Bitcoin and Blockchain Fundamentals | Learn the concepts and how they work | Faisal Memon | Skillshare
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Bitcoin and Blockchain Fundamentals | Learn the concepts and how they work

teacher avatar Faisal Memon, Product | Engineer | Entrepreneur

Watch this class and thousands more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

    • 1.

      Skillshare blockchain course promo

      1:40

    • 2.

      What is Blockchain

      9:45

    • 3.

      What is Bitcoin

      9:38

    • 4.

      What is bitcoin mining

      8:49

    • 5.

      What is cloud mining

      6:32

    • 6.

      What are mining pools

      5:41

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About This Class

If you are looking for a starting point to understand Blockchain, how it works and bitcoin - then you are at the right place. Blockchain is one of the newest technology and trend in recent years with bitcoin being its latest implementation is one of the most popular cryptocurrencies. This course teaches everything about Blockchain technology and Bitcoin for you to have educated discussions! Get familiar with cryptocurrency.

WHAT ARE THE BENEFITS OF THIS COURSE?

  • Taught by an experienced instructor
  • Understand Blockchain
  • Understand Bitcoin
  • Learn about what mining and cloud mining is

WHO IS THIS COURSE FOR?

  • People who want to learn about how bitcoin and blockchain work
  • Professionals or business men's who want to learn about blockchain and bitcoin for their business

SO ARE YOU READY TO LEARN ABOUT BLOCKCHAIN AND BITCOIN AND WIN?

What are you waiting for? Start the course now. See you inside. This is an investment in yourself that you will never regret.

Meet Your Teacher

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Faisal Memon

Product | Engineer | Entrepreneur

Teacher

Hey - this is Faisal and thanks for being here.

I have over 12 years of experience working as a Product Manager Founder/CEO Engineer in Mobile and App development industry. I have been building global products being used by millions of users across the globe since the beginning of my career.

Currently I am heading Product at one of the fast-paced startup in India and enjoying every moment of it. Prior to his, I built out couple of startups which had over half a million users across the globe, raised funding from Google other investors and was part of Google Launchpad Accelerator. I have experience of building products from scratch and scaling to global users.

I am here on Skillshare to share my knowledge with seekers and help them grow personally and professional... See full profile

