Merged Mining (Pilsen Bitcoin Meetup)

Transcript

1. Merged Mining
   Ondrej Sika
   Slush Pool (slushpool.com)
   17. 3. 2016, Bitcoin meetup Plzen, Czech Republic
   

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2. Bitcoin
   

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3. Namecoin
   * first altcoin
   * fork of bitcoin
   * distributed DNS
   

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4. How Bitcoin Mining Works?
   

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5. Block
   * header
   * transactions
   

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6. Block Header
   * version
   * hashPrevBlock
   * hashMerkelRoot
   * time
   * bits (difficulty)
   * nonce
   

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7. Blockchain
   

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8. Mining
   

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9. Proof of Work
   ”A proof of work is a piece of data which was difficult (costly,
   time-consuming) to produce so as to satisfy certain requirements”
   

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10. "Hello, world!0" => 1312af178c253f84...
    "Hello, world!1" => e9afc424b79e4f6a...
    "Hello, world!2" => ae37343a357a8297...
    .
    .
    .
    "Hello, world!4248" => 6e110d98b388e...
    "Hello, world!4249" => c004190b822f1...
    "Hello, world!4250" => 0000c3af42fc3...
    

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11. Auxiliary POW
    ”This is the way that merged mining can exist; it is the
    relationship between two blockchains for one to trust the other’s
    work as their own and accept AuxPOW blocks.”
    

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12. Bitcoin Coinbase
    * block height
    * flags
    * merged mining prefix
    * namecoin prevhash
    * ...
    

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13. Principle of Aux POW
    

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15. Namecoin Block
    * header
    * auxpow (btc coinbase tx, btc branch, btc header)
    * transactions
    

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16. Thanks & Questions
    ondrej@ondrejsika.com
    http://ondrejsika.com
    @ondrejsika
    Sources:
    http://url.os1.cz/merged-mining-pilsen/
    

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