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Mining
How it works

Mining

The process by which some blockchain networks confirm transactions and add new records. Participants compete to earn the right to add the next block. Most institutional blockchain applications do not use mining.

TradFi equivalent
In traditional finance...
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TradFi equivalent
A Treasury auction. Primary dealers submit competitive bids under the same rules, and allocation happens automatically according to those rules, not by a central authority picking winners.
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Analogy
In everyday terms...
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Analogy
A lottery where your ticket is earned, not bought. The more effort you put in, the more chances you have to win. With blockchain, the "winner" earns the right to add the next entry to the record.
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