Level: Beginner

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Transcripts

1. Skillshare blockchain course promo: Hi, Welcome to the best course online, which will help you learn the fundamentals of blockchain and Bitcoin. I am facile. I have created this course to help people like you gain knowledge about blockchain and its most popular implementation, Bitcoin. Why should you take this course? The goal of this course is to make sure you learn the fundamentals of blockchain the right way. And don't waste any time going through broken, incomplete online tutorials. In this course, I have simplified topics and made it easy to understand with real world examples. I will make sure you not only learn this new technology the right way, but also have fun learning it. This course is designed keeping in mind, have made sure that each and every concept is clearly explained in an easy to understand manner. If you are a beginner, don't worry, I'm 100% committed to help you succeed. This course will give you a solid understanding of blockchain and how it works. We will be learning about how transactions are verified on blockchain mining and we'll discuss mining pools. After completing this course, you will understand blockchain, Bitcoin and how it works so that you can have educated discussions around the same. So what are you waiting for? I will see you inside the course. Thank you. 2. What is Blockchain: Hello guys, welcome back. So in this lecture we are going to talk about what is blockchain. And by the end of this lecture, you are going to have a complete clarity on what is blockchain and what our blocks and how is a blockchain network maintained? So let's get started. So to begin with, we'll first discuss the definition of blockchain. So what is Blockchain? So a blockchain is a continuously growing list of records called blocks, which are linked and secured using cryptography. So this is how Wikipedia defines a blockchain. So it's a continuously growing list of records, which can also be termed as an open ledger, which consists of blocks. So now a blockchain consist of individual blocks. And these blocks are linked to each other and secured using cryptography. So the linking is done so that it can form a chain, and hence it's called a blockchain. It comprises of block chain. So if you have to summarize this definition, and if you have to make a note of some points, so blockchain has blocks point number one. Point number two is, it is open, as you can see the definition. Point number three is it's distributed and forth. It consists of blocks which are linked using cryptography. So these are the four points, has blocks, it's open, distributed, and the blocks are linked and secured using cryptography. So let's talk about an individual block first. So every block has the following components that you are seeing on the screen. So it has a hash, and this hash is generated using the cryptography algorithms. Then it also has the data. So this is the data that is stored on this particular block. And then you have the hash of the previous block. So this is used for linking blocks with each other. And whenever or transaction takes place, the data is stored on the block and the hash is generated. Now, if more transactions takes place, one more block is generated with a data stored on it. And now the hash of the previous block is stored on to the next block. And they are linked together forming a gene. And this process continues for every block. And since it's changed, it's known as blockchain. So if I have to demonstrate this with the help of diagram, you can see Yo-Yo that you have a single block which has a hash and some data. Now if more transaction takes place, you will have one more block created with some data. And also it will have the hash of the previous block. Hash is nothing but the hash of this particular block. And this is how they are linked to each other. Alright? You can see the linking year. And if more transactions takes place, like more blocks are generated and they are linked to each other, thus forming a chain. And hence this is known as blockchain. Now this gene is also a list of the transactions which have taken place in this particular network. Now, I would want to introduce you to the concept of genesis block. So if you notice on the first block, does not have, does not point to any previous block. So every block has a previous block link, but this first block does not link to a previous block, and hence, this block is known as genesis block. Genesis block is nothing but the first block in a blockchain. We understood what if block and what is a blockchain? Now, let's understand how blockchain is distributed. Now, let's assume that there are five computers or five people who want to do transactions. And I'm referring each computer over here in this particular diagram as unnoticed. So this is computer one or person one, or I'm just calling it node one. Then this is node to node three, node four, and node five. So these are five nodes, Alright? Who wants to do transactions? And every node is connected in a P2P network, in a blockchain. So what is a P2P network? Now? P2p network is a type of network where every node is connected to every other node. So a P2P network can look something like this. So this is an example of a P2P network wherein you can see like node two is connected to node one, node four, node five, and node three. And likewise, every other node is connected to each other. So this is nothing but a P2P network. And now every node will maintain a copy of entire ledger. Now, what do I mean by ledger? Ledger