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Miners compete to generate a random number to unlock the next block on the chain.

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If a validator commits an error, it has to pay a fee or can be excluded from the validation.Benedict George is a freelance writer for CoinDesk.

He has worked as a reporter on European oil markets since 2019 at Argus Media and his work has appeared in BreakerMag, MoneyWeek and The Sunday Times.

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He does not hold any cryptocurrency.investment top experts tax saving AI Smart Investments: Fast, Safe, and Reliable