How does Ethereum work?
The exact description of Ethereum's work is not included in this article, and of course you do not need to know exactly how this network works to work with Ethereum, just as you do not need to be familiar with the Internet infrastructure to work with the Internet. However, in the following, we will briefly and without technical details review how this network works. For a detailed and technical study of the Ethereum network, you can read the article "How does Ethereum work?" Read.
Blockchain and nodes
The Ethereum network consists of thousands of computers around the world that maintain a digital office (blockchain). Transaction information is written on this digital LEDGER and each computer has a copy of it. These nodes are connected to each other and check every transaction sent to the Ethereum network to make sure it is valid. The distribution of these nodes means that the network does not have a central point of penetration, that is, the output or error of a node does not cause a problem to the network.
Extraction
To prevent fraud, blockchain data, and system attacks, a decentralized solution is needed so that a saboteur can not proceed without the permission of the majority.
Mining, scientifically known as Proof Of Work, is one of the most common methods for consensus building and securing blockchain networks. According to this algorithm, the process of creating blocks is competitive, and anyone who wants to participate in the creation of blocks containing transactions must solve a complex mathematical equation with the processing power of computer hardware. Whoever gets the answer sooner will be the winner of this competition and will receive a reward after creating the block. This reward in the Ethereum network is Ether digital currency. Miners also receive transaction fees. Currently, the extraction bonus for each block is 2 units of ether, which is given to the miners approximately every 14 seconds.
Therefore, miners (or mining nodes) allocate a large amount of processing power to the network, which is equal to the power of several supercomputers. In this case, if someone wants to attack the network or change the blockchain, he has to have the processing power of more than half of the miners, which has no economic justification for large networks such as Ethereum. In other words, in addition to the fact that it is very difficult to provide such processing power, if someone has this processing power, he can extract it himself instead of attacking the ether network and get a lot of rewards.
