TD₿: Blockchain Proof-of-Work is a Decentralized Clock by Gregory Trubetskoy
TL;DR The impossibility of associating events with points in time in distributed systems was the unsolved problem that Satoshi solved with Bitcoin.
Hey Bitcoiners,
Many bitcoiners say that Proof of Work is the real innovation of Bitcoin and for good reason.
Proof of Work allows for participants in a distributed network to come to a consensus in a trustless and honest manner.
It allows for a perfectly competitive and auditable environment that no miner can cheat. No one can create or fake energy. You either did the work and get a lottery ticket, or you didn’t.
The other benefit of Proof of Work is it allows for all of the participants of the network to stay in sync with one another. This is a monumental achievement in the field of distributed systems.
This concept is brilliantly explained in this blog post called “Blockchain Proof-of-Work is a Decentralized Clock” by Gregory Trubetskoy (01/23/2018).
Bitcoin is not a blockchain…it’s a timechain.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“This problem is precisely why all previous attempts of digital cash required a centralized registry. You always had to trust someone to correctly identify the order of things…Bitcoin solves this problem by re-inventing time itself. It says no to seconds and yes to blocks.” - Gigi, Bitcoiner at Seetee
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