is nothing but the chain of transactions which we spoke about. And it's distributed across the network in this week. Okay, Now, whenever transaction takes place, the block inflammation is broadcasted across the network. So whenever a transaction takes place, a new block is created. And this transaction information or this block inflammation is broadcasted across the network and every node is responsible for updating the local copy of the ledger. Would this new block inflammation? For example, if there are three transaction or three blocks, which you can see in the diagram, okay? So you can see your three transactions or three blocks that have happened in this particular Bitcoin network. So you can see that there are three transaction here. And for every node. And which means that there are three blocks or three transactions that have taken place in this network. Now, your full transaction is supposed to take place, then the full transaction would be broadcasted over the network. And every node would receive the information using which every node can update the local copies and they will add the full transaction locally. So this is how blockchain is distributed. So as you can see, every node or every computer is connected to each other in a P2P network. And every node maintains a copy of the ledger or the list of transaction, or you can say the blockchain itself. So this is how blockchain is distributed. Now let's talk about some of the properties of Blockchain. So the number one property is blockchain is secure. So since every node in the network owns a copy of transactions, it's impossible for a hacker to tamper any information in the network. If a hacker wants to hack or modifying information, he will have to modify the information on all the nodes across the network, which is not possible, and hence, it can never be hacked. And it's secure. If a hacker changes information on one node, then the network can do a comparison and point out that the information is incorrect on that particular node. This would help make system more robust and prevent data tampering. So this is how blockchain is secure, because every node that is participating in the network owns a copy of blockchain. If a single computer it's hacked, the internetwork is not impacted because it is just that one, nor would have a different information. And that particular node can update itself. And it can be pointed out that this has the wrong information about security. Now, the next property that we can discuss is blockchain is distributed, which means every node in the network owns a copy of the ledger to be the part of the network. And this distributed nature makes blockchain much more secure and robust. The next property would be it's decentralized. Blockchain does not have any single entity controlling itself. Okay? For example, a network of bank might go down. You might see that bank website is done not working, et cetera. That's because there is a single point of failure since the website is owned by a single entity, that is a bank itself. In blockchain, there are many nodes, and if one node is down, the other one is up. And hence the blockchain network is 24-seven up, and that is no owner. So these are some of the properties of blockchain, how it works and what our blocks. Let's summarize. So in this lecture, we understood what is blockchain. We understood how does a blockchain works? What are nodes? And we also understood the properties of a single block. And in the end, we discuss some of the properties of Blockchain. So I hope you guys enjoyed this class and found this class valuable. I shall see you guys soon. Thank you. 3. What is Bitcoin: Hello guys, welcome back. So in this lecture we are going to talk about Bitcoin. And by the end of this lecture, you are going to have a complete clarity on what is Bitcoin and how does Bitcoin work. So let's get started. So what is Bitcoin? Bitcoin is nothing but our digital currency that is implemented using blockchain. Now, Bitcoin was created and implemented by Satoshi Nakamoto. No one knows who Satoshi Nakamoto is. But it's said that he is a person but a group of people. Now these are all speculations and nothing concrete yet. But his idea was to produce a mechanism of exchange between two parties that was immutable. So the mechanism of exchange should be immutable. Now by immutable, I mean that something that cannot be changed. So now once a transaction has taken place, it cannot be tampered or reversed. So this is what this mechanism of exchange would have if you have transacted once. It cannot be reversed or modified in any way. The next property that he wanted to have is it should be verifiable. So it should be easy to verify transaction and trace it. The third property was it should be transparent, which means that everyone involved in doing the transaction should have complete transparency of what's happening. The fourth property that you wish to have is secure. So he wanted to have security. And the mechanism using which the transaction is done should be very, very secure and it should not be hacked by any hackers. So Satoshi Nakamoto wanted to build a mechanism exchange that was immutable, verifiable, transparent, and secure. So we understood what are the galium. Now, let's just see what the problem exists today. So today, if you want to do a payment, let's say there are two parties, person a and person B. Person a wants to send some money to person B. Person a, for sending money, has to go to a trusted institution, which can be a bank or a service like PayPal. Now, this trusted institution would facilitate