What is the nonce? Is it possible guess it on the first try? How is the nonce found in mining pools? When a miner wins the block reward, how does the block know which address to pay? When does a miner transmit a block to the network?
CORRECTION: At 18:03, I said that the chances of rolling dice below nine is the same as rolling below five. This is incorrect. It is easier to roll below nine because there are more possible outcomes.
These questions are from the third session of MOOC 11, which took place on February 14th 2019. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.
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Isn't this proof of work system highly inefficient.
Seems like Andres is a highly prolific blinker, like Gad Saad. Very high BPM count. :3
Thanks for clearing things up!
Some watching this might wonder:
When mining as part of a pool, if a participant finds a nonce that meets the difficulty target, why not just keep the whole reward themselves?
This is is not possible because the block was constructed by the pool itself and has the pool's address in the (payout) coinbase transaction. By the time a miner finds a nonce, it is too late to change the coinbase transaction as that would change the hashed data and make the nonce invalid. Nice, eh?
Smashed the like.
im convinced ant op is just trolling everyone by using such low quality equipment
what a beautiful contraption!!
Im korean guy…thank you…anto…i like ypu and John mcafee…thamk you.
Thank you. Great explanation!
That was very well done. I learned a lot! I can't wait to tell my friends.
18:06 The chances, for a single throw of the dice, of throwing below 9 are NOT the same as the chances of throwing below 5. That is the whole point of having a pool difficulty lower than the network difficulty. Andreas clearly knows this and just misspoke, but it might confuse people. Part of the genius, possibly unintended, of proof of work is this ability to create a mining pool that does not trust any of its workers to tell the truth. If a miner is mining in a pool, when the miner finds a nonce that produces a hash below the pool target, the miner submits that nonce to the pool. The pool verifies that in fact that nonce produces a hash below the pool target when used in the candidate block header, and credits the miner accordingly. Essentially, the miners are producing "proof of pool work" that they submit to the pool, and eventually one of those "proof of pool work" submissions is also good enough to be a "proof of work" for the larger network. I think this was incredibly important in terms of helping bitcoin become established, and it is a critical reason why mining is not as centralized as many think.
The probability of finding a nounce increases, because you wouldn't repeat a nounce.
Excellent explanations as always — Its great to hear such a straightforward discussion on these details. Thanks Andreas
Both adding numbers and shifting/shuffling bits are linear operations, without enough non-linear substitution ciphers it would be trivial to do cryptanalysis on the function (just look at Iota 🙂 ) and be able to reverse it.
Mr Andreas i have been trying to reach you trough twitter but you have so many followers there is no hope in it. Please could you overview technology behind Bitfi DMA-2 wallet ? is it from technical perspective possible that private key never leave device after its generated for fraction of second ? they claim it only sign up the transaction and device never store any data itself. it has to be tested but please give me your opinion if this technology can actually work if its proven by hackers. thank you !
Okay, my comment is wired but: i used to listen to hours of your MOOCs and other lectrues when they just started and (re)play Morrowind while at it.
I've listened to you talking about nonces, hashes and other topics a million times, but in these vids i see you sitting in a room with a very Morrowind-esque art and interior design behind you, which MY GOSH feels so spot on!
muchas gracioas por la infomacion
Never heard you speak about BCH vs That SEGWIT COIN called BTC… Are you too, controlled opposition? Me thinks so ?
Thanks for clearing up that nonce-ense