TD₿: Bitcoin Proof of Work by Ioni Appelberg
TL;DR PoW allows for participants to stay in sync within a distributed network and come to consensus in an honest manner.
Hey Bitcoiners,
You can’t fully comprehend Bitcoin until you understand the groundbreaking innovation that is Proof of Work.
Anyone who is criticizing Proof of Work as wasteful is completely missing the point.
Proof of Work allows for participants to stay in sync within a distributed network and come to consensus in an honest manner. “Honest” being the keyword here.
A great video that explains how Proof of Work achieves this can be found here by Ioni Appelberg (09/09/2020).
Proof of Work brilliantly utilizes electricity to secure the network and aligns incentives to create the immutable blockchain that is Bitcoin.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“This is why proof of work needs to be expensive, if it is cheap you can roll back things easily. You want it to be very difficult to change history. The only way to make it difficult to change history is to make the process of writing the current history very expensive.” - Jimmy Song, Author of several Bitcoin books and the Bitcoin Tech Talk newsletter
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