the transaction. Now, there are some problems with this approach. So this approach takes a lot of time. So if the persons who are involved in doing the transaction are residing in different countries, then this would take at least two to three days, two to three business days. And after two to three business days to transform might happen. It depends from case to case. Like some banks may have two to three days. Some services might be quick, but this is not instant and it is a little time-consuming is what I mean to say. It takes a lot of time. Second is it's costly. So this approach is costly since there will be a transfer fees which is involved. So person a might have to pay a transfer fee division which he has approached. Also the exchange rates that you might get in doing this are not the best to be honest. The next problem is, this particular approach has a central authority. So there is a central authority which is nothing but the trusted institution who is responsible for doing the transaction. Now, let me show you how does it work with Bitcoin. So let's say you have a network of nodes which are connected to each other in a P2P network. And let's say No one wants to send $5 to node two. And node two wants to send $3. Now, each of these transactions are recorded in a block and stool. So as you can see in the diagram, the node one has a balance of $10. Node two has $0 and n3, we're not displaying the balance sheet. It might be having $0, for example. So let's say this, no one wants to send some money to note. So it does the transaction. The transaction happens and it is recorded in a block. So you can see here, it's recorded in a block. Now if another transaction takes place. So you can see here, the balance of node one is reduced and node two has $5. Now. Now, if not two wants to do a transaction to node three. So it will transfer some money. And this transaction will also be recorded in a block. And this block will be linked to the previous block using hashing. And this will result in forming a chain of transactions. So you can see the money has been transferred from node one to node two and node to node three. And this transaction has been recorded in block. And every block is linked to each other, forming a team which is nothing but a blockchain. Now the problem here is the transaction or the chain of transactions are centralized. It can easily be hacked or tampered with. Now what are the solution here? So these block of transaction are distributed in a network. Like you can see, every node will have a copy of the, all the transactions which are linked to each other. So essentially, every node will have a copy of the entire blockchain, and every node stores this copy locally on their system. Now whenever a transaction takes place, this transaction is broadcasted over the network and every node is responsible for updating its local copy of blockchain. So centralized storing, it is not done in this particular case. So whatever transactions are done, they are recorded in a distributed manner. So there are multiple benefits of doing this. So the number one benefit is it's secure. Distribution of ledger is what makes this particular thing are in that process secure because it's hack proof. So if a hacker wants to hack it, he has to hack the entire network. So network means there might be millions of nodes. For the sake of example, I'm just showing five nodes. But if there's a real-world scenario and if a hacker wants to hack, it, has to hack the entire network next to impossible. So if a signal has been hacked, it's very easy to point it out because everyone will have a different information and this node will have something different in it. So it can be easily pointed out that this particular node has been hacked. So this is how security is implemented using distributed system. And the second benefit of doing this is transparency. So let's say if no one wants to transport $10 to node five, node one is one who transfer tend to notify. Everyone in network knows that node one has a balance of $5, only can transfer 10-dollar. This is tried, the transaction would be invalidated and it won't take place. So this is nothing but the transparent feature of this particular network. So the two benefits that we discussed is it's secure and it's transparent. Now let's talk about some of the properties of Bitcoin. Bitcoin is immutable, verifiable, transparent, and secure. Now, I would also want to discuss some of the misconceptions around blockchain and Bitcoin. Bitcoin is not blockchain. So you might heal at multiple places that Bitcoin is locked in, but it's not. So Bitcoin is nothing but an implementation of blockchain. And these are two different concepts. So blockchain is the technology and Bitcoin is its implementation. Now, let's talk about the difference between a traditional currency versus the Bitcoin. So the number one difference is traditionally currency has unlimited supply, but Bitcoin supply is limited and it has a total estimator supply of 21 million. Also, the smallest divisible unit of Bitcoin. Bitcoin is represented using the symbol BTC. So the smallest divisible unit of Bitcoin is Satoshi, which is nothing but one VDC is equal to these many Satoshi's. So let's summarize. In this lecture, we understood what is Bitcoin, how it works, and what are some of the properties of Bitcoin. So I hope you guys enjoyed this class and found this class valuable. I shall see you guys soon. Thank you. 4. What is bitcoin mining: Hello guys, welcome back. So in this lecture we are going to talk about Bitcoin mining. And by the end of