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Title: What is "COINBASE (Newly Generated Coins)" in all blocks Post by: RapTarX on December 18, 2019, 02:42:27 PM I was checking all the latest blocks on blockchain.com for learning some stuff. When I clicked on the miner link, I see all the block rewards have the same message-"COINBASE (Newly Generated Coins)" as displayed in the image below.
What's that referring to? I guess all these mining pools are not controlled by Coinbase, nor mining pools are using Coinbase address. How Coinbase is connected here? Title: Re: What is "COINBASE (Newly Generated Coins)" in all blocks Post by: mocacinno on December 18, 2019, 02:44:01 PM it's the block reward. It has nothing to do with coinbase (the company).
https://en.bitcoin.it/wiki/Mining#Reward Title: Re: What is "COINBASE (Newly Generated Coins)" in all blocks Post by: RapTarX on December 18, 2019, 02:46:02 PM it's the block reward. It has nothing to do with coinbase (the company) What's the name COINBASE is referring to? Not the company? Then what? I was thinking it has something to do with the exchange coinbase.com, no idea what other COINBASE is existed in the crypto world ???It's just another name for the block reward... Sure, there is a company using the same name, but they are not related. That makes sense. I was confused when I saw COINBASE everywhere.Edit again- I know about block reward but never heard that it can also be defined as COINBASE. Thank you for the great explanation. Title: Re: What is "COINBASE (Newly Generated Coins)" in all blocks Post by: mocacinno on December 18, 2019, 02:48:54 PM What's the name COINBASE is referring to? Not the company? Then what? I was thinking it has something to do with the exchange coinbase.com, no idea what other COINBASE is existed in the crypto world ??? It's just another name for the block reward... Sure, there is a company using the same name, but they are not related. Same goes for blockchain (the technology) and blockchain (the company). I have to admit it can be confusing, but it's basically just a company that used a technical term as it's name. Don't overthink this one ;) btw: i was still editing my previous post while you were replying... I added a link to more info in case you want to read up on block rewards. Title: Re: What is "COINBASE (Newly Generated Coins)" in all blocks Post by: DannyHamilton on December 18, 2019, 02:53:18 PM it's the block reward. It has nothing to do with coinbase (the company) What's the name COINBASE is referring to? Not the company? Then what? I was thinking it has something to do with the exchange coinbase.com, no idea what other COINBASE is existed in the crypto world ???FIRST there was a concept of a "coinbase transaction" (It was the description for the type of transaction that pays the block reward to the miner). Then, many years later, someone formed a company that was going to be an exchange for Bitcoin. They decided that they wanted to name their company after this transaction type because it would be a familiar word to people that understood Bitcoin. So, the name of the company is referring to the transaction type, not the other way around. It's the same with "Blockchain". FIRST there was the concept of a "blockchain" (It was a description for cryptographically linking blocks of data together). Then, many years later, someone formed a company that was going to create a website that allowed users to see Bitcoin transactions. They decided that they wanted to name their company after this concept of linking blocks of data together because it would be a familiar word to people that understood Bitcoin. So, the company/website Blockchain.info is referring to the pre-existing concept, not the other way around. |
