Business Activity | Introduction To Crypto Selfish Mining | @ronindboss

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Brief Introduction

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Good day dear members of Business Activity, it's my upmost pleasure to posting here once again, due to the recent deteriorating price of steem, most users have become inactive but I'm sure they'll come back when they're ready. Without Wasting much of your time, let's begin...

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What Is Selfish Mining?

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Selfish is a malicious type of crypt mining strategy where a miner or group of miners complete a hash which automatically create a new block that is not included in the public Blockchain. This action can result to a fork which is the splitting of a Blockchain into two.

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This process has the ability to alter any Blockchain for the benefits of the miners or user conducting it. This is made possible because the miners hide the generated blocks from the main Blockchain. However, this process is just a Hypothesis and no one has proven it but that doesn't mean it won't happen in the future.

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How Does Selfish Mining Work?

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To understand selfish mining, we must first know what mining is. Mining is a process where nodes in a Blockchain's network verify and validate transactions, the miners earn rewards from minted tokens for their computational effort. In selfish mining, the miners obscure generated blocks from the main chain for alternation.

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Bitcoin and most cryptocurrency adopts Proof Of Stake (PoS) consensus mechanism and they depend on miners whose for the generation of encrypted hash number. When each hash is completed, it opens a new block on the Blockchain and the Miner that completed it will be rewarded with Crypto tokens.

The idea of selfish mining came about in 2013 when Sirer and Eyal illustrated that miners can increase their rewards by hiding newly created blocks with their private network. This method tends to speed up the mining process and filter out any maintenance fee such as Electricity cost and network latency.

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Is Selfish Mining a Threat?

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It's said that selfish mining can pose a threat to Blockchain security and others oppose this theory because it's a type of mining and it doesn't affect the Blockchain. This argument has been going on for a while now and gotten no where near the Truth. But an assumption made by Sirer and Eyal was presented and it said, ''Selfish Mining could Create a Fork that will bypass honest miners'', this means that it's possible for a selfish miner to occur during the mining process.

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Conclusion

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With everything said above, the majority of cryptocurrency miners portrays a honest intention and the arithmetical modeling Is used to improve Blockchain technology. So whether selfish mining is real or not, it still adds to the benefits of the Blockchain. Thanks for reading...⭐

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My Business Detail

Business name:	Ronin Graphix
Owner's name:	@ronindboss
Business address:	Barnawa, Kaduna State, Nigeria
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