Blockchain : ELI5: How do non-currency blockchains incent miners?
I understand how it works for a currency transaction blockchain; the miners add a coinbase transaction to the block, sending the coins to themselves, and if their block becomes part of the blockchain, then the coins are usable as future transaction inputs.
But if I want to use a blockchain for something that is not currency transactions, how do I incent the miners? Do I have to merge mine with a separate currency? Or does every blockchain need to have a “currency” of some sort, and miners will mine in the hope that the currency eventually has value of its own?
What is the Blockchain?
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Author: green_griffon
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