Because blocks are confirmed at set intervals but the computing power of the miners varies, the computing power is kept in check via the confirmation difficulty. As a reward for doing this work, a block confirmation will give the miners Doge. The act of confirming the new block is performed by the distributed computing power of miners, so when you mine you are confirming the latest transactions are valid. This implementation prevents double spending since each transaction can be traced back. Each block of new transactions builds on the prior block, thus we have a chain going back to the very beginning. Whenever you send Doge, it is added into the latest block and verified before being premanently written in. The blockchain is a permanent record of all transactions that is updated every minute with a 'block' of new transactions. Instead, the private key is used to just claim ownership of all funds associated with its public key pair in the block chain. This way, you can't spend coins then restore from a backup to regain them. Whenever you back up a wallet, you actually aren't saving how many coins you have, but the private key. However, the private key should be kept secret as whoever knows the private key claims ownership of all its associated funds (in fact, by default the local wallet hides the private key from you so you don't accidently reveal it). By looking at the block chain, you can determine how much Doge an account has by adding up how much was sent and received to that account. This public key is stored with the amount in the currency's transaction history, known as the block chain. The public key can be freely shared and is what people use to send Doge to each other. Whenever you acquire a new wallet, a private and public key is generated and given to you. A wallet is essentially an address you use to receive Doge. The pool I use is Coinium, and it’s a great little place with fairly regular block discoveries and good pay.To use Dogecoin, you need a wallet. Solo mining is not really worth it, unless you have a LOT of hardware on hand. Follow up will be accelerated GPU mining in a pool. Stay tuned, sometime over the next few days I will make a post about how to start mining the simple way: CPU mining in a pool. Congratulations, you now have a wallet, albeit an empty wallet.Hint: If you post your wallet address here, I will send you a few coins to get you started and verify that you’re all setup. You should have to enter your pass phrase to continue. Enter a name for the address in the Label field, and click OK. Click the “Much Receive” tab and then click “New Address”. Now you need to make an address so that people can send coins to you.dat file or you will lose all your coins to the great bit graveyard. If you ever have to rebuild your machine you MUST HAVE the wallet data. IF YOU LOSE IT, YOU LOSE CONTROL OF YOUR WALLET AND WON’T BE ABLE TO SEND COINS ANYWHERE! Enter a pass phrase at least 20 characters long. Click Settings, then click Encrypt Wallet.Once the wallet is all caught up, there are two mandatory steps (not really mandatory, but HIGHLY RECOMMENDED!):.Just let it sit there until you have a green check mark in the bottom right. In this picture you can see we are MANY weeks behind. The way crypto/digital currency works is that all machines have records of all transactions that have occurred. Now wait, the wallet application has to catch up in the block chain.It will look like this, or similar (the number may be different as it’s the version number): During the installation you can select all the defaults, it’s fine. Wait for the download to finish, then launch the installer.This will download the wallet installer application which will generate the necessary private and public keys (more on this later). Click on the brand of OS you are using in the “Start Using Dogecoin Today:” section.Navigate to Dogecoin‘s website in a web browser.Without further delay, here’s what you need to do: Today I will bring you step 1: Getting A Wallet! To the moon! So after sitting and thinking on the idea, I decided to split it up into multiple posts across multiple days. It was a longgggg day at work and after my workout at home I was thoroughly wiped. Hello everyone! I mentioned yesterday how I was going to build a guide to show you how to start mining and saving up Dogecoin, and I apologize for not posting it yesterday.
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