

hello, great video, Please can i know what editing software you used and also how you created you animations and again which software you used for that?

[ManhattanStory]

Either you are terrible at explaining or I'm stupid.

[akhilsharma]

Thanks for this Amazing Video

But i have few questions regarding this.

1. Which hash and why our system keep on solving these Hashes ?
2. Where is the Public Database of Crypto currency ?
3. Is Bitcoin increases by its own based on the Public usage ?
4. If Qauntum Computing comes to picture then we can solve Hashes in just few seconds, will Crypto Currency still remains its popularity ?

Please help me by your valuable answers

[brooklynscavenger]

How do everyone here even make money online through bitcoin trading and even become rich?

[shortsimple]

Quite an original way of explaining cryptocurrency mining

[howtoearnbitcoinforfree]

Cool video buddy, keep up the amazing work!

[izzygirl]

00:59 buenas re lindo video me encanto necesito el siguiente éxito me voy les envio besis agradecido

[judoz]

I am more confused than before I watched ahahhaa wtf is bitcoin mining

[NeizaRamirez]

1:25 aloo excelente video me encanto espero el proximo grabación me despido les envio besitos agradecido

[markpaul]

When you make the right decisions and take the right steps in trading the chances of losing your funds becomes slimmer and almost impossible especially when you have the right Miner helping you trade, Mr Richard Bill does mine.

[khalidwarsaw]

Don't mine shit, get a job where u know what's going around and who should pay you at the end of the month