For every transaction made on the blockchain, a “miner” is responsible for:

  1. Ensuring the authenticity of information.
  2. Updating the blockchain with records of the transaction

This involves competing with miners to solve complicated mathematical problems called Proof-of-Work.

The first miner to reach the solution is rewarded by being able to authorize the transaction, and earns a small amount of cryptocurrency in return for the service provided!

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Each investor must do his/her own research or seek independent advice if necessary before initiating any transactions in crypto products and NFTs. The views, thoughts, and opinions expressed in the article belong solely to the author, and not to ZebPay or the author’s employer or other groups or individuals. ZebPay shall not be held liable for any acts or omissions, or losses incurred by the investors. ZebPay has not received any compensation in cash or kind for the above article and the article is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information.

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