What is a Nonce?

Nonce

Nonce is an abbreviation for “number used once”.

It is a random, disposable number used only once in cryptocurrencies such as Bitcoin.

In mining, one person who wins a computational race can connect the blocks generated by himself to the blockchain and receive a reward.

This computational competition is the process of finding the value of a hashed Nance, which requires the miner to perform a huge amount of calculations.

This calculation itself has nothing to do with the transaction, but only with identifying a random number of nances.

In Bitcoin mining, this task of finding Nance is a waste of electricity and has no economic rationale. Some altcoins have replaced this calculation with a more socially meaningful method.

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