| json_metadata | "{"app":"musing/1.1","appTags":["blockchain"],"appCategory":"blockchain","appTitle":"Is it possible to see miner-less blockchain in future ?","appBody":"<p>In general, miners or block producers have a key role in securing the network of the blockchain. There are several consensus algorithms & by using one of the proof algorithms in blockchain, the miners competitively and collaboratively prove the correctness of the data of incoming block and then add the block to the end of the chain. In return, the miners and block producers receive rewards and fees. So technically the requirement of a miner is essential in Blockchain to run & secure it. But that does not necessarily mean that the miner can be a human always. We can have another form of a miner, say for example we can replace it with a type of smart contract which can do this job.</p>\n<p>As on date, Smart contracts are quite popular, every geek propose smart contracts for the most complex projects and social interaction, such as types of voting, referendum, insurance types, and financial interaction in order to eliminate human factors, costs, mistakes and reduce corruption, etc, then why not the concept of smart contract be applied for a miner's task in a blockchain? why can't a smart contract perform the recording the transactions? They can be error-free, can also be cost-effective.</p>\n<p>But, by using a smart contract, it is possible to produce every second, an encrypted block containing transactions’ data and be assured about its validity and accuracy there’ll be no place for miners and block producers in future’s blockchains and we have to say goodbye to them, as well as to a variety of proof mechanisms.</p>\n<p>Further, smart contract in a distributed network can access data of every single transaction. In fact, smart contracts can be the main factor for all transactions and without involving it, there will be no transaction between the two. In this way, there will be no flaw in the accuracy of the information, for example, there is no risk of double spending, and there is no need for a variety of proof mechanisms. For this reason, it could add easily the encrypted data of transaction in the form of a new block to the main chain in a split second. Therefore if the future version of the blockchain will be moner-less blockchain, then I think smart contracts will replace the job of traditional miners.</p>","appDepth":2,"appParentPermlink":"fkhkxn53p","appParentAuthor":"iambrave","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
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