This weekend I had a few moments to speak to someone about mining ZCash. This person is NOT technical. While I could passionately describe the benefits of ZCash and the potential money made by mining the coin, I was unable to describe what mining was actually doing, the benefit of it and why it is of value to ZCash to be a miner.
Can someone please, in non-techie terms, help me describe what mining is doing and why it is a benefit to ZCash and, therefore, worth being paid to run a mining rig?
Thanks in advance for your comments.
Mining in an easy way to understand for non technical people, is the Bank substitute .
in order for two people to exchange currency the Bank is the middle man where it guarantees the transaction and validates it .
Miners do the exact same thing over a decentralized network all over the world that verifies all transactions between different accounts “Wallets” .
Miners verify the existence of the currency in both accounts “Wallets” and confirms the transfers and save them in the ledger . while keeping the anonymity of both parties at fraction of the cost of the Banks and magnitudes faster than any wiring speed and a million time more secured .
and the incentive for the miners to do their job is the small transaction fees in addition to the new currencies being generated by the system.
in short giving the banking industry back to the people instead of current banking industry which is captive to few known families and few corrupted billionaires, that have an illegitimate marriage to the current political system .
just look how the feds printed money and give them to banks at 0% interest rate for almost 10 years , then those bankers lend it to people at 5%+ interest rate.
and that’s not even the tip of the iceberg.
so don’t expect any bank to endorse any cryptocurrency.
I hope this was helpful , I am sure plenty others can give more information in a better way .
that’s just my 2 satoshies .
Mining - Elevator Speech Edition
Computers go beep beep boop beep and voilà: invisble untangeble bling bling.
big up for @dbfusion 's great reflection!