Money Without Boundaries by Thomas J. Anderson

Author:Thomas J. Anderson
Language: eng
Format: epub
ISBN: 9781119564058
Publisher: Wiley
Published: 2019-08-27T00:00:00+00:00

Why Would Anybody Do This?

A natural next question is why people would dedicate time and computing power for the good of others. The key piece in the blockchain structure is the “reward” for solving the puzzles. The network offers some form of incentive for completing the calculations and verifications. In the case of bitcoin, for example, if you calculate the activity, you receive a coin. This process is called “mining.”

Networks can also be maintained without mining through a consensus of network participants when a currency's supply is already known. Participants who verify transactions receive the underlying currency as payment for participating in the network. If network participants believe their currency is likely to hold its value, or even appreciate, they will come together to do the work. Because their activity does not create new coins, technically they are not “mining.” Conceptually, it is very similar, and importantly, both systems create the possibility of a valuable reward to network participants.

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