Consensus Logic with an example
- Person A generates a transaction to pass some ether to person B
- The transaction is submitted on the node
- Node then passes that unconfirmed transaction to the whole connected network
- The miners pickup the unconfirmed transaction
- They start trying to randomly generate the nonce to find the correct hash
- So one of the miners finds the correct nonce to generate the block
- Now this miner sends this block to peer who then further send to the next peers and gradually everyone receives the block
- Everyone verifies the work whether it is meeting the criteria
- Once satisfied they include that block in their ledger
- Miner gets rewarded
- B's balance gets updated
- Thus A's payment is now confirmed
- Do you find any gap in the above listed flow? if yes please highlight
- Is the block introduced in the blockchain when the miner has solved it or when it was confirmed by the peers?
- If by peers then minimum how many needs to confirm?