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Why does mining / validation of new blocks have to be complicated / time consuming ?
Why it can’t be as simple as just find a hash for a text?
Is it just to control / limit the amount of new crypto volumes coming in ? If this is the case, isn’t it an energy consumption issue ? Aren’t there any other solutions ?
Sorry for asking too many questions. I am just a bit confused.
It is only complicated for some crypto currencies. Example is Bitcoin.
Inbuilt to Bitcoin is that there should be a limited supply. Not everyone should be able to simply and easily create a new one.
- Compare to normal currencys, say dollars, where only the central bank is allowed to print new dollar bills. It works similarily for dollar accounts in banks and so on although the details are quite a lot more complicated.
In order to limit the supply, the Bitcoin has made it complicated and time consuming. It was basically a decision of the designer whoever it was. Additionally a built-in function makes it more and more complicated over time (actually as more bitcoins are produced).
- If a central bank wanted to create a new crypto currency the process would not need to be nearly as complicated and time consuming. (Although, as the world is full of very smart hackers wanting to steal the show and the money it would be far from simple).