this lecture, you are going to have a complete clarity on what is Bitcoin mining and how does mining work. We will also be discussing who are these minus and why would they do mining in the Bitcoin network? So let's get started. So Bitcoin is a digital currency that is implemented using blockchain, where transactions are validated in our network. Now the question is, who validates these transactions? This is where minus gambling. So minus our special nodes on the network who facilitate and validate the transactions. So if you have a blockchain network and if two parties want to do a transaction, then this transaction is facilitated and validated by minus. So minus are nothing but the nodes, or I should say, special nodes who facilitate and validate transactions. Now, hearing the concept of minors, you will have two questions. So the first question will be how our transactions. The second question would be, why would miners validate or transaction? So how are transactions validated? So these transactions are validated by minors, by solving some math problem. And after solving the math problem, we will solve the math problem first is the one to validate that particular transaction. Now, why would miners validate the transaction? I mean, what they're getting out of it. So miners validate the transaction in the net work for a financial reward. So in Bitcoin network, if two parties want to do a transaction and if there is a minor who is facilitating this transaction, then on successful validation of this particular transaction, that minor would be rewarded with a financial reward. For example, if someone wants to transfer money, all miners compete to facilitate it. And salt deposit. Now, we will solve the first. It will broadcast the information to all the nodes of the network. Now, once the broadcast is received by all the nodes, they will stop mining and update the information of the new block on their local ledger. And the miner who facilitated transaction would be rewarded financially for his work. So if I have to give you an example, let's assume that this is a blockchain network, and this is what you're seeing in the diagram. Now let's assume node wants to transform to dollar to node three. So node two has a balance of $3 and it wants to send $2 per node three. Now, this transaction is created and is marked in green tint. It's not validated yet. Now. It has to be verified in the network. Now let's assume that node phi n nor for our special nodes, and these are minors in this particular network. And they will work words validating this particular transaction. Now how does this validation process work? Anyone in the network can become a minor. To become a minor, you just need to have some computational power which can be used to solve complex maths problems. Minus have to verify the transaction by guessing random numbers at their end. And once the transaction is validated, it is broadcasted across the network. For example, if node for validating the transaction, nor for web broadcast, that particular information across the network. And every node will receive the information of the verified block. And the respective nodes are responsible for updating the local copy of the ledger that they have. This information about. The verified blog is also shared with node five. Now once the information is received by notify, who is also miner, and he's also competing to solve this particular problem and validate this transaction. So the moment notify receives this information, nor five stops mining. This is because it does not make sense to validate and already verified law. Notify will stop mining. And North pole will receive a financial reward, which would be in terms of of bitcoin. Since this is a Bitcoin network, once this transaction is validated, you can see it's marked in orange now. And the balance of node two is reduced and the money is transferred to node three. Node four will receive a financial reward for the work that he has done. And notify will stop mining because it has received a broadcast that this particular transaction is now validated in the cabinet. How mining process works. Now, what mining there is a concept of difficulty number. Now what is the difficulty number? So a difficulty level of mining Bitcoin is determined by Bitcoin mining difficulty number. Now, this difficulty number increases with time as more and more bitcoins are mined in the network. And because of this increase, miners have to upgrade the hardware every time, as d will be able to mine lesser and lesser of rewards. So earlier in 20082009, it was possible to mind of Bitcoin on a normal computer. The Bitcoin difficulty number was low. However bit time that difficulty number increased and Bitcoin mining was not possible using a personal computer. So either difficulty number more, the computational power that is required to mind a Bitcoin. So to see the Bitcoin difficulty number, we will be going to will be switching over to a browser and we'll be going to this website called blockchain.com. Now, this is a website that is going to give us these statistics on the difficulty number. So we're going to tap on this Explorer tab over here. And you'll be taken to the Bitcoin Explorer. Just make sure you have bitcoin Explorer. We'll now we'll scroll down. And instead of scrolling down, we'll just click on View All Charts. And here you can see all the charts around Bitcoin. Okay, So you are seeing these many transactions per day. This is a market price, average block size, everything, right? And if you scroll down a bit, you have the mining information. And you can