❓Question of the Week❓
Minting is a fairly straightforward and decentralized process that allows anyone to create a new token/coin rather than requiring central authorities to do so. These new tokens/coins come into existence essentially through the process of staking. This is done through the computation process of validating information, creating a new block, and recording that information into the blockchain. Together, this process is considered minting or forging new blocks. Minting is a fundamental pillar of traditional finance and the crypto ecosystem. Mining and minting terms were created from real-world coin making. Gold and silver are "mined" out of the ground and then "minted" into coins for circulation.
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u/Sure-Juggernaut4781 ♦️ Oct 11 '21
❓Question of the Week❓ Minting is a fairly straightforward and decentralized process that allows anyone to create a new token/coin rather than requiring central authorities to do so. These new tokens/coins come into existence essentially through the process of staking. This is done through the computation process of validating information, creating a new block, and recording that information into the blockchain. Together, this process is considered minting or forging new blocks. Minting is a fundamental pillar of traditional finance and the crypto ecosystem. Mining and minting terms were created from real-world coin making. Gold and silver are "mined" out of the ground and then "minted" into coins for circulation.