CryptoURANUS Economics: Nonce: Defined in CryptoCurrency

CryptoCurrencies


Thursday, August 9, 2018

Nonce: Defined in CryptoCurrency

Nonce: Defined in CryptoCurrency


Nonce is defined as a number used while mining cryptocurrency with the hope that it will solve a math problem and earn money.


Mining is defined as the process of using computer power to solve a complex math problem, review and verify information, and create a new block so the information can be added to the blockchain.


Random numbers known as “nonces” are tried one after the other in the hopes of solving the math problem. 

If the nonce doesn’t solve the problem, it is rejected and a new nonce is tested out. Once the problem is solved, the person is eligible to create a new block, add it to the blockchain and get their reward in cryptocurrency.

The activity of using many thousands of nonces to solve a math problem is called brute-force.

Nonce comes from an older English phrase which meant “only once”.

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