see the network difficulty graph over here. If you tap on this, we will be showcased the difficulty level in the graph format. This is how the difficulty level has increased or decreased, or this is a trend in last one year. So you can see the last one year is selected over here. You can also select all time. And you can see like when the Bitcoin was very new, like this concept of Bitcoin will very new. So early days it was very easy to mine and difficulty number was very low even see one is the difficulty number. Then it started increasing, increasing, and here it started going up higher. As you can see, it's increasing with time as and when more and more bitcoins are mine. So this is how you can check the difficulty number of Bitcoin. Okay? You can go over to this network and check it out yourself. This is just for informational purposes. This is about difficulty number of Bitcoin mining. So let's summarize. In this lecture, we understood what is Bitcoin mining or minus Y2 minus walk to validate the transaction. And how do they validate it? We also discussed what is a difficulty number and how difficulty number has increased or past use o past few years. So I hope you guys enjoyed this class and found this class valuable. I shall see you guys soon. Thank you. 5. What is cloud mining: Hello guys, welcome back. So in this lecture we are going to discuss cloud mining. And by the end of this lecture, you are going to have a complete clarity on what is cloud mining and why is this concept introduced? We will also be comparing cloud mining with traditional mining by the end of this lecture. So let's get started. So in mining, you have to buy hardware, lag it at your home office, and start mining. And mining is a process wherein you, as a minor, work in the blockchain network to validate transactions and on financial rewards. For doing this work. You need a hardware plugged in at your home or office. But there are lots of hazards when it comes to mining. So let's talk about some of the hazards of mining at home. So the number one has L is you have to do the entire setup. So you as a minor, has to make sure that entire setup is done at your place, whether it's home or office, and you take the entire responsibility of the scene. The other half would be that your machine would get heated up. So since mining requires a lot of computation to be done, there would be lots of heat that is generated causing your room temperature to rise up. This is the hazard number to the third has is the electricity costs. So if you are living in a country or a place where electricity costs are higher than in that case, you will make lesser profits because mining would require a higher amount of electricity to be used. So these are some of the hazards of mining at your home. Now, here is where the concept of cloud mining comes into picture. So what is cloud mining? So cloud mining is setting up of mining hardware in a cloud and selling it to people who are wanting to become minus. Now, anyone can become a minor and start mining after purchasing these hardwares. And these hardwares coming with a computational power. Now, these machines are sold on the basis of power that is required to mine Bitcoins. So this is the concept of cloud mining. So in traditional mining, you have to purchase the machine, the hardware, and set it up at your home. However, in cloud mining, someone else has done that setup for you and all the Cloud or over the internet, you purchase some computational power and you pay that person. Does it how cloud mining books? Now let's talk about some of the differences between cloud mining and the traditional way of mining. So in cloud mining, you pay only for the contract. However, in traditional mining when you have to set up your own hardware, you pay for the entire hardware. And what does the contract mean? So with cloud mining, you have to purchase mining contracts. With the company's mining contract is nothing but you can purchase of computational power with a specific validity. So let's say for example, you purchase or specific computation power, and the contract is for one year. So you will own that much computational power over the Cloud with that particular company. And this is nothing but the contract. You have to pay only for that specific contract or that specific period and that specific computation power only. Alright, so this is one benefit. Benefit is you have to pay the maintenance fee. So big cloud mining, you have to pay the maintenance fee because you are not maintaining the hardware. There is someone who is doing that for you. However, when you purchase your own hardware, you get to keep the entire profits and you don't have to be anyone, any commissions. The next difference would be you don't have any hardware and hence there is no heating problems. So this is one of the benefits of cloud mining when you don't have the hardware with you, and hence, you don't have any heating problems. However, with purchasing your own hardware, you have to deal with hardware heating problems because a good amount of heat is generated, because that is a lot of processing that is done. Now, this is the last point and the last difference between these two. Wherein in cloud mining, there might be some problems with there might be issues whether you are able to trust a particular company with the mining hardware or not. However, if you're purchasing your own hardware, you own everything and you want a master of everything. So these are some of the differences in cloud mining and purchasing your own hardware. I would like to mention a couple of