If full nodes validate the blockchain, why do we need miners at all? - Cryptocurrency Reporters - A Light To Cryptocurrency World

Wednesday, 4 April 2018

If full nodes validate the blockchain, why do we need miners at all?


If full nodes validate the blockchain, why do we need miners at all?I'm probably missing something pretty basic but I can't find what it is. Perhaps you all can help.I know that miners use proof of work to add a block to the blockchain every ten minutes, and that the miner who spent the most work gets to add the block and give themselves the BTC reward. An evil miner could spend a lot of work to enter an invalid block but it would be rejected by the fully validating nodes of the network and their money would be wasted.But why do we need the miners in the first place? I propose a miner-less systems that works in the following way: 1. Users transfer Bitcoin to one another, with a transaction fee in the transaction (like it is today). 2. Every ten minutes, fully validating nodes create a block with the top transactions (the ones with the most fees) and propagate the block to other nodes. Invalid transactions (double spend, improperly signed, etc) are of course discarded. 3. The fees are burned.In this model no one really has a motivation to run a full node but that's also true today and many people still do it.Why do we need the miners? via /r/Bitcoin https://ift.tt/2IrUzEI

I'm probably missing something pretty basic but I can't find what it is. Perhaps you all can help.

I know that miners use proof of work to add a block to the blockchain every ten minutes, and that the miner who spent the most work gets to add the block and give themselves the BTC reward. An evil miner could spend a lot of work to enter an invalid block but it would be rejected by the fully validating nodes of the network and their money would be wasted.

But why do we need the miners in the first place? I propose a miner-less systems that works in the following way: 1. Users transfer Bitcoin to one another, with a transaction fee in the transaction (like it is today). 2. Every ten minutes, fully validating nodes create a block with the top transactions (the ones with the most fees) and propagate the block to other nodes. Invalid transactions (double spend, improperly signed, etc) are of course discarded. 3. The fees are burned.

In this model no one really has a motivation to run a full node but that's also true today and many people still do it.

Why do we need the miners?

I'm probably missing something pretty basic but I can't find what it is. Perhaps you all can help.I know that miners use proof of work to add a block to the blockchain every ten minutes, and that the miner who spent the most work gets to add the block and give themselves the BTC reward. An evil miner could spend a lot of work to enter an invalid block but it would be rejected by the fully validating nodes of the network and their money would be wasted.But why do we need the miners in the first place? I propose a miner-less systems that works in the following way: 1. Users transfer Bitcoin to one another, with a transaction fee in the transaction (like it is today). 2. Every ten minutes, fully validating nodes create a block with the top transactions (the ones with the most fees) and propagate the block to other nodes. Invalid transactions (double spend, improperly signed, etc) are of course discarded. 3. The fees are burned.In this model no one really has a motivation to run a full node but that's also true today and many people still do it.Why do we need the miners?

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