points here. What cloud mining, you have to pay a commission for every reward your own. And this is different from this setup you would do at home. Since they, you would own the hardware and you have set it up at your own home and you are at a 100% control of the same. And since you are in a 100% control, you only a 100% of the earnings that you get from the mining, since you don't have a middleman or you don't have to pay any commissions to anyone out there. So this is 1 that I want to mention about paying commissions. Then another point is you have to purchase mining power with the cloud mining companies. And this power is measured in terms of hash rate. So higher the hash rate, the more powerful your machine is. These are the two points. Now, let's summarize. In this lecture, we understood what is the concept of cloud mining? How's it different from the traditional mining V2? So I hope you guys enjoyed this class and found this class valuable. I shall see you guys soon. Thank you. 6. What are mining pools: Hello guys, welcome back. In this lecture we are going to talk about mining pools. And by the end of this lecture, you will have a complete clarity on what our mining pools. And we will also be taking a look at different mining pools that we have over the blockchain network. So let's get started. So what are mining pools? We are already aware of this concept wherein you need computational power to mine Bitcoins. That is a concept of difficulty number, which determines how difficult it is to mine Bitcoin. So computation power and difficulty number. These are the two concepts which you need to understand before you start a mining Bitcoin. Now, difficulty level of mining Bitcoin is determined by Bitcoin difficulty level number. Now, Bitcoin difficulty number keeps on increasing with time as more and more bitcoins are mined. And because of this increase, miners have to operate their hardware. They won't be able to mine much of financial reward. And because they have less power, they would be able to mine less, and hence, they would own a lesser reward. Now because of this, with increasing difficulty, it's difficult for a single hardware to mine Bitcoins, right? And this is where the concept of mining pools come into picture. So with increasing difficulty, it would be very tough for me as a miner to mine a lot of bitcoins because I won't have that much computational power. And this is where the concept of mining pools come into picture. So this is a need of mining pools. Now let's discuss what our mining pools. Mining pools is nothing but sharing of resources or hashpower over the network to form a larger one. And then mine Bitcoins. Now, multiple miners come together and form a pool wherein they share the resources or the hashpower over the network. And this increases the computation power and give the group the ability to mind more and more Bitcoin's. Mining pool is nothing but pooling or sharing of resources to form a larger one. Now, the question is, if a mining pool is doing the mining, how our rewards in the mining pool distributed. Because if I'm a solo minor and if I am mining of Bitcoin, it's very clear that if I validate a block, I'll get some financial reward. But in case of a mining pool, how our rewards distributed. So rewards to mind are distributed as per the amount of work that is done by every miner in that particular pool. Now, your work done means the amount of a mining done and the amount of power that is contributed to that particular mining pool. And you work done proportional to the amount of computing power that, that particular miner has in that particular pool. One minor has more computational power in that particular mining pool. Work done by him would be higher than others, and hence, he would be eligible to get a higher share of rewards that is distributed in the pool. So this is about how mining pools work and the concept of mining pool and the reward distribution. Now, let's hop onto our browser and let's check out some of the mining pools in the Bitcoin network. You're, I'm on this website called blockchain.com. I'm going to tap on explorer or were you? And if you tap on explorer, you'll be taken to this, uh, bitcoin Explorer or will you? And we will be clicking on view all charts we go. So the moment we click on View all charts, we are presented with different chart information. We have to click on mining information. So once you click there, you will be taken to the different charts here to here, you can see hashrate distribution chart, which is nothing but an estimation of hatchery distribution amongst the largest mining pools. So hash rate is nothing but the computational power and discharge demonstrate distribution amongst different mining pools. If you click on this, you can see different charts over here. So you have the largest Bulawayo, which is unknown. You have F2 pool, which has this much of power. You have, and Bool, Boolean, why are we dizzy? So these are all mining pools names. These are names of mining pools which exist across this particular network. You can also change the timeline. So I can choose to 24 hours, 48 hours, four days, last for days. This much of computational power was dead in F2 pool. So this is a chart which you can view for your information purposes. Alright, we'll switch over to our presentation. Now let's summarize. In this lecture, we understood what our mining pools and why mining boom exist. And we also saw some of the mining pools in the Bitcoin network. So I hope you guys enjoyed this class and found the class valuable. I shall see you guys soon